CEAM research

This area explores the long-term performance and behaviour of alternative asset classes like real estate and commodities as well as collectable assets like art, wine and coins.

Projects

1. A long-run study of real estate risk and return
2. Collectible assets
3. Emotional yields of collectibles

This area explores how capital markets, financial innovation, and investor engagement can be harnessed to protect ecosystems, value nature, and close the investment gap needed to sustain biodiversity.

Projects

1. Natural Social and Financial Capitals
2. Flora, Fauna and Fairness

This research theme explores how shareholder and creditor voting power is priced, traded, and exercised—and how these mechanisms influence corporate governance structures, firm value and overall market efficiency.

The value of voting rights

1. Earnings and the value of voting rights
2. Staggered boards and the value of voting rights
3. Oracles of the vote: Predicting the outcomes of proxy contests
4. De-facto voting power and the value of voting rights

ETF Shorting and Shareholder Voting

1. ETF shorting and shareholder voting

This covers 18th century ‘structured finance’ and currency speculation in the Middle Ages, to stock market performance in the 20th and 21st centuries as well as an overview of Economist and investor John Maynard Keynes.

Projects

1. History of financial markets
2. Keynes
3. Indian equity returns since 1900

This area explores the macroeconomic forces, market structures, and investor behaviours that shape currency dynamics in global financial markets, including their impact on exchange rate movements, risk premia, and investment opportunities. It also examines large moves in the FX market, providing insights into periods of heightened volatility and pricing discontinuities.

Projects

1. Large moves in the FX market
2. US rate shocks & currency returns
3. Downside risk & currency returns
4. Trade networks & currency performance
5. Rethinking currency risk premia
6. How bear markets change risk
7. Currency regimes, liquidity & currency risk premia

This area explores traditional investment themes like asset allocation, governance, risk and return, but with a research focus on how these relate to investors with a long investment horizon.

Projects

1. Corporate bonds and the credit premium
2. Global investment returns
3. Long-run asset returns
4. Models of long-horizon investing
5. US endowment funds

Our academic research in this area advances understanding of how sustainability-related risks and opportunities influence investment decision-making, portfolio construction, and company performance. This work examines how investors use stewardship, voting, and collaborative engagement to shape corporate behaviour, promote transparency, and strengthen sustainability practices.

Projects

1. Coordinated Engagements
2. Active Ownership
3. Materiality