The CCFin blog

Visualisation of foreign exchange rates.

The pricing of foreign exchange and the unique role of US Dollar risk 17 February 2023

by Brandon A. McBride, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Trading in over-the-counter foreign exchange…

A wide-angle view of a group of women laughing and enjoying listening to each other's ideas in a business meeting.

Corporate social responsibility committee: international evidence 16 January 2023

by Yuxia Zou, Winner of the Cambridge Finance Best Student Paper Award 2022, Research Associate, Cambridge Centre for Finance and Cambridge Endowment…

Rear view of a relaxing trader who is sitting in front of a trading station which consists of four screens with financial data.

Portfolio selection, periodic evaluations and risk taking 12 December 2022

by Dr Alex Tse, former Research Associate at Cambridge Endowment for Research in Finance and winner of the CERF Alumni Association (CERFAS)…

London stock exchange building at Paternoster Square next to St Paul's Cathedral in the City of London, England.

Resuscitating the London Stock Exchange 15 November 2022

by Dr Bobby Reddy, Fellow, Cambridge Endowment for Research in Finance Whichever way you look at it, the London Stock Exchange is…

Gambling for redemption or ripoff? 14 October 2022

by Dr Xinyu Hou, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance In the early days of…

Close-up of young businessman pointing on the data presented in the chart on a computer screen.

The downside risk channel of monetary policy 27 September 2022

by Niklas Schmitz, Winner of the Cambridge Finance Best Student Paper Award 2022, PhD Student, Faculty of Economics, University of Cambridge During…

Can members with heterogeneous preferences achieve their first-best within a group? 23 August 2022

by Dr Shiqi Chen, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance One standard assumption of the…

The boardroom table is set for a meeting.

Strategic voting and shareholder voting 15 July 2022

by Professor Adam Meirowitz, Yale University and Dr Shaoting Pi, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in…

Two colleagues analysing a financial chart on a computer.

Institutional investor monitoring and earnings management: a network approach 17 June 2022

by Dr Marwin Mönkemeyer, Visiting Associate at Cambridge Endowment for Research in Finance, University of Cambridge Judge Business School Ever since Berle…

Rear view of business team raising their hands for a vote during a seminar.

Voting for socially responsible corporate policies 12 May 2022

by Professor Adam Meirowitz, David Eccles School of Business, University of Utah, Dr Shaoting Pi, Research Associate, Cambridge Centre for Finance and…

Close-up view of a stock market data board.

Cross-country stock market comovement: a macro perspective 27 April 2022

by Dr Elisa Faraglia, Cambridge Endowment for Research in Finance Fellow In the post WW2 period, the cross-country correlations between the stock…

How do climate risks affect trading behaviour? 11 March 2022

by Andreas Charisiadis, Research Assistant, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Mitigating climate change has become one…

Silhouette of three business people negotiating at a meeting table.

Dynamic group decision making of private firms 21 February 2022

by Dr Shiqi Chen, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Unlike what is often assumed…

Young mother using laptop in kitchen, young father holds their baby as they discuss plans.

The gender gap in household bargaining power: a portfolio-choice approach 19 January 2022

by Ran Gu, University of Essex, Cameron Peng, London School of Economics and Political Science and Weilong Zhang, Fellow, Cambridge Endowment for…

Businessperson analysing stock chart for investment in stockmarket and finance business planning.

Voting and trading: the shareholder’s dilemma 23 December 2021

by Professor Adam Meirowitz, University of Utah, and Dr Shaoting Pi, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research…

Aerial drone views high above flooding caused by climate change leaving entire neighborhood underwater and houses completely under water.

Climate change, discounting, and the tragedy of horizons 23 November 2021

by Andreas Charisiadis, Research Assistant, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance This year's UN Climate Change Conference,…

Employees using computer laptops during conference meeting around a table.

Shareholder collaboration on corporate governance 3 November 2021

by Dr Shaoting Pi, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Activist shareholders, who exert a…

Classic architecture details of a Bank building.

Liquidation, bailout, and bail-in: insolvency resolution mechanisms and bank lending 19 October 2021

by Professor Bart Lambrecht, Director of the Cambridge Centre for Finance and the Cambridge Endowment for Research in Finance Professor Bart Lambrecht…

Graph showing variations in payout policy with arrows indicator upward pressure.

What do capital structure models tell us about the payout policy? 25 August 2021

by Dr Shiqi Chen, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance At the beginning of the…

Laptop computer on a table with a pair of glasses on a notepad beside it in an open-plan office with sunny garden outside window.

Why do green stocks outperform? 27 July 2021

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Green, or environmentally friendly, companies…

A yellow rocket ship blasts past a row of grey hot air balloons floating in the clouds.

Corporate Darwinism 14 June 2021

Only 19 of 1,513 UK companies survived 70 years after mandatory consolidated accounts in 1948, says natural selection-inspired study at Cambridge Judge…

Close up of a young Asian woman sitting down at her desk looking at three large computer monitors displaying data.

Demand for information 17 May 2021

by Dr Shiqi Chen, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Shiqi Chen We are entering…

Defining, detecting and measuring asset price bubbles 28 April 2021

by Charlie Woodman, Research Assistant, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance One of the most frequently asked…

View of Hong Kong and Victoria Harbour at sunset, showing the surrounding nature.

Climate finance 22 April 2021

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance The risk of climate change…

Highly detailed abstract wide angle view up towards the sky in the financial district of London City and its ultra modern contemporary buildings with unique architecture.

Firms’ capital structure dynamics, market competition, and industry dynamics 15 February 2021

by Shiqi Chen, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Debt-equity conflict is undoubtfully one of…

Do firm locations affect stock prices? 19 January 2021

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance A large body of literature…

2020 ccfin the rise of special purpose acquisition company 883x432 1

The rise of the special purpose acquisition company 18 December 2020

by Dr Sunwoo Hwang, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance 2020 has been the year…

Businessman using tablet analyzing sales data and economic growth graph chart.

Welfare implications of bank valuation disagreement 25 November 2020

by Dr Hormoz Ramian, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Regulatory interventions have always been…

Machine learning challenges in finance 23 October 2020

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Mehrshad Motahari Machine learning…

Contingent employment and innovation 24 September 2020

by Dr Sunwoo Hwang, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance There has been a rapid…

A businessman places his hand on his head as he looks up and is perplexed by a chart showing a negative interest rate.

Negative interest rate: the interaction between monetary and financial regulatory policies 31 August 2020

by Hormoz Ramian, Research Assistant, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance The negative interest rate has been…

2020 ccfin managerial commitment long term firm value 883x432 1

Managerial commitment and long-term firm value 28 July 2020

by Dr Adelphe Ekponon and Dr Scott Guernsey, Research Associates, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr…

2020 ccfin robots beat market centred 883x432 1

Can robots beat the market? 16 June 2020

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Mehrshad Motahari The growing…

2020 brainfood guernsey coronavirus finance 883x432 1

Early coronavirus evidence on finance 11 May 2020

Early-stage finance research exploring the impact of COVID-19 on important financial outcomes such as household spending and investor expectations, by Dr Scott…

Are cryptocurrencies priced in the cross-section? A portfolio approach 15 April 2020

Dr Adelphe Ekponon Most papers, that study determinants of cryptocurrency prices, find no relation to existing market factors. In a work-in-progress, CCFin/CERF…

2019 ccfin artificial intelligence 883x432 1

Artificial intelligence in asset management: hype or breakthrough? 11 February 2020

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Mehrshad Motahari Artificial intelligence…

2019 ccfin cross section international markets 883x432 1

Understanding the cross-section of international equity markets 21 January 2020

Dr Argyris Tsiaras A large literature in international finance has established the relevance of a wide array of frictions in financial investments…

The shareholder value of stakeholder orientation 20 December 2019

by Dr Scott B. Guernsey, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Scott B. Guernsey…

2019 ccfin debt financing good for growth centred 883x432 1

Is debt financing by firms good for economic growth? 20 November 2019

by Dr Adelphe Ekponon, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Adelphe Ekponon In addition…

Scholarship scheme at the Cambridge Endowment for Research in Finance 15 November 2019

Applications are invited for doctoral funding for up to three years starting in October 2020 from the Cambridge Endowment for Research in…

Market gamblers to blame? 16 October 2019

by Dr Mehrshad Motahari, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Mehrshad Motahari The Nobel…

Fintech disruption: is it good or bad for consumers? 26 September 2019

Dr Scott B. Guernsey Financial technology ("fintech") is a rapidly growing industry that applies recent digital innovations and technology-enabled business model innovations…

Agency conflicts and costs of equity 3 September 2019

The agency problem, in the context of separation in ownership (shareholders or the principals) and control (managers or the agents), is one…

What determines cryptocurrency’s expected return? 6 August 2019

by Dr Hui (Frank) Xu, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Hui (Frank) Xu…

Shadow pills and visible value 2 July 2019

Dr Scott B. Guernsey The "poison pill" (formally known as a "shareholder rights plan") has a long and contentious history in the…

Keeping secrets from creditors 26 March 2019

Dr Scott B. Guernsey As described in the article "The Choice between Formal and Informal Intellectual Property: A Review", published in the…

2019 ccfin longtermeconomicoutlook 883x432 1

Long-term economic outlook and equity prices 27 February 2019

by Dr Adelphe Ekponon, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Dr Adelphe Ekponon The very…

Brexit: investor paranoia and the financing cost of firms 22 January 2019

Financial markets faced a bumpy ride in 2018. The Financial Times report that global bond and equity markets shrank $5tn last year.…

2018 ccfin reinvestingmarketpower 883x432 1

Reinvesting market power for the betterment of shareholders 10 December 2018

Dr Scott B. Guernsey On the supply side, highly competitive industries are generally characterised as having many firms and low barriers to…

Guaranteed bonuses in high finance: to reward or retain? 7 November 2018

by Dr Scott B. Guernsey, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Public distaste for high…

2018 ccfin diversificationgood 883x432 1

Is diversification always good? 6 November 2018

Probably every Fin 101 class teaches the principle of diversification: do not put all your eggs in one basket. Diversification allows investors…

2018 debatepodcast alternativefinance featured 883x432 1

Alternative finance (The Cambridge Judge Business Debate podcast series) 10 October 2018

We've heard all the buzz phrases, ranging from 'peer-to-peer lending' to 'cryptocurrencies'. But behind the hype, what exactly is alternative finance, and…

2018 ccfin recentdevsmathematicalfinance 883x432 1

Some recent developments in mathematical finance 29 August 2018

by Dr Alex S.L. Tse, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance A few weeks ago…

2018 ccfin inefficient stockmarket 883x432 1

How (in)efficient is the stock market? 19 July 2018

by Dr Yuan Li, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance In 2013, the Nobel committee…

The granular effect of stock market concentration on market portfolio volatility 12 June 2018

Dr Jisok Kang, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Ever since the Capital Asset Pricing…

Are analysts whose forecast revisions correlate less with prior stock price changes better information producers and monitors? 27 April 2018

by Dr Yuan Li, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Financial analysts are important information…

2018 ccfin 2008financialcrisis 883x432 1

What caused the leverage cycle run-up to 2008 financial crisis? 1 March 2018

by Dr Hui (Frank) Xu, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance The 2008 financial crisis…

Transaction costs, consumption and investment

by Dr Alex S.L. Tse, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance The theoretical modelling of…

Book-to-market ratio and inflexibility: the effect of unrecorded R&D capital 21 December 2017

by Dr Yuan Li, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance R&D investment has been playing…

What causes the executive pay gap between public and private firms? 24 November 2017

Jisok Kang, a CERF Research Associate at the Cambridge Centre for Finance (CCFin), and his coauthors, Kee-Hong Bae and Albert Tsang, investigate…

“Because everyone else was doing it.” 19 October 2017

by Dr Hui (Frank) Xu, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance After the 2008 financial…

“Value & Profit”: new book by Geoffrey Whittington published August 2017 22 September 2017

Cambridge University Press has recently published a new book by Geoffrey Whittington, Honorary Senior Research Associate at the Cambridge Centre for Finance…

What are bubbles? 15 August 2017

Dr Qiusha Peng of the Cambridge Centre for Finance (CCFin) explains what bubbles mean to those in the financial world. Accompanying the…

Does anchoring impede investors’ interpretation of earnings news? 4 August 2017

by Dr Yuan Li, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance In his best-selling book, Thinking,…

2017 ccfin financedontcopypeers 883x432 1

Our social interactions are informative of our investment decisions 3 August 2017

When we are investing, we don't mindlessly copy our peers, according to new research carried out by Cambridge Centre for Finance (CCFin)…

Does the stock market benefit the economy? 2 August 2017

A research project carried out by a Research Associate at the Cambridge Centre for Finance (CCFin), Jisok Kang, and his co-author, Kee-Hong…