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David Chambers

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David Chambers

Invesco Reader in Finance
Co-Director of the Centre for Endowment Asset Management (CEAM)
Fellow of Clare College

BA (University of Oxford), MSc (London Business School), MSc and PhD (London School of Economics)

Research interests

Empirical corporate finance, especially IPOs; asset management, particularly in relation to endowments and foundations; financial history; and law and finance.

Subject group: Finance

Professional experience

Prior to returning to full-time education in 2001, Dr Chambers worked for 20 years in investment banking at Barings, Hotchkis & Wiley and Merrill Lynch. He gained experience in asset management, mergers and acquisitions and venture capital in Europe, Japan and the United States. Dr Chambers is Academic Director of the Centre for Endowment Asset Management at Cambridge Judge Business School, an Associate Director of the Centre for Financial History, University of Cambridge, and a Research Fellow of the Centre for Economic Policy Research (CEPR). He sits on the Editorial Board of the Financial Analysts Journal.

Previous appointments

Dr Chambers was a post-doctoral research fellow in the Department of Economics, University of Oxford, from 2005 to 2008, and taught on the Masters in Financial Economics and the MBA programmes at Saïd Business School, University of Oxford.

Awards & honours

  • Best Paper in Asset Pricing and Investments Award (for “Currency regimes and the carry trade” with Olivier Accominotti, Jason Cen and Ian Marsh), FMA European Conference, 2018
  • Cambridge Judge Business School Teaching Award, 2017
  • Financial Analysts Journal Graham & Dodd Best Perspectives Award (for the paper “The British origins of the endowment model, with Elroy Dimson), 2015
  • Keynes Fellowship, University of Cambridge, 2013
  • “The Norway Model” voted ‘Outstanding Article’ by the readers of the Journal of Portfolio Management (with Elroy Dimson and Antti Ilmanen), 2013
  • Thomas K. McCraw Fellow, Harvard Business School, Fall 2012
  • Ashton Prize for the best article in the last two years by an early career researcher published in The Economic History Review (for “Gentlemanly capitalism revisited”), 2011
  • Coller Institute of Private Equity Research Award, 2007
  • Economic History Society New Researcher Prize, 2005

Selected publications

Here are a selection of David Chambers’ publications. Please see the “Selected publications” tab above for a more comprehensive list.

Chambers, D., Steiner, E. and Spaenjers, C. (2021) “The rate of return on real estate: long-run micro-level evidence.” Review of Financial Studies (forthcoming) (available online via the SSRN)

Chambers, D., Dimson, E. and Spaenjers, C. (2020) “Art as an asset: evidence from Keynes the collector.” Review of Asset Pricing Studies, 10(3): 490–520 (DOI: 10.1093/rapstu/raaa001)

Accominotti, O., Cen, J., Chambers, D. and Marsh, I.W. (2019) “Currency regimes and the carry trade.” Journal of Financial and Quantitative Analysis, 54(5): 2233-2260 (DOI: 10.1017/S002210901900019X)

Chambers, D., Schill, M. and Sarkissian, S. (2018) “Market and regional segmentation and risk premia in the first era of financial globalization.” Review of Financial Studies, 31(10): 4063-4098 (DOI: 10.1093/rfs/hhx143) (also available online via the SSRN)

Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes the stock market investor: a quantitative analysis.” Journal of Financial and Quantitative Analysis, 50(4): 843-868 (DOI: 10.1017/S0022109015000186) (available online via the SSRN)

Chambers, D. and Dimson, E. (2009) “IPO underpricing over the very long-run.” Journal of Finance, 64(3): 1407-1443 (DOI: 10.1111/j.1540-6261.2009.01468.x)

Journal articles

Chambers, D. (2009) “Gentlemanly capitalism revisited: a case study of the underpricing of initial public offerings on the London Stock Exchange, 1946-86.” Economic History Review, 62(1): 31-56

Chambers, D. and Dimson, E. (2009) “IPO underpricing over the very long-run.” Journal of Finance, 64(3): 1407-1443 (DOI: 10.1111/j.1540-6261.2009.01468.x)

Chambers, D. (2010) “Going public in interwar Britain.” Financial History Review, 17(1): 51-71 (DOI: 10.1017/S0968565009990163)

Mitchell, B., Chambers, D. and Crafts, N. (2011) “How good was the profitability of British railways, 1870-1912?” Economic History Review, 64(3): 798-831 (DOI: 10.1111/j.1468-0289.2010.00550.x)

Chambers, D., Dimson, E. and Ilmanen, A. (2012) “The Norway model.” Journal of Portfolio Management, 38(2): 67-81 (DOI: 10.3905/jpm.2012.38.2.067)

Cheffins, B.R, Koustas D.K. and Chambers, D. (2013) “Ownership dispersion and the London Stock Exchange’s ‘two-thirds rule’: an empirical test.” Business History, 55(4): 667-690 (DOI: 10.1080/00076791.2012.741969) (available online via the SSRN)

Burhop, C., Chambers, D. and Cheffins, B.R. (2014) “Regulating IPOs: evidence from going public in London, 1900-1913.” Explorations in Economic History, 51: 60-76 (DOI: 10.1016/j.eeh.2013.07.003)

Chambers D. and Dimson E. (2013) “Retrospectives: John Maynard Keynes, investment innovator.” Journal of Economic Perspectives, 27(3): 213-228 (available online via the SSRN)

Chambers, D. and Esteves, R. (2014) “The first global emerging markets investor: Foreign & Colonial Investment Trust 1880-1913.” Explorations in Economic History, 52: 1-21 (DOI: 10.1016/j.eeh.2013.08.004)

Chambers, D. and Dimson, E. (2015) “The British origins of the US endowment model.” Financial Analysts Journal, 71(2): 10-14 (DOI: 10.2469/faj.v71.n2.7) (available online via the SSRN)

Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes the stock market investor: a quantitative analysis.” Journal of Financial and Quantitative Analysis, 50(4): 843-868 (DOI: 10.1017/S0022109015000186) (available online via the SSRN)

Chambers, D. and Kabiri, A. (2016) “Keynes and Wall Street.” Business History Review, 90(4): 301-328 (DOI: 10.1017/S0007680516000362)

Accominotti, O. and Chambers, D. (2016) “If you’re so smart: John Maynard Keynes and currency speculation in the interwar years.” Journal of Economic History, 76 (2): 342-386 (DOI: 10.1017/S0022050716000589)

Chambers, D. and Dimson, E. (2016) “The master’s choice.” London Business School Review, 27(2): 38-39 (DOI: 10.1111/2057-1615.12117)

Chambers, D., Schill, M. and Sarkissian, S. (2018) “Market and regional segmentation and risk premia in the first era of financial globalization.” Review of Financial Studies, 31(10): 4063-4098 (DOI: 10.1093/rfs/hhx143) (also available online via the SSRN)

Accominotti, O., Cen, J., Chambers, D. and Marsh, I.W. (2019) “Currency regimes and the carry trade.” Journal of Financial and Quantitative Analysis, 54(5): 2233-2260 (DOI: 10.1017/S002210901900019X)

Atta-Darkua, V., Chambers, D., Dimson, E., Ran, Z. and Yu, T. (2020) “Strategies for responsible investing: emerging academic evidence.” Journal of Portfolio Management, 46(3): 26-35 (DOI: 10.3905/jpm.2020.46.3.026)

Chambers, D., Dimson, E. and Kaffe, C. (2020) “Seventy-five years of investing for future generations.” Financial Analysts Journal, 76(4): 5-21 (DOI: 10.1080/0015198X.2020.1802984)

Chambers, D., Dimson, E. and Quigley, E. (2020) “To divest or to engage? A case study of investor responses to climate activism.” The Journal of Investing, 29(2): 10-20 (DOI: 10.3905/joi.2020.1.114)

Chambers, D., Dimson, E. and Spaenjers, C. (2020) “Art as an asset: evidence from Keynes the collector.” Review of Asset Pricing Studies, 10(3): 490–520 (DOI: 10.1093/rapstu/raaa001)

Chambers, D. and Saleuddin, R. (2020) “Commodity option pricing efficiency before Black, Scholes, and Merton.” Economic History Review, 73(2): 540-564 (DOI: 10.1111/ehr.12935)

Chambers, D., Dimson, E. and Ilmanen, A. (2021) “The Norway model in perspective.” Journal of Portfolio Management, 47(5): 178-187 (DOI: 10.3905/jpm.2021.1.230)

Chambers, D., Spaenjers, C. and Steiner, E. (2021) “The rate of return on real estate: long-run micro-level evidence.” Review of Financial Studies (DOI: 10.1093/rfs/hhab028) (published online Mar 2021) (available online via the SSRN)

Book chapters

Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes, King’s and endowment asset management.” In: Brown, J.R. and Hoxby, C.M. (eds.) How the financial crisis and great recession affected higher education: National Bureau of Economic Research Conference Report. Chicago, IL: University of Chicago Press, pp.127-150

Working papers

Chambers, D., Sarkissian, S. and Schill, M.J. (2012) “Market and regional segmentation and risk premia in the first era of financial globalization.” Social Science Research Network Working Paper.

Accominotti, O. and Chambers, D. (2014) “Out-of-sample evidence on the returns to currency trading.” Centre for Economic Policy Research Discussion Papers, No.DP9852. London: Centre for Economic Policy Research. (Also available online via the SSRN)

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Over the horizon

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Divest or engage?

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Art collector Keynes

Study based at Cambridge Judge Business School shows John Maynard Keynes made 'extraordinary' returns as a collector of Picasso, Matisse and other…

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Pre-modern derivative trading

A study of actual interwar commodity trades by John Maynard Keynes finds that pricing was as efficient as modern derivative trading using…

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The ‘carry’ trade

The carry strategy in foreign exchange markets generates positive average returns over the long run, but it can experience losses when there…

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Effective engagement

Investor engagement on environmental, social and governance issues were examined at a conference organised by the Centre for Endowment Asset Management at…

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Research honours

The European Investment Forum Prize is awarded by the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School and FTSE…

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Lessons for today’s investors from financial market history

From 18th century ‘structured finance’ and currency speculation in the Middle Ages, to stock market performance in the 20th and 21st centuries.…

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Unconventional investments: what we can learn from Keynes

Why the lauded economist's unconventional views on active management and long term investment could unlock the potential of a modern investment strategy.…

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Prize-winning Keynes article

Article on how Keynes influenced management of US college endowments, authored by Dr David Chambers and Elroy Dimson of Cambridge Judge, wins…

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If you’re so smart

John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. A detailed…

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2015 Commonfund Prize Winner announced

Winning paper: Tim Jenkinson, Howard Jones, (Saïd Business School, University of Oxford) and Jose Martinez (University of Connecticut School of Business) for…

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Investing in 2013? Ask John Maynard Keynes

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From top to bottom

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From top to bottom

john myA new analysis reveals Keynes extraordinary returns hinged on a radical switch he made from being a 'top down' macro manager…

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Endowment asset management

Academics, investment professionals, philanthropists, directors of not-for-profit organisations and the charity sector are an under-serviced segment of the market which the School's…

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Lessons from history

Could the current financial crisis have been predicted from historians knowledge of past down turns and depressions globally? Dr David Chambers, University…

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Live Wire: Keynes as investor-speculator

A study on John Maynard Keynes’ investment returns co-authored by Dr David Chambers, Reader in Finance and Academic Director of the Centre…

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Financial Times: Lessons in investing from John Maynard Keynes

A study on John Maynard Keynes as stock market investor co-authored by Professor Elroy Dimson, Dr David Chambers and Justin Foo is…

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Bloomberg: Keynes was right. About buying property, at least

Real estate investment is riskier than it looks, says the latest research co-authored by Dr David Chambers, Invesco Reader in Finance at…

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Business Insider: Seven stocks to buy to get the most out of more stimulus

A study on investment co-authored by Professor Elroy Dimson, Dr David Chambers and Dr Charikleia Kaffe of Cambridge Judge Business School is…

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Quartz: What Dr. Martens’ IPO journey says about London’s financial future

Dr David Chambers, Invesco Reader in Finance at Cambridge Judge Business School, comments on post-Second World War economic growth in the UK…

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The Economist: Property investment: some hard truths

A study by Dr David Chambers, Invesco Reader in Finance at Cambridge Judge Business School, that looks at property investment returns, is…

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MarketWatch: Opinion: Ivy League colleges shun Warren Buffett’s advice

A study co-authored by Dr David Chambers, Professor Elroy Dimson and PhD Charikleia Kaffe at Cambridge Judge Business School, featured in MarketWatch…

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WE Wealth: Famous collections: Keynes and the art of investing

A study co-authored by Professor Elroy Dimson and Dr David Chambers of Cambridge Judge Business School is featured in the article. The…

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The Economist: Lessons from the endowment model

A study on America's large endowment funds co-authored by Elroy Dimson, David Chambers and Charikleia Kaffe at Cambridge Judge Business School, featured…

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Bloomberg: Endowments’ hedge fund bet has long-term advantage

A new paper in Financial Analysts Journal by Elroy Dimson, David Chambers and Charikleia Kaffe from Cambridge Judge Business School analyses the…

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The Telegraph: How to invest like… John Maynard Keynes

A study on John Maynard Keynes's investments co-authored by Dr David Chambers and Professor Elroy Dimson at Cambridge Judge Business School is…

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Cambridge Independent: From Hollywood ‘logic’ to ‘highly institutionalised myths’ of the workplace

In the latest instalment in a series, here is the latest summary of Cambridge Judge Business School’s research. It includes: a study…

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Bloomberg: Invest in art or stocks? Keynes has an answer (well, sort of)

According to a study at Cambridge Judge Business School, John Maynard Keyes made “extraordinary” returns as a collector of Picasso, Matisse and…

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The Times: John Maynard Keynes’s art collection yields a stunning return

John Maynard Keynes made “extraordinary” returns as a collector of Picasso, Matisse and other modern masters, while highlighting the limitations of art…

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Bloomberg: Carry on like nothing really matters. Until it does

A study that looks at a century of carry trading co-authored by Dr David Chambers, Reader in Finance at Cambridge Judge Business…

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Evidence Investor: Beware new era thinking

An interview with Dr David Chambers, Reader in Finance at Cambridge Judge Business School, where he talks about “new era thinking” –…

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Evidence Investor: Even Keynes couldn’t time the market

Dr David Chambers, Reader in Finance at Cambridge Judge Business School, has been studying in detail the investment performance of the famous…

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Seeking Alpha: Keynes’ art

Research co-authored by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset Management (CEAM) at Cambridge Judge…

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The Wall Street Journal: What it takes to build a $100 million art collection

Research co-authored by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset Management (CEAM) at Cambridge Judge…

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Seeking Alpha: Financial market history can help today’s investors

In an interview for the FCA Institute, Professor Elroy Dimson and Dr David Chambers from the Newton Centre for Endowment Asset Management…

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Journal Economico: Investment in value or growth?

An interview with Professor Elroy Dimson, Chairman of the Newton Centre for Endowment Asset Management (CEAM) at Cambridge Judge. Professor Dimson talks…

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Cambridge Business Magazine: Don’t panic!

Stock market bubbles are rare so investors shouldn’t overreact, says a new book edited by Dr David Chambers and Professor Elroy Dimson…

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Financial Times: The importance of bubbles that did not burst

John Authers looks at the history of investment bubbles and why it’s vital to spot it on time. The article mentions a…

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The Economist: Bubbles are rarer than you think

A new book Financial Market History, edited by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset…

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The National: Keynes’ words of wisdom remain relevant for 2017

What would John Maynard Keynes do if he was investing in 2017? The article cites analysis by Dr David Chambers and Professor…

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The Wall Street Journal: John Maynard Keynes: Courage is the key for investing

A study co-authored by Dr David Chambers, Reader in Finance and Academic Director of the Centre for Endowment Asset Management (CEAM), Cambridge…

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Cambridge News: Keynes and the US universities’ money

An article by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset Management at Cambridge Judge on…

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The Financial: Finance experts receive Graham & Dodd Award

An article by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset Management at Cambridge Judge on…

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Cambridge Business Magazine: Keynes struggled as a currency trader

John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist by David Chambers, Academic Director…

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Forbes: Why currency trading is a bad idea: Keynes

John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. “If someone…

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Bloomberg View: FX traders, take heart: Even Keynes lost his shirt

John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. “If someone…

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The Times: Big Short put Keynes on the brink of bankruptcy

John Maynard Keynes was ‘a financial genius whose ideas dominated western economic policy making for 50 years’, writes Patrick Hosking in The…

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The Guardian: John Maynard Keynes ‘a great economist but poor currency trader’

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The New York Times: John Maynard Keynes: Great economist, terrible currency trader

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Cambridge Business Magazine: Keynes’ role as an investor chronicled

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Financial Times: How to see into the future

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Financial Advisor: Keynes’ way to wealth

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Motley Fool blog: Lessons on investing from economics giant John Maynard Keynes

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New York Times: John Maynard Keynes’ own portfolio not too dismal

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British Airways Business Life: What can we learn from macroeconomics pioneer John Keynes’ slow start

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The Daily Telegraph: How to invest like… J. Maynard Keynes

The influential economist also happened to deliver annual returns of 15pc in a timespan covering the Wall Street Crash and the Second…

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YouTube: Sensible Investing TV: How new is ‘new era’ thinking?

Robin Powell interviews Dr David Chambers from Cambridge Judge Business School. Dr Chambers talks about the role that new technology has played in…

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Value Walk: Why Keynes gave up market timing

In this video blog for SensibleInvesting.TV, Robin Powell reports on newly published study of Keynes’s investments for King’s College, Cambridge. The research…

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Financial Times: A lesson from the other ‘sage’ of investing

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The Psy-Fi Blog: Keynesian investing: changing facts, changing minds

Dr David Chambers, from Cambridge Judge Business School, along with Elroy Dimson have published a wonderful paper on Keynes the Stock Market…

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CIO: Endowment investors might learn a lot from Keynes

Keynes made a major contribution to the development of professional asset management, and today's investors should take heed, a newly published paper…

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Investment Europe: Endowments conference learns lessons from the US Ivy League

There is no easy answer to questions of managing liquidity and risk factors, according to discussion at a recent conference on endowments…

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Cotizalia: Teaching Keynes management

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BBC2: Keynes investment strategy

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Harvard Law School Forum: Ownership dispersion and the London Stock Exchange’s “Two-thirds rule”

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Financial Times: Keynes, the hedge fund pioneer

The macroeconomics of John Maynard Keynes continue to dominate the global economic policy debate to this very day…  A fascinating recent paper…

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The Financial Times: Investment – Norway’s nest egg

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Contact details

David Chambers
Cambridge Judge Business School
University of Cambridge
Trumpington Street
Cambridge CB2 1AG
UK

Tel: +44 (0)1223 330759
Mobile: +44 (0)7733 134529

[email protected]

CV

Download David Chambers’ CV