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David Chambers

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David Chambers

Reader in Finance
Academic 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.

Accominotti, O., Cen, J., Chambers, A.D. and Marsh, I.W. (2019) "Currency regimes and the carry trade." Journal of Financial and Quantitative Analysis (DOI: 10.1017/S002210901900019X) (published online Mar 2019)

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. 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., 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. (2013) "Retrospectives: John Maynard Keynes, investment innovator." Journal of Economic Perspectives, 27(3): 213-228 (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, A.D. and Marsh, I.W. (2019) "Currency regimes and the carry trade." Journal of Financial and Quantitative Analysis (DOI: 10.1017/S002210901900019X) (published online Mar 2019)

Agrawal, V. and Oraiopoulos, N. (2019) "The role of decision rights in co-development initiatives." Manufacturing and Service Operations Management (forthcoming)

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)

Effective engagement

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

Read more

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” – …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

‘Savvy’ awards

Professor Elroy Dimson and Dr David Chambers of Cambridge Judge cited in Savvy Investor awards, for book on financial market history and …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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. …

Read more

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 …

Read more

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 Newton Centre for Endowment Asset Management (CEAM), …

Read more

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. …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

Effective engagement

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

Read more

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” – …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

‘Savvy’ awards

Professor Elroy Dimson and Dr David Chambers of Cambridge Judge cited in Savvy Investor awards, for book on financial market history and …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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. …

Read more

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 …

Read more

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 Newton Centre for Endowment Asset Management (CEAM), …

Read more

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. …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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 …

Read more

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

d.chambers@jbs.cam.ac.uk

Research impact

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.

Read more