Research Director (Finance)
Chairman of the Centre for Endowment Asset Management (CEAM)
BA (Newcastle University), MCom (Birmingham University), PhD (University of London), Hon FIA (Institute of Actuaries), Hon FSIP (CFA Institute)
Research interests
Investment management; financial market history; endowment asset management; sustainable and responsible investing.
Subject group: Finance
Professional experience
Elroy Dimson is a Professor of Finance at Cambridge Judge Business School, and is co-founder and Chairman of the Centre for Endowment Asset Management. He formerly served as chair of the Strategy Council for Norway’s sovereign wealth fund, and as chair of the Policy and Advisory Boards of FTSE Russell. He is a member of the Financial Economists Roundtable and of the European Corporate Governance Institute. He is a Fellow or Honorary Fellow of CFA UK, the Institute of Actuaries, the Royal Historical Society, the Risk Institute at Ohio State University, and Gonville & Caius College, Cambridge.
Professor Dimson’s books include Triumph of the Optimists and the Global Investment Returns Yearbook (with Paul Marsh and Mike Staunton), Endowment Asset Management (with Shanta Acharya), and Financial Market History (with David Chambers). Recent publications are on active ownership (Review of Financial Studies), real assets (Journal of Financial Economics), financial history (Journal of Financial and Quantitative Analysis), endowment strategy (Financial Analysts Journal), and long-horizon investing. His PhD is from London Business School.
Previous appointments
Elroy Dimson has been an Emeritus Professor at London Business School since 2009. Prior to 2009, he served LBS as Professor of Finance, Faculty Governor, Chair of the Finance Area, Chair of the Accounting Area, Dean of MBA Programmes, and Director of the Initiative on Foundation and Endowment Asset Management. He has held visiting positions at Chicago, Berkeley, the Bank of England, and other institutions, as well as a variety of board positions.
Awards & honours
- Best Research Paper (for “Coordinated engagements” with Oguzhan Karakas and Xi Li), Brandes Institute, 2021
- Among top luminaries in Investment Luminaries and their Insights, CFA Institute Research Foundation, 2021
- Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for “Factor-based investing: the long-term evidence” (with Paul Marsh and Mike Staunton), 2018
- The University of Cambridge Vice-Chancellor’s Impact Award, 2017
- Savvy Investor Best Investment Paper for Financial Market History, 2017
- FIR-PRI Award for Best Published Paper on Sustainability, 2016
- Graham and Dodd Best Perspectives Award, Financial Analysts Journal, 2015
- aCIO Top 10 Most Influential Academics in Institutional Investing, 2013
- Best Paper Award from AAWE for “The price of wine” (with Christophe Spaenjers), 2013
- Moskowitz Prize for Best Paper in 2012-13 for “Active ownership” (with Oguzhan Karakas and Xi Li), 2013
Selected publications
Here is a selection of Elroy Dimson’s publications. Please see the “Selected publications” tab above for a more comprehensive list.
Dimson, E., Marsh, P. and Staunton, M. (2022) Global investment returns yearbook 2022. Zurich: Credit Suisse Research Institute.
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., 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)
Dimson, E., Rousseau, P.L. and Spaenjers, C. (2015) “The price of wine.” Journal of Financial Economics, 118(2): 431-449 (DOI: 10.1016/j.jfineco.2015.08.005) (available online via the SSRN)
Dimson, E. and Spaenjers, C. (2011) “Ex post: the investment performance of collectible stamps.” Journal of Financial Economics, 100(2): 443-458 (DOI: 10.1016/j.jfineco.2010.12.005)
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. 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)
Dimson, E. and Spaenjers, C. (2011) “Ex post: the investment performance of collectible stamps.” Journal of Financial Economics, 100(2): 443-458 (DOI: 10.1016/j.jfineco.2010.12.005)
Chambers D. and Dimson E. (2013) “Retrospectives: John Maynard Keynes, investment innovator.” Journal of Economic Perspectives, 27(3): 213-228 (DOI: 10.1257/jep.27.3.213)
Dimson, E. and Spaenjers, C. (2014) “Investing in emotional assets.” Financial Analysts Journal, 70(2): 20-25 (DOI: 10.2469/faj.v70.n2.8)
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)
Dimson, E., Rousseau, P.L. and Spaenjers, C. (2015) “The price of wine.” Journal of Financial Economics, 118(2): 431-449 (DOI: 10.1016/j.jfineco.2015.08.005) (available online via the SSRN)
Dimson, E., Karakaş, O. and Li, X. (2015) “Active ownership.” Review of Financial Studies, 28(12): 3225-3268 (DOI: 10.1093/rfs/hhv044)
Chambers, D. and Dimson, E. (2016) “The master’s choice.” London Business School Review, 27(2): 38-39 (DOI: 10.1111/2057-1615.12117)
Dimson, E., Marsh, P. and Staunton, M. (2017) “Factor-based investing: the long-term evidence.” Journal of Portfolio Management, 43(5): 15–37 (DOI: 10.3905/jpm.2017.43.5.015)
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)
Dimson, E., Marsh, P. and Staunton, M. (2020) “Divergent ESG ratings.” Journal of Portfolio Management, 47(1): 75-87 (DOI: 10.3905/jpm.2020.1.175)
Dimson, E., Marsh, P. and Staunton, M. (2020) “Exclusionary screening.” Journal of Impact and ESG Investing, 1(1): 66-75 (DOI: 10.3905/jesg.2020.1.1.066)
Atta-Darkua, V., Chambers, D., Dimson, E., Ran, Z. and Yu, T. (2021) “Practical applications of strategies for responsible investing: emerging academic evidence.” Practical Applications, 8(4): 1-8 (DOI: 10.3905/pa.8.4.421)
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)
Dimson, E., Marsh, P. and Staunton, M. (2021) “American exceptionalism: the long-term evidence.” Journal of Portfolio Management, 47(7): 14-26 (DOI: 10.3905/jpm.2021.1.257)
Horan, S., Dimson, E., Emery, C. and Blay, K. (2022) “ESG investment performance evaluation: an integrated approach.” Journal of Investment Management, 20(4): 17-34
Horan, S.M., Dimson, E., Emery, C., Blay, K. and Yelton, G. (2022) “The state of ESG investing: a portfolio management perspective.” Journal of Impact and ESG Investing, 2(4): 7-29 (DOI: 10.3905/jesg.2022.1.043)
Books, monographs, reports & case studies
Dimson, E., Marsh, P. and Staunton, M. (2002) Triumph of the optimists. Princeton, NJ: Princeton University Press.
Acharya, S. and Dimson, E. (2007) Endowment asset management. Oxford: Oxford University Press.
Chambers, D. and Dimson, E. (eds.) (2016) Financial market history: reflections on the past for investors today. London: CFA Institute Research Foundation.
Chambers, D., Dimson, E., Segal, A.I. and Steiner, E. (2016) “The role of real estate: the case of Christ Church College.” Harvard Business School: 9-216-086.
Chambers, D., Dimson, E., Viceira, L.M. and Corsi, E. (2016) “Models of endowment management: King’s College, Cambridge.” Harvard Business School: 9-216-023.
Viceira, L.M., Chambers, D. and Dimson, E. (2016) “Clare College: seeking investment opportunity in a financial crisis.” Harvard Business School: 9-216-015.
Dimson, E., Marsh, P. and Staunton, M. (2017) Switzerland: a financial market history. Zurich: Credit Suisse Research Institute. (Available online)
Dimson, E., Marsh, P. and Staunton, M. (2020) Global investment returns yearbook 2020. Zurich: Credit Suisse Research Institute.
Evans, S., Marsh, P. and Dimson, E. (2019) Numis Smaller Companies Index: 2019 annual review. London: Numis Securities.
Dimson, E. and Marsh, P. (eds.) (2019) Risk measurement service. London: London Business School.
Evans, S., Marsh, P. and Dimson, E. (2021) Numis Smaller Companies Index: 2021 annual review. London: Numis Securities.
Dimson, E., Marsh, P. and Staunton, M. (2022) Global investment returns yearbook 2022. Zurich: Credit Suisse Research Institute.
Horan, S.H., Dimson, E., Emery, C., Blay, K.A., Yelton, G. and Agarwal, A. (2022) ESG investment outcomes, performance evaluation, and attribution. London: CFA Institute Research Foundation.
Dimson, E., Marsh, P. and Staunton, M. (2023) Credit Suisse global investment returns yearbook 2023. Zurich: Credit Suisse Research Institute.
Book chapters
Dimson, E., Marsh, P. and Staunton, M. (2008) “The worldwide equity risk premium: a smaller puzzle.” In: Mehra, R. (ed.) Handbook of the equity risk premium. Amsterdam: Elsevier.
Dimson, E. and Spaenjers, C. (2014) “The investment performance of art and other collectibles.” In: Dempster, A.M. (ed.) Risk and uncertainty in the art world. London: Bloomsbury Publishing, pp.219-238
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
Dimson, E., Marsh, P. and Staunton, M. (2016) “Long-term asset returns.” In: Chambers, D. and Dimson, E. (eds.) Financial market history: reflections on the past for investors today. Charlottesville, VA: CFA Institute Research Foundation, pp.2-26
Dimson, E., Marsh, P. and Staunton, M. (2017) “Five factors that influence investment returns.” In: Parker, C. (ed.) Harriman’s new book of investing rules. Petersfield: Harriman House, pp.215–220
Atta-Darkua, V. and Dimson, E. (2018) “Diversifisering på tvers av industrisektorer [Sector exclusion].” In: Thøgersen, Ø. (ed.) Energiaksjer i Statens pensjonsfond utland [Energy shares in the Government Pension Fund Global]. Oslo: Norwegian Ministry of Finance, pp.117–134 (Available online)
Dimson, E., Marsh, P. and Staunton, M. (2018) “The evolution of equity markets.” In: Faber, M. and Remsburg, J. (eds.) The best investment writing: selected writing from leading investors and authors: vol.2. Petersfield: Harriman House, pp.5-12
