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Elroy Dimson

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Elroy Dimson

Research Director (Finance & Accounting)
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 chairs the Centre for Endowment Asset Management at Cambridge Judge Business School, and is Emeritus Professor of Finance at London Business School. He chairs the Policy Board and the Academic Advisory Board of FTSE Russell and is an Advisory Council member for Financial Analysts Journal. 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), long-horizon investing (five book chapters), with case studies on manager selection and on stocks for the long run (both Harvard Business School). 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

  • Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for "Factor-based investing: the long-term evidence" (with Paul Marsh and Mike Staunton), 2018
  • Best Research Paper, International Centre for Pension Management, Toronto, 2018
  • The University of Cambridge Vice-Chancellor's Impact Award, 2017
  • Savvy Investor Best Investment Paper for Financial Market History, 2017
  • Savvy Investor Best Asset Allocation Paper for Global Investment Returns Yearbook, 2017
  • The Sandra Dawson Research Impact Award, Cambridge Judge Business School, 2017
  • FIR-PRI Award for Best Published Paper on Sustainability, 2016
  • Graham and Dodd Best Perspectives Award, Financial Analysts Journal, 2015
  • AIM Visiting Scholar, University of Texas at Austin, 2014
  • aCIO Top 10 Most Influential Academics in Institutional Investing, 2013
  • Bernstein Fabozzi/Jacobs Levy Outstanding Article Award for "The Norway Model" (with David Chambers and Antti Ilmanen), 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 are 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. (2019) Global investment returns yearbook 2019. Zurich: Credit Suisse Research Institute.

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)

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.

Acharya, S. and Dimson, E. (2007) Endowment asset management. Oxford: Oxford University Press.

Dimson, E., Marsh, P. and Staunton, M. (2002) Triumph of the optimists. Princeton, NJ: Princeton University Press.

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)

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)

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. (2019) Global investment returns yearbook 2019. 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.

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

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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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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Investment yearbook

The annual Global Investment Returns Yearbook, co-authored by Professor Elroy Dimson of Cambridge Judge, finds that 2018 was the worst year for …

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Investment strategy in Norway

A report for Norway’s pension fund includes a section highlighting the risk of energy divestment co-authored by PhD candidate Vaska Atta-Darkua and …

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Prose on investing

Article co-authored by Elroy Dimson of Cambridge Judge is included in a new book, The Best Investment Writing, Volume Two. An article on …

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Coordination awarded

Research paper on coordination by activist shareholders wins an award from the International Centre for Pension Management.   A research paper on …

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Investment research award

Paper on factor-based investing co-authored by Professor Elroy Dimson of Cambridge Judge wins Outstanding Article award from publisher of The Journal of …

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‘Savvy’ awards

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

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Simon Taylor and Elroy Dimson win Research Impact Awards

Dr Simon Taylor and Professor Elroy Dimson of Cambridge Judge are honoured with the School’s 2017 Sandra Dawson Research Impact Award. Dr …

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New honour for Professor Elroy Dimson

Professor Elroy Dimson of Cambridge Judge Business School elected to Supervisory Council of the Geneva Finance Research Institute. Professor Elroy Dimson, Chairman …

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Cambridge Judge research impact and engagement recognised

Elroy Dimson, Neil Stott and Belinda Bell of Cambridge Judge Business School are winners in the Vice-Chancellor’s Awards of the University of …

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Switzerland’s economic success

Low inflation and stability over more than a century have been keys to Switzerland’s economic success, says new report co-authored by Elroy …

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Vice-Chancellor’s awards 2017

Five Cambridge Judge Business School nominations for this year’s Vice-Chancellor’s Awards, with winners to be announced in July. Five people from Cambridge …

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The five key ‘factors’ in factor investing

With factor investing and smart beta strategies on the rise, Professor Elroy Dimson of Cambridge Judge Business looks at five central factors …

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Leading economists on corporate tax reform

The Financial Economists Roundtable, which includes Professor Elroy Dimson of Cambridge Judge, calls for retaining current “worldwide” US tax system but removing …

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Historical investment analysis

Modest inflation rises, based on historical precedent, should not adversely affect the real return on equity investing, says annual Credit Suisse Global …

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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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Research on inclusive capitalism

Corporate engagement project involving Professor Elroy Dimson of Cambridge Judge selected by the Principles for Responsible Investment organisation. The Principles for Responsible …

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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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Market Timing Australia: Twelve big takeaways from stock market history

Credit Suisse Research Institute’s Global Investment Returns Yearbook, co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) …

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Funds People: The paradox of Theseus applied to portfolio management

A research paper published by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, …

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The Telegraph: How to invest like… the co-creator of the FTSE100

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

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The Retirement Café: Investing successfully for the long-term

A podcast with Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business School, where he talks …

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Financial Times: Emerging market equities justify their existence

The Credit Suisse Global Investment Returns Yearbook 2019 co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) …

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Barron’s: This stock market still looks good, even after ten years

A report co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, is featured in …

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Investors Chronicle: China’s long march of optimism

Research co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, is featured in the …

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The Wall Street Journal: Trump might not like it, but the dollar should be strong

A report co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, is featured in …

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FT Adviser: DFMs’ immaturity problem, the 119-year-old index secret, and an unwelcome surprise

When it comes to track records, it’s easy to forget that emerging markets as an asset class are still relatively new themselves, …

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Bloomberg: Are China’s stocks outperforming? It’s complicated

A further coverage of the Credit Suisse Global Investment Returns Yearbook 2019 co-authored by Professor Elroy Dimson, Chairman of the Centre for …

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Money Marketing: Blind optimism, not wars, kills investment returns

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, comments on investment returns and why being …

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Financial Times: Climate fight will upheave fund sector, says archbishop

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, discusses how successful engagement by …

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Financial Planning: Trump vs Obama: Who had best 2-year stock market gains

A report co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, is mentioned in …

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Financial Times: Aim not what it seems as more groups deliver profit

The Alternative Investment Market (Aim) is here to help smaller companies raise capital in order to expand. But Aim is not all …

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Moneytalk: ‘In the long run, equities are the most profitable investment’

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, comments about long-term investments. Since the beginning …

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Evidence Investor: Elroy Dimson on the most important lesson from market history

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, discusses what investors can learn from stock …

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Barrons: Ron Baron says stocks will double in ten years. What’s so special about that?

A report co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, is …

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Focus: Ex-chief of the Norwegian State Fund for Pensions: “There is really only praying”

An interview with Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, about the Norwegian sovereign …

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Focus Money: All on equities

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM), Cambridge Judge Business School, recently gave an interview to Germany’s …

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Financial Times: Long-term investing is simple – no matter what the ‘experts’ say

Study co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge, explores historical financial data, …

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Contact details

Elroy Dimson
Cambridge Judge Business School
University of Cambridge
Trumpington Street
Cambridge CB2 1AG
UK

e.dimson@jbs.cam.ac.uk

News & insights

Canny investors who have so far left wine out of their portfolio may want to think again

New research from Professor Elroy Dimson and his co-authors reveals that wine outperformed art, stamps and bonds throughout the 20th century.

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Investing in 2013? Ask John Maynard Keynes

Economist John Maynard Keynes ran the endowment fund at King’s College from 1921 until his death in 1946. His highly successful approach is providing valuable insight for today’s investors.

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