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Elroy Dimson

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Elroy Dimson

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 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. (2020) Global investment returns yearbook 2020. 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)

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)

Chambers, D., Dimson, E. and Ilmanen, A. (2021) “The Norway model in perspective.” Journal of Portfolio Management (forthcoming)

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.

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

Ratings divergence

Paper co-authored by Professor Elroy Dimson of Cambridge Judge Business School on environmental, social and governance investment ratings wins Best Article award…

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Top 15 reads of 2020

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Over the horizon

University endowments use their long-term perspective to invest countercyclically at times of stock-market crisis, says new study at the Centre for Endowment…

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The many shapes of Cambridge Judge Business School engagement in challenging times

At Cambridge Judge Business School, we pride ourselves in our commitment to engaging with businesses, policy-makers and civil-society organisations. We believe that…

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Low returns

The next generation will face real investment returns of only two per cent based on historical data, says Professor Elroy Dimson. The…

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Stock market volatility

Market volatility to COVID-19 crisis second only to 1987 stock market crash over past 120 years. Stock market volatility during the COVID-19…

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Wait and see

It will take a while to see how the current stock market downturn rivals historical crashes, says Professor Elroy Dimson in a…

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The long view

Credit Suisse Global Investment Returns Yearbook 2020, co-authored by Professor Elroy Dimson of Cambridge Judge Business School, finds that equities remain the…

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Divest or engage?

There is 'disquieting' evidence that environmental, social and governance (ESG) metrics differ considerably among rating firms, says new paper led by the…

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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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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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The Sunday Times: Square Mile wobbles as European share trading goes Dutch

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business School, comments on the history of share…

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RIA Intel: An alternative investment to savor: wine

A study on fine wine values Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business School,…

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Investors Chronicle: The future is small

A report co-authored by Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business School, cited in the…

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Frankfurter Allgemeine: Best long-term stocks

Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business School, talks about his research on long-term…

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Financial Times: There is no stock market bubble

A report on investment returns co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge Business…

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The Wall Street Journal: Thank the Fed for the stock market’s run

A report on investment returns co-authored by Professor Elroy Dimson, Chairman of the Centre for Endowment Asset Management at Cambridge Judge, is…

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Investment Week: From 20 to zero: What is not to love about Chinese equities?

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

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Your Money: How to use your savings to make a positive change in the world

A study by Dr Oğuzhan Karakaş and Professor Elroy Dimson on coordinated engagements is featured in the article. The study found that…

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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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Contact details

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

[email protected]

CV

Download Elroy Dimson’s CV