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The Finance subject group

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About the subject group

Research by the Finance group focuses on the investment and financial decisions of firms and financial institutions. The group is committed to translating research into practice through links with the private sector, regulators and policy makers. The Finance group is dedicated to teaching that is inspired and enriched by its research findings. Educational programmes in finance at Cambridge Judge Business School include the MPhil in Finance and the Master of Finance (MFin).

The research of the group falls broadly into the following categories:

  • Corporate finance 
  • Corporate governance
  • Asset management
  • Asset pricing, valuation methods and market efficiency
  • Alternative finance
  • Behavioural finance
  • Financial markets

Our faculty have leading roles in the following research centres: 

The School enjoys frequent visits from world-class scholars through the Pembroke Visiting Professorship in International Finance, and the Santander Visiting Fellowship Scheme. Past visiting professors include Andrew Karolyi, Hayne Leland and Avanidhar Subrahmanyam.


  • Chambers, David
    Invesco Professor of Finance, Academic Co-Director of the Centre for Endowment Asset Management (CEAM)
  • Cole, Othman
    Senior Faculty in Management Practice (Finance), Deputy Director of the Executive MBA Programme
  • Dimson, Elroy
    Research Director (Finance & Accounting), Chairman of the Centre for Endowment Asset Management (CEAM)
  • Dissanaike, Gishan
    Adam Smith Professor of Corporate Governance
  • Karakaş, Oğuzhan
    Associate Professor in Finance, Academic Co-Director of the Centre for Endowment Asset Management (CEAM)
  • Kirilenko, Andrei
    Professor of Finance, Director of the Doctoral Programme
  • Lambrecht, Bart
    Professor of Finance, Director of the Cambridge Endowment for Research in Finance (CERF), Director of the Cambridge Centre for Finance (CCFin)
  • Meeks, Geoff
    Research Director (Honorary), Emeritus Professor of Financial Accounting
  • Nguyen, Bang Dang
    Associate Professor in Finance, Director of the MPhil in Finance Programme
  • Rau, Raghavendra
    Sir Evelyn de Rothschild Professor of Finance
  • Saffi, Pedro
    Professor of Financial Economics, Director of the Master of Finance (MFin) Programme
  • Sarno, Lucio
    Professor of Finance, Head of the Finance Subject Group
  • Taylor, Simon
    Faculty (Professor level) in Management Practice, Director of the Global Executive MBA Programme
  • Wardrop, Robert
    Faculty (Professor level) in Management Practice

Pembroke Visiting Scholars

The Pembroke Visiting Scholars Scheme was established in 2012 to allow senior faculty who are active in publishing and research to visit Cambridge Judge Business School for extended periods ranging between three to six months. The Professor plays an active role in the Finance group and in several cases the initial visitors have launched significant research projects with the current faculty of the group. The holder of the Professorship is admitted to Pembroke College as a Visiting Scholar for the duration of their residency in Cambridge. As a Visiting Scholar of Pembroke College the Visiting Professor is entitled, as Fellows of the College are, to seven lunches or dinners per week free of charge whenever the kitchens are open; High Table dinner is available to Fellows every evening; and the scholar has the use of an apartment rent-free for the period of their residence.

  • Jon Lukomnik
    Pembroke Visiting Professor of Finance, Lent 2019
    Managing Partner, Sinclair Capital
  • Ronald Masulis
    Pembroke Visiting Professor of Finance, Michaelmas 2018
    Scientia Professor of Finance and Macquarie Group Chair of Financial Services, Australian School of Business, University of New South Wales
  • David Pitt-Watson
    Pembroke Visiting Professor of Finance, Easter 2018
    Non-executive Board Member, KPMG and Treasurer, Oxfam
  • Turalay Kenc
    Pembroke Visiting Professor of Finance, Michaelmas 2017 and Lent 2018
    Former Deputy Governor, Central Bank of Turkey
  • Murillo Campello
    Pembroke Visiting Professor of Finance, Lent and Easter 2017
    Samuel Curtis Johnson Graduate School of Management, Cornell University
  • Christopher M. James
    Pembroke Visiting Professor of Finance, Michaelmas 2015 and Lent 2016
    Warrington College of Business, University of Florida
  • Anthony Saunders
    Pembroke Visiting Professor of Finance, Lent and Easter 2015
    New York University, Stern School of Business
  • Avanidhar Subrahmanyam
    Pembroke Visiting Professor of Finance, Michaelmas 2012, Michaelmas 2013 and Lent 2014
    UCLA Anderson School of Management
  • Andrew Karolyi
    Pembroke Visiting Professor of Finance, Lent and Easter 2013
    Cornell University, Samuel Curtis Johnson Graduate School of Management
  • Hayne Leland
    Pembroke Visiting Professor of Finance, Easter 2012
    University of California, Berkeley, Haas School of Business

Santander Visiting Fellows in Finance

Santander Fellows are an integral part of the Finance group for the period of their six-month tenure, working closely with both junior faculty and graduate students over a sustained period to develop new research projects and co-authored publications. From 2013, the Santander Fellow also holds a Visiting Fellowship at Clare Hall, a graduate college in the University.

  • Simon Gervais
    Santander Visiting Fellow, 2019
    Fuqua School of Business, Duke University
  • Adam V. Reed
    Santander Visiting Fellow, 2018 and 2013
    Kenan-Flagler Business School, University of North Carolina
  • Mark Flannery
    Santander Visiting Fellow, 2018
    Warrington College of Business, University of Florida
  • Richard B. Evans
    Santander Visiting Fellow, 2018
  • Jeffrey Pontiff
    Santander Visiting Fellow, 2016
    Carroll School of Management, Boston College
  • Alexander Ljungqvist
    Santander Visiting Fellow 2011
    Stern School of Business, New York University
  • Michael Schill
    Santander Visiting Fellow 2011
    Darden School of Business, University of Virginia

Research & teaching staff

  • Atta-Darkua, Vaska
    Research Associate
  • Chen, Shiqi
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)
  • Eatwell, Lord
    Professor Emeritus in Financial Policy
  • Hao, Rui
    Research Associate, Cambridge Centre for Alternative Finance (CCAF)
  • Motahari, Mehrshad
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)
  • Pi, Shaoting
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)
  • Whittington, Geoffrey
    Honorary Senior Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF), and Emeritus Professor

PhD students

Honorary appointments

Publishing output

Members of the Finance group serve or have served as editors at journals such as Financial Management, and the Journal of Corporate Finance. Group members have published in top finance journals such as the Journal of FinanceJournal of Financial Economics, and the Review of Financial Studies. Here are a selection from the last few years:


Amel-Zadeh, A. and Meeks, G. (eds.) (2020) Accounting for M&A: uses and abuses of accounting in monitoring and promoting merger. Abingdon: Routledge.

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)

Bartolucci, S. and Kirilenko, A. (2020) “A model of the optimal selection of crypto assets.” Royal Society Open Science, 7: 191863 (DOI: 10.1098/rsos.191863)

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)

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)

Dissanaike, G., Drobetz W. and Momtaz, P.P. (2020) “Competition policy and the profitability of corporate acquisitions.” Journal of Corporate Finance, 62: 101510 (DOI: 10.1016/j.jcorpfin.2019.101510)

Saffi, P.A.C. and Vergara-Alert, C. (2020) “The big short: short selling activity and predictability in house prices.” Real Estate Economics, 48(4): 1030-1073 (DOI: 10.1111/1540-6229.12219)

Taylor, S. (2020) “How will the Belt and Road Initiative be financed?” In: De Cremer, D., McKern, B. and McGuire, J. (eds.) The Belt and Road Initiative: opportunities and challenges of a Chinese economic ambition. London: Sage, pp.319-343


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)

Amel-Zadeh, A. and Meeks, G. (2019) “Bidder earnings forecasts in mergers and acquisitions.” Journal of Corporate Finance, 58(C): 373-392 (DOI: 10.1016/j.jcorpfin.2019.06.002)

Baron, M., Brogaard, J., Hagströmer, B. and Kirilenko, A. (2019) “Risk and return in high-frequency trading.” Journal of Financial and Quantitative Analysis, 54(3): 993-1024 (DOI: 10.1017/S0022109018001096)


Botsari, A. and Meeks, G. (2018) “Acquirers’ earnings management ahead of stock-for-stock bids in ‘hot’ and ‘cold’ markets.” Journal of Accounting and Public Policy, 37: 355-375 (DOI: 10.1016/j.jaccpubpol.2018.09.007)

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)


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)

Lambrecht, B.M. (2017) “Real options in finance.” Journal of Banking and Finance, 81: 166-171 (DOI: 10.1016/j.jbankfin.2017.03.006)

Lambrecht, B.M. and Myers, S.C. (2017) “The dynamics of investment, payout and debt.” Review of Financial Studies, 30(11): 3759–3800 (DOI: 10.1093/rfs/hhx081) (also available online via the SSRN)

Richardson, S., Saffi, P.A.C. and Sigurdsson, K. (2017) “Deleveraging risk.” Journal of Financial and Quantitative Analysis, 52(6): 2491-2522 (DOI: 10.1017/S0022109017001077)


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

Cole, O. (2016) “How can the major European oil and gas companies continue to be competitive? A comparative analysis between 2000 and 2008.” International Journal of Competitiveness, 1(1): 53-70 (DOI: 10.1504/IJC.2016.075893)

Lambrecht, B.M. and Myers, S.C. (2016) “Agency dynamics in corporate finance.” Annual Review of Financial Economics, 8: 53-80 (DOI: 10.1146/annurev-financial-121415-032937)

Lambrecht, B.M., Pawlina, G. and Teixeira, J.C.A. (2016) “Making, buying, and concurrent sourcing: implications for operating leverage and stock beta.” Review of Finance, 20(3): 1013-1043 (DOI: 10.1093/rof/rfv027)

Porras Prado, M., Saffi, P.A.C. and Sturgess, J. (2016) “Ownership structure, limits to arbitrage, and stock returns: evidence from equity lending markets.” Review of Financial Studies, 29(12): 3211-3244 (DOI: 10.1093/rfs/hhw058)


Acharya, V.V. and Lambrecht, B.M. (2015) “A theory of income smoothing when insiders know more than outsiders.” Review of Financial Studies, 28(9): 2534-2574 (DOI: 10.1093/rfs/hhv026)

Aggarwal, R., Saffi, P.A.C. and Sturgess, J. (2015) “The role of institutional investors in voting: evidence from the securities lending market.” Journal of Finance, 70(5): 2309-2346 (available online via the SSRN)

Amel-Zadeh, A. and Zhang, Y. (2015) “The economic consequences of financial restatements: evidence from the market for corporate control.” The Accounting Review, 90(1): 1-29 (DOI: 10.2308/accr-50869)

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)

Chang, X. and Zhang, H.F. (2015) “Managerial entrenchment and firm value: a dynamic perspective.” Journal of Financial and Quantitative Analysis, 50(5): 1083-1103 (DOI: 10.1017/S0022109015000423)

Chang, X., Fu, K., Low, A. and Zhang, W. (2015) “Non-executive employee stock options and corporate innovation.” Journal of Financial Economics, 115(1): 168-188 (DOI: 10.1016/j.jfineco.2014.09.002)

Dimson, E., Karakas, O. and Li, X. (2015) “Active ownership.” Review of Financial Studies (conditionally accepted) (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)

Malmendier, U., Opp, M.M. and Saidi, F. (2016) “Target revaluation after failed takeover attempts: cash versus stock.” Journal of Financial Economics, 119(1): 92-106 (DOI: 10.1016/j.jfineco.2015.08.013)


Chang, X., Dasgupta, S., Wong, G. and Yao, J. (2014) “Cash flow sensitivities and the allocation of internal cash flow.” Review of Financial Studies, 27(12): 3628-3657 (DOI: 10.1093/rfs/hhu066)

Dimson, E. and Spaenjers, C. (2014) “Investing in emotional assets.” Financial Analysts Journal, 70(2): 18-22 (DOI: 10.2469/faj.v70.n2.8)

Nguyen B.D. and Nielsen, K.M. (2014) “What death can tell: are executives paid for their contributions to firm value?” Management Science, 60(12): 2994-3010 (DOI: 10.1287/mnsc.2014.2011) (also 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 (DOI: 10.1257/jep.27.3.213)


Nguyen, B.D. (2012) “Does the Rolodex matter? Corporate elite’s small world and the effectiveness of boards of directors.” Management Science, 58(2): 236-252 (DOI: 10.1287/mnsc.1110.1457)


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)

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)


Nguyen, B.D. and Nielsen K.M. (2010) “The value of independent directors: evidence from sudden death.” Journal of Financial Economics, 98(3): 550-567 (DOI: 10.1016/j.jfineco.2010.07.004)

Saffi, P.A.C. and Sigurdsson K. (2010) “Price efficiency and short selling.” The Review of Financial Studies, 24(3): 821-852 (DOI: 10.1093/rfs/hhq124)


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 (DOI: 10.1111/j.1468-0289.2008.00457.x)

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)

Chang, X. and Dasgupta, S. (2009) “Target behavior and financing: how conclusive is the evidence?” Journal of Finance, 64(4): 1767-1796 (DOI: 10.1111/j.1540-6261.2009.01479.x)

Chang, X., Dasgupta, S. and Hilary, G. (2009) “The effect of auditor quality on financing decisions.” The Accounting Review, 84(4): 1085-1117 (DOI: 10.2308/accr.2009.84.4.1085)


  • Gishan Dissanaike: Guest Editor, European Financial Management, Special Issue 16(5): Corporate Governance and Control, 2010
  • Bart Lambrecht: Editor, Journal of Corporate Finance, 2018-present
  • Bart Lambrecht: Associate Editor, Journal of Banking and Finance, 2013-present
  • Bart Lambrecht: Associate Editor, Financial Management, 2014-2017
  • Bart Lambrecht: Associate Editor, Review of Finance, 2014-2017
  • Bart Lambrecht: Member of the Editorial Board, Journal of Business Finance and Accounting, 2006-present

Grants & awards

  • David Chambers and Elroy Dimson: Graham & Dodd Best Perspectives Award for the paper “The British origins of the US endowment model”, 2015
  • Jenny Chu, Jonathan Faasse and Raghavendra Rau: FMA Competitive Paper in Corporate Finance Award for the paper “Do compensation consultants enable higher CEO pay? New evidence from recent disclosure rule changes”, 2015
  • Pedro Saffi (with Scott Richardson and Kari Sigurdsson): “Deleveraging risk” awarded one of two Best Paper Awards, Financial Management Association International (FMA) Consortium for European Finance Faculty, 2014; also awarded the Crowell Third Prize, 2015
  • Geoff Meeks and Amir Amel-Zadeh: “Bank failure, mark-to-market and the financial crisis” awarded the Annual Manuscript Award for the best article published in Abacus in 2013
  • Farzad Saidi: JEEA Excellence in Refereeing Award, 2013
  • Bang Dang Nguyen (with Q.-A. Do and Yen-Teik Lee): “Political connections and firm value: evidence from regression discontinuity design of close gubernatorial elections” awarded Best Corporate Finance Paper Award at the Society of Financial Studies Finance Cavalcade, 2013
  • David Chambers and Elroy Dimson (with Antti Ilmanen): “The Norway model” voted an Outstanding Article by the readers of the Journal of Portfolio Management for its evaluation of the strategies followed by Norway’s Government Pension Fund Global (GPFG), including its long-term performance and response to the financial crisis, 2013
  • David Chambers: Thomas K. McCraw Fellow, Harvard Business School, Fall 2012
  • Bart Lambrecht: CEPR Research Fellow, 2013-present
  • Bart Lambrecht (with Stewart Myers): “A theory of takeovers and disinvestment” (Journal of Finance, 62(2), 2007) awarded an Emerald Citation of Excellence from Emerald Management Reviews, 2008
  • Pedro Saffi: Q-Group Grant, The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market, with Reena Aggarwal and Jason Sturgess of Georgetown University, 2012
  • David Chambers: 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
  • Bang Nguyen: Xia Yihong Best Paper Award for the paper “The value of independent directors: evidence from sudden deaths,” China International Conference in Finance (organised by MIT Sloan School of Management and Tsinghua University), Guangzhou, China, July 2009
  • David Chambers: Coller Institute of Private Equity Research Award, 2007
  • David Chambers: Economic History Society New Researcher Prize, 2005

Conference organisation

  • Gishan Dissanaike: Programme Co-Chair, Conference on National Governance Bundles, Corporate Governance: An International Review (CGIR), Cambridge, 2012
  • Gishan Dissanaike: Programme Co-Chair, European Financial Management Association Symposium on Corporate Governance and Control, 2009

Industry engagement

The Finance group is committed to translating research into practice through links with the private sector, regulators and policy makers. Members of the group have been working with several organisations, including Invesco, Newton Investment Management, FTSE Russell, the Norwegian Government Pension Fund Global, Credit Suisse, Oxford and Cambridge Colleges, the OECD, the World Bank and the Financial Conduct Authority.

Faculty members from the Finance group engage with practitioners in various sectors and exchange knowledge with them both as individual researchers and through the research centres they lead and are a part of, notably the Centre for Endowment Asset Management, the Cambridge Centre for Finance, the Cambridge Centre for Alternative Finance and the Centre for Finance, Technology & Regulation. Recent and current examples of engagement include:

  • Dr David Chambers has 20 years’ experience in investment banking and, as Academic Co-Director of the Centre for Endowment Asset Management, has engaged with several Oxford and Cambridge colleges and National Sovereign Funds, to help them manage their endowment. He has also supported the responsible investment practices of institutional investors through the publication of a case study on strategies for responsible investing.
  • Dr Othman Cole has experience in investment banking and has consulted for a number of companies in risk management, real estate, and energy. He is also a partner in a firm that deals in M&A and capital raising for small-to medium-sized companies, and he conducted research on state-owned oil companies and on country-level projects.
  • Professor Elroy Dimson chairs the Policy and Academic Boards of FTSE Russell and advises Credit Suisse and, formerly, Norway’s sovereign wealth fund. He has held board and investment positions at Atlantic Philanthropies, Edward Jones, Foundation for Social Entrepreneurs, German Investment Trust, Gonville & Caius College, Guy’s & St Thomas’ Foundation, Mobil-Exxon, Russell Investments, Sparrows Capital, Triple Point, and Wealth Management Group. His guidance to investors includes the Global Investment Returns Yearbook, LBS Risk Measurement Service and Numis Smaller Companies Index, and he has 3000 media cites in 70 countries including the Financial Times, New York Times, Wall Street Journal, The Economist, Fortune, Forbes, and Barron’s. He is an Honorary Fellow of CFA UK and the Institute & Faculty of Actuaries.
  • Professor Gishan Dissanaike has been consulted by a number of international corporations, investment banks, and regulatory agencies. He previously worked for Banque Indosuez (now Crédit Agricole Indosuez) and has managed the Cadbury Archive, donated by Sir Adrian Cadbury to the University of Cambridge.
  • Dr Oğuzhan Karakaş is the Co-Director of the Centre for Endowment Asset Management and has served as a part-time consultant to a hedge fund on establishing trading strategies. His papers co-authored with Professor Elroy Dimson and Dr Xi Li on active ownership and co-ordinated engagements have won several industry prizes and shaped the behaviours of shareholders interested in ESG investing by discussing strategies to engage with investee companies.
  • Dr Andrei Kirilenko served as Chief Economist of the US Commodity Futures Trading Commission (CFTC) and spent over a decade working at the International Monetary Fund. His recent work led to the development of an app-based recommendation framework for investor adoption of crypto assets.
  • Professor Raghavendra Rau worked as Principal at Barclays Global Investors. He frequently engages with international media to provide comments on areas of expertise and his work featured in prominent outlets such as The Economist and The Washington Post.
  • Dr Pedro Saffi’s professional experience includes working as a part-time consultant for Mondrian Investment Partners, working on quantitative trading strategies validation and implementation, and serving on the advisory board of a hedge fund that uses machine learning methods to trade cryptocurrencies. Previously, he was a corporate valuation expert for the United Nation’s Permanent Court of Arbitration, for real estate companies, and for pharmaceutical companies, and he worked as a part-time academic consultant for the Brazilian stock change (B3), evaluating the impact of regulatory changes on market quality. Before his PhD, he also worked for Banco Icatu, a Brazilian investment bank.
  • Professor Lucio Sarno has been involved in policy advice, training, research and consulting projects for a number of institutions, including the International Monetary Fund, the World Bank, the European Central Bank, the US Federal Reserve Banks of New York and St. Louis, the Bank for International Settlements, the Bank of England, the Bank of Canada, the Central Bank of Norway, the Italian Ministry of Economy and Finance, the European Commission, the Bank of Korea, and the Central Bank of Colombia. He has wide-ranging consulting experience in the finance industry, involving some of the world’s leading asset management firms, hedge funds, sovereign wealth funds, investment banks, and their research units. Lucio has held full-time senior positions outside academia, including as Director of Currency Research and Principal at AXA Investment Managers. His research has often been featured or quoted in the press, including the Financial Times, the Wall Street Journal, and The New York Times.
  • Dr Simon Taylor’s research on the history of nuclear power in the UK has helped the government, analysts, investors and the general public learn about Britain’s experience with nuclear power. His book – The Fall and Rise of Nuclear Power in Britain – has informed policy makers, investors and economists.
  • Dr Robert Wardrop, as Director of the Cambridge Centre for Alternative Finance, has collaborated with the Foreign & Commonwealth Office (now the Foreign & Commonwealth Development Office), the UN Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), and the Organisation for Economic Co-operation and Development (OECD) on research projects on FinTech, which influenced the work of regulators, policy makers and practitioners. Additionally, he has led the development of a database of FinTech regulation worldwide and of the Cambridge Bitcoin Electricity Consumption Index (CBECI), which provides a real-time estimate of the electricity consumed by the bitcoin network. By developing and teaching the Cambridge FinTech & Regulatory Innovation (CFTRI) programme, he has also engaged with over 800 senior policymakers and regulators at central banks, security agencies and ministries of finance, from 130 countries.

Financial databases

The group has access to a comprehensive range of financial data via the School and University subscriptions. Visit Information & Library Services’ list of available databases to find out more.

Upcoming seminars

Michaelmas Term 2021

16 November 2021 (13:00-14:15, online)
Bond returns and the trading of large mutual funds
Mariassunta Giannetti, Professor of Finance, Stockholm School of Economics

30 November 2021 (13:00-14:15, online)
Value creation in shareholder activism
Enrique Schroth, Professor of Finance, EDHEC Business School

Previous seminars

Michaelmas Term 2021

5 October 2021 (13:00-14:15, online)
Patient capital, firm policies, and real effects
Varun Sharma, PhD candidate, London Business School

19 October 2021 (13:00-14:15, online)
How do acquisitions affect the mental health of employees?
Ramin Baghai, Associate Professor of Finance, Stockholm School of Economics

2 November 2021 (13:00-14:15, Lecture Theatre 1)
Dynamic asset backed security design
Kathy Yuan, Professor of Finance, London School of Economics and Political Science

Easter Term 2021

27 April 2021 (13:00-14:00, online)
In search of the origins of financial fluctuations: The inelastic markets hypothesis
Ralph Koijen, AQR Capital Management Professor of Finance, University of Chicago Booth School of Business

11 May 2021 (13:00-14:00, online)
The resilience of the U.S. corporate bond market during financial crises
Bo Becker, Professor of Finance, Stockholm School of Economics

25 May 2021 (13:00-14:00, online)
The big three and board gender diversity: The effectiveness of shareholders voice
Todd Gormley, Associate Professor of Finance, Olin Business School, Washington University

8 June 2021 (13:00-14:00, online)
Climate changes and funds voting on environmental proposals
Dr Alberta Di Giuli, Finance Professor, ESCP Business School

Lent Term 2021

19 January 2021 (13:00-14:00, online)
Dr Hao Liang, Associate Professor of Finance, Singapore Management University

2 February 2021 (13:00-14:00, online)
The role of corporate culture in bad times: Evidence from the COVID-19 pandemic
Dr Kai Li, Senior Associate Dean, Equity and Diversity, Professor of Finance, and W. Maurice Young Endowed Chair in Finance, UBC Sauder School of Business, University of British Columbia

16 February 2021 (13:00-14:00, online)
Hacking corporate reputations
Dr Pat Akey, Assistant Professor, University of Toronto

2 March 2021 (13:00-14:00, online)
Bayesian solutions for the factor zoo: We just ran two quadrillion models
Dr Svetlana Bryzgalova, Assistant Professor of Finance, London Business School

16 March 2021 (13:00-14:00, online)
Retail shareholder participation in the proxy process: Monitoring, engagement, and voting
Alon Brav, Professor of Finance at the Fuqua School of Business, Duke University

Michaelmas Term 2020

20 October 2020 (13:00-14:00, online)
The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains
Clemens Otto, Assistant Professor of Finance and BNP Paribas Fellow at Singapore Management University Lee Kong Chian School of Business

3 November 2020 (13:00-14:00, online)
Exit vs. Voice
Luigi Zingales, Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and the Charles M. Harper Faculty Fellow at the University of Chicago Booth School of Business

17 November 2020 (13:00-14:00, online)
Does Fintech Substitute for Banks? Evidence from the Paycheck Protection Program
Professor Isil Erel, David A. Rismiller Chair in Finance, Academic Director of the Risk Institute, Fisher College of Business of the Ohio State University

1 December 2020 (13:00-14:00, online)
Where Has All the Data Gone?
Laura Veldkamp, Professor of Finance, Columbia University’s Graduate School of Business

Easter Term 2020

22 April 2020 (14:00-16:00, online)
Robots, Labour Market Frictions and Corporate Financial Policies
Alice Liu, Eller College of Management, University of Arizona

7 May 2020 (14:00-15:00, online)
Background Noise? TV Advertising Affects Real Time Investor Behaviour
Dr Alminas Žaldokas, Hong Kong University of Science and Technology

19 May 2020 (13:00-14:00, online)
Friends at Wall Street Journal
Dr Guosong Xu, Rotterdam School of Management, Erasmus University

2 June 2020 (14:00-15:00, online)
Volatility Markets Underreacted to the Early Stages of the COVID-19 Pandemic
Professor Ing-Haw Cheng, Tuck School of Business, Dartmouth College
Watch a recording of the webinar

Lent Term 2020

14 Jan 2020 (12:00-14:00, Castle Teaching Room)
The Long and Short of It: Are We Asking the Right Questions? Modern Portfolio Theory and Time Horizons
Jon Lukomnik, Managing Partner, Sinclair Capital LLC

28 Jan 2020 (12:00-14:00, Castle Teaching Room)
Litigating Innovation: Evidence From Securities Class Action Lawsuits
Professor Oliver Spalt, University of Mannheim

11 Feb 2020 (12:30-14:00, Lecture Theatre 3)
ICO Investors
Dr Ruediger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne (EPFL)

25 Feb 2020 (12:00-14:00, Fadi Boustany Lecture Theatre)
Can Security Design Solve Household Reluctance to Take Risk?
Boris Vallée, Torstein Hagen Associate Professor, Harvard Business School

10 Mar 2020 (12:00-14:00, Fadi Boustany Lecture Theatre)
Industry Networks and the Geography of Firm Behaviour
William Grieser, Assistant Professor of Finance, Neeley School of Business, Texas Christian University

2 Apr 2020 (14:00-16:00, online)
A Theory of Socially Responsible Investment
Professor Martin Oehmke, London School of Economics

9 Apr 2020 (14:00-16:00, online)
Financial Technology Adoption
Sean Higgins, Kellogg School of Management, Northwestern University

16 Apr 2020 (14:00-16:00, online)
Left Behind: Presidential Cycles and Partisan Gap in Stock Market Participation
Da Ke, University of South Carolina, Darla Moore School of Business

Michaelmas Term 2019

8 Oct 2019 (12:00-14:00, Room KH107)
Cross Asset Information Synergy in Mutual Fund Families
Dr Jennie Bai, Georgetown University

22 Oct 2019 (13:00-14:30, Lecture Theatre 2)
Optimal Leverage and Maturity in a Simple Structural Model
Professor Hayne Leland, Haas School of Business

5 Nov 2019 (13:00-15:00, Room W2.02)
The Life Cycle of Dual Class Firm Valuation
Professor Anete Pajuste, Stockholm School of Economics

18 Nov 2019 (13:00-15:00, Castle Teaching Room) 
The Persistent Decline in Asset Utilisation and the Investment-Q Paradox
Dr David L. Ikenberry, INSEAD

Easter Term 2019

30 Apr 2019 (12:30-14:00, Lecture Theatre 1)
Augmenting Markets with Mechanisms
Professor Darrell Duffie, Stanford University’s Graduate School of Business

8 May 2019 (13:00-15:00, Fadi Boustany Lecture Theatre)
And the Children Shall Lead: Gender Diversity and Performance in Venture Capital
Professor Paul Gompers, Harvard Business School

23 May 2019 (12:00-13:30, Lecture Theatre 1)
Priceless Consumption
Dr Andre Donangelo, University of Texas at Austin

4 June 2019 (12:00-14:00, Fadi Boustany Lecture Theatre)
The Private and Social Value of Capital Structure Commitment
Professor Timothy C. Johnson, University of Illinois

Lent Term 2019

12 Feb 2019 (12:00-14:30, Room 107 Keynes House)
Why is Capital Slow Moving? Liquidity Hysteresis & the Dynamics of Informed Capital
Dr Jungsuk Han, Stockholm School of Economics (SSE)

12 Mar 2019 (12:30-14:00, Lecture Theatre 4, Cambridge Judge Business School)
Fintech Credit, Financial Inclusion and Entrepreneurial Growth
Professor Yi Huang, The Graduate Institute, Geneva

26 Mar 2019 (12:30-14:30, Fadi Boustany Lecture Theatre, Cambridge Judge Business School)
Economics of Voluntary Information Sharing
Professor Jason Sturgess, School of Economics and Finance, Queen Mary University of London

Michaelmas Term 2018

2 Oct 2018 (11:30-13:30, Fadi Boustany Lecture Theatre)
Financial Divisions in Diversified Firms 
Dr Cláudia Custódio, Imperial College London

27 Nov 2018 (12:00-14:00, Room KH107)
The Role of Market Infrastructure in Price Discovery: Short Sellers’s Perspective
Dr Zsuza Huszar, National University of Singapore

Easter Term 2018

24 Apr 2018 (12:00-14:00, Room W2.02)
The Sustainability Footprint of Institutional Investors
Professor Philipp Krüger, University of Geneva

8 May 2018 (12:00-14:00, Room W4.05)
House Prices, Bank Balance Sheets, and Bank Credit Supply
Dr Mark J. Flannery, University of Florida

Lent Term 2018

30 Jan 2018 (11:30-13:30)
Short Selling Exchanged Traded Funds
Dr Richard Evans, Darden School of Business

19 Mar 2018 (12:00-14:00)
Crash Beliefs from Investor Surveys
Professor William Goetzmann, Yale School of Management

Michaelmas Term 2017

10 Oct 2017 (13:15-14:45, Room W4.04)
In the Red: The Effects of Colour on Investment
Professor Henrik Cronqvist, University of Miami

17 Oct 2017 (12:30-14:00, Room W2.02)
Fewer and Less Skilled? Human Capital, Competition & Entrepreneurial Success in Manufacturing
Professor Vojislav Maksimovic, University of Maryland

24 Oct 2017 (11:00-12:30, Seminar Room G, 17 Mill Lane)
Do Investors Value Sustainability? A Natural Experiment Ranking & Fund Flows
Dr Samuel M. Hartzmark , The University of Chicago Booth School of Business

28 Nov 2017 (12:00-13:30, Room W2.02)
Coordinated Engagements
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Oğuzhan Karakaş, Cambridge Judge Business School

Easter Term 2017

25 Apr 2017 (12:30-14:00, Castle Teaching Room) 
Can Socially Responsible Firms Survive Competition? An Analysis of Corporate Employee Matching Grants
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Bruce Grundy, University of Melbourne

2 May 2017 (11:00-12:30, Castle Teaching Room)
Bank Risk-Taking & the Real Economy: Evidence from the Housing Boom and its Aftermath
Professor David Scharfstein, Harvard Business School

9 May 2017 (13:00-14:30, Room W2.01)
The Information Content of Dividends: Safer Profits, not Higher Profits
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Stefano Rossi, Bocconi University

23 May 2017 (13:00-14:00, Room W2.01)
Law, Trust, and the Development of Crowdfunding
Professor Raghavendra Rau, Cambridge Judge Business School

30 May 2017 (12:30-14:00, Room W4.05)
Are CEOs Different? Characteristics of Top Managers
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Morten Sørensen, Copenhagen Business School

6 Jun 2017 (11:00-12:00, Room W2.02)
Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Jeffrey Wurgler, Stern School of Business, New York University

Michaelmas Term 2016

4 Oct 2016 (10:00-11:00, Room W6.15)
Dynamic Interpretation of Emerging Systemic Risks
Dr Gerard Hoberg, Marshall School of Business, University of Southern California

11 Oct 2016 (10:30-12:00, Room W4.04)
Governance under the Gun: Spillover Effects of Hedge Fund Activism
Dr Nick Gantchev, Kenan-Flagler Business School, University of North Carolina

18 Oct 2016 (12:30-14:00, Room W2.02)
Accounting Losses as a Heuristic for Managerial Failure: Evidence from CEO Turnovers
Professor Aloke Ghosh, Zicklin School of Business, Baruch College, City University of New York

25 Oct 2016 (10:30-12:00, Room W4.05)
Product Market Competition and CEO Pay Benchmarking
Professor Darius Palia, Rutgers Business School, State University of New Jersey

1 Nov 2016 (10:30-12:00, Room W4.05)
How Does Macroprudential Regulation Change Bank Credit Supply?
in association with the Cambridge Corporate Governance Network (CCGN)
Professor Anil Kashyap, University of Chicago Booth School of Business

22 Nov 2016 (10:30-12:00, Room W4.05)
Is Transparency a Recipe for Innovation: The Real Effects of Reporting Regulation
in association with the Cambridge Corporate Governance Network (CCGN)
Dr Xi Li, London School of Economics and Political Science

6 Dec 2016 (11:30-13:00, Castle Teaching Room)
The Risk Anomaly Tradeoff of Leverage
Professor Malcolm P. Baker, Harvard Business School and the National Bureau of Economic Research

Contact us

Get in touch with the subject group via our Administrator, Emily Brown:

[email protected]


Seminars are added as they are arranged.

View all upcoming Cambridge Judge research seminars