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Finance

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. 

Faculty

  • Chambers, David
    Reader in Finance, Academic 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, Director of the MPhil in Finance Programme
  • Karakaş, Oğuzhan
    University Senior Lecturer in Finance
  • Lambrecht, Bart
    Professor of Finance, Director of the Cambridge Endowment for Research in Finance (CERF), Director of the Cambridge Centre for Finance (CCFin), Head of the Finance Subject Group
  • Meeks, Geoff
    Research Director (Honorary), Emeritus Professor of Financial Accounting
  • Nguyen, Bang Dang
    University Lecturer in Finance
  • Rau, Raghavendra
    Sir Evelyn de Rothschild Professor of Finance
  • Saffi, Pedro
    Reader in Financial Economics, Director of the Master of Finance (MFin) Programme
  • Taylor, Simon
    Faculty (Professor level) in Management Practice

Lecturer and Senior Lecturer are equivalent to Assistant Professor in North American terminology. Reader is equivalent to Associate Professor with tenure in North American terminology.

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.

  • 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.

  • 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

  • Eatwell, Lord
    Professor Emeritus in Financial Policy
  • Ekponon, Adelphe
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)
  • Guernsey, Scott B.
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)
  • Hao, Rui
    Research Associate, Cambridge Centre for Alternative Finance (CCAF)
  • Li, Yuan
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)
  • Whittington, Geoffrey
    Senior Research Associate, Cambridge Centre for Finance, Research Associate, Cambridge Endowment for Research in Finance (CERF), and Emeritus Professor
  • Xu, Hui (Frank)
    Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF)

PhD students

Honorary appointments

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 Finance, Journal of Financial Economics, and the Review of Financial Studies. Here are a selection from the last few years:

2016

Chang, X., Chen, Y. and Zolotoy, L. (2016) "Stock liquidity and stock price crash risk." Journal of Financial and Quantitative Analysis (forthcoming)

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)

Richardson, S., Saffi, P. and Sigurdsson, K. (2016) "Deleveraging risk." Journal of Financial and Quantitative Analysis (forthcoming)

2015

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)

2014

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)

2013

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)

2012

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)

2011

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)

2010

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)

2009

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)

Editorships

  • 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

The group is committed to translating research into practice through links with the private sector, regulators and policy makers. Examples of this include engagements with the Norwegian Government Pension Fund Global, Credit Suisse and the Financial Conduct Authority.

     

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.

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

Previous seminars

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

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

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

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

The Joseph Stiglitz Distinguished Speaker Series in Finance

Cambridge Judge Business School's Joseph Stiglitz Distinguished Speaker Series in Finance was launched in 2011. Find out more

Contact us

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

e.brown@jbs.cam.ac.uk

Seminars are added as they are arranged.

View a list of all Cambridge Judge research seminars