- About
- Faculty
- Other members
- Publishing output
- Honours & others
- Industry engagement
- Financial databases
- Seminars
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:
- Cambridge Centre for Alternative Finance (CCAF)
- Cambridge Centre for Finance (CCFin)
- Cambridge Endowment for Research in Finance (CERF)
- Centre for Endowment Asset Management (CEAM)
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
Invesco Professor of Finance, Academic Co-Director of the Centre for Endowment Asset Management (CEAM) - Cole, Othman
Management Practice Associate Professor (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, Director of the MPhil in Finance Programme, 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
Emeritus Professor of Financial Accounting - Nguyen, Bang Dang
Associate Professor in Finance - 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
Management Practice Professor of Finance, Director of the Global Executive MBA Programme - Wardrop, Robert
Management Practice Professor of Finance
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) - Huo, Xinyu
Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance (CERF) - Motahari, Mehrshad
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
- Ohneberg, Elias
PhD Candidate - Ran, Zhenkai
PhD Candidate - Shuaib, Adam
PhD Candidate - Yuan, Bo
PhD Candidate - Yu, Ting
PhD Candidate
Honorary appointments
- Arjaliès, Diane-Laure
Research Fellow - Chatterjee, Robin
Fellow - Deer, Luke
Associate - Deng, Liming
Associate (Visiting) - Dowsett, David
Fellow - Gandhi, Rahul
Fellow - Goetzmann, William N
Research Fellow - Hammam, Marwa
Fellow - Jayasekera, Ranadeva
Associate - Jones, Chris
Fellow - Li, Xi
Research Fellow, Centre for Endowment Asset Management (CEAM) - Lim, Kim-Hwa
Fellow - Lin, Mingfeng
Fellow - Lyman, Kevin
Fellow - Mönkemeyer, Marwin
Associate - Orimoloye, Olanrewaju
Associate - Pitt-Watson, David
Fellow - Reed, Adam
Research Fellow - Roberts, Bill
Fellow - Stein, Henning
Fellow - Subrahmanyam, Avanidhar
Associate (Visiting) - Whittington, Geoffrey
Fellow - Wigley, Robert
Fellow, Cambridge Centre for Alternative Finance
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 Finance, Journal of Financial Economics, and the Review of Financial Studies. Here are a selection from the last few years:
2022
Dissanaike, G., Jayasekera, R. and Meeks, G. (2022) “Why do unsuccessful companies survive? US airlines, aircraft leasing and GE, 2000-2008.” Business History Review (forthcoming)
Lambrecht, B.M. and Tse, A. (2022) “Liquidation, bailout, and bail-in: insolvency resolution mechanisms and bank lending.” Journal of Financial and Quantitative Analysis (forthcoming)
Lurka, F. and Kattuman, P. (2022) “The euro and price convergence in Central and Eastern Europe.” International Journal of Central Banking (forthcoming)
2021
Atta-Darkua, V., Chambers, D., Dimson, E., Ran, Z. and Yu, T. (2021) “Practical applications of strategies for responsible investing: emerging academic evidence.” Practical Applications, 8(4): 1-8 (DOI: 10.3905/pa.8.4.421)
Chambers, D., Dimson, E. and Ilmanen, A. (2021) “The Norway model in perspective.” Journal of Portfolio Management, 47(5): 178-187 (DOI: 10.3905/jpm.2021.1.230)
Chambers, D., Spaenjers, C. and Steiner, E. (2021) “The rate of return on real estate: long-run micro-level evidence.” Review of Financial Studies (DOI: 10.1093/rfs/hhab028) (published online Mar 2021) (available online via the SSRN)
Chen, S. and Lambrecht, B.M. (2021) “Do capital structure models square with the dynamics of payout?” Annual Review of Financial Economics, 13: 271-299 (DOI: 10.1146/annurev-financial-010421-085556)
An, J. and Rau, R. (2021) “Finance, technology and disruption.” European Journal of Finance, 27(4-5): 334-345 (DOI: 10.1080/1351847X.2019.1703024)
Betzer, A., Limbach, P., Rau, P.R. and Schürmann, H. (2021) “Till death (or divorce) do us part: early-life family disruption and investment behavior.” Journal of Banking and Finance, 124: 106057 (DOI: 10.1016/j.jbankfin.2021.106057) (also available online via the SSRN)
Cheung, Y., Rau, P.R. and Stouraitis, A. (2021) “What determines the return to bribery? Evidence from corruption cases worldwide.” Management Science, 67(10): 6235-6265 (available online via the SSRN)
Cheung, Y., Rau, P.R., Stouraitis, A. and Tan, W. (2021) “Does the market understand the ex ante risk of expropriation by controlling shareholders?” Journal of Corporate Finance, 68: 101946 (DOI: 10.1016/j.jcorpfin.2021.101946)
Choudhry, T., Dissanaike, G., Jayasekera, R., Kang, W.-Y. and Nnadi, M. (2021) “Loss sensitive investors and positively biased analysts in Hong Kong stock market.” Review of Quantitative Finance and Accounting, 57(4): 1345-1371 (DOI: 10.1007/s11156-021-00980-7)
Dimson, E., Marsh, P. and Staunton, M. (2021) “American exceptionalism: the long-term evidence.” Journal of Portfolio Management, 47(7): 14-26 (DOI: 10.3905/jpm.2021.1.257)
Dissanaike, G., Drobetz, W., Momtaz, P.P. and Rocholl, J. (2021) “The economics of law enforcement: quasi-experimental evidence from corporate takeover law.” Journal of Corporate Finance, 67: 101849 (DOI: 10.1016/j.jcorpfin.2020.101849)
Evans, S., Marsh, P. and Dimson, E. (2021) Numis Smaller Companies Index: 2021 annual review. London: Numis Securities.
Harvey, A., Kattuman, P. and Thamotheram, C. (2021) “Tracking the mutant: forecasting and nowcasting Covid-19 in the UK in 2021.” National Institute Economic Review, 256: 110-126 (DOI: 10.1017/nie.2021.12)
Harvey, A. and Kattuman, P. (2021) “A farewell to R: time-series models for tracking and forecasting epidemics.” Journal of the Royal Society Interface, 18(182): 20210179 (DOI: 10.1098/rsif.2021.0179)
Karakaş, O. and Mohseni, M. (2021) “Staggered boards and the value of voting rights.” Review of Corporate Finance Studies, 10(3): 513-550 (DOI: 10.1093/rcfs/cfab004)
Reed, A.V., Saffi, P.A.C. and Van Wesep, E.D. (2021) “Short-sales constraints and the diversification puzzle.” Management Science, 67(2): 1159-1182 (DOI: 10.1287/mnsc.2019.3467)
Sharapov, D., Kattuman, P., Rodriguez D. and Velazquez, F.J. (2021) “Using the SHAPLEY value approach to variance decomposition in strategy research: diversification, internationalization, and corporate group effects on affiliate profitability.” Strategic Management Journal, 42(3): 608-623 (DOI: 10.1002/smj.3236)
Wardrop, R., Rau, R. and Zingales, L. (eds.) (2021) The Palgrave handbook of technological finance. Houndsmill: Palgrave Macmillan.
2020
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
2019
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)
2018
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)
2017
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)
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
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.
Previous seminars
Easter term 2023
6 June 2023 (13:00-14:15, Room W2.05)
Quiet Life, CEO tenure, and Leverage Dynamics
Professor Boris Nikolov, Professor of Finance at HEC Lausanne
23 May 2023 (14:00-15:15, Room W2.02)
Going Public and the Internal Organisation of the Firm
Professor Merih Sevilir, European School of Management and Technology and IWH
9 May 2023 (13:00-14:15, Room W2.02)
From Man vs. Machine to Man + Machine: The Art and AI of Stock Analyses
Associate Professor Sean Cao, University of Maryland
25 April 2023 (13:00-14:15, Lecture Theatre 1)
On ESG Investing: Heterogenous Preferences, Information, and Asset Prices
Professor Itay Goldstein, University of Pennsylvania
24 April 2023 (13:00-14:15, Fadi Boustany Lecture Theatre)
What Is Missing In Asset: Pricing Factor Models
Professor Irina Zviadadze, HEC Paris
Lent term 2023
17 January 2023 (13:00-14:15, Castle Teaching Room)
Personal taxes and corporate cash holdings
Ramona Westermann, Associate Professor of Finance, Copenhagen Business School
31 January 2023 (13:00-14:15, Lecture Theatre 1)
Private equity debt funds: Who wins, who loses?
Florencio Lopez de Silanes, Professor of Finance and Dean of Academic Strategy, SKEMA Business School
14 February 2023 (13:00-14:15, Castle Teaching Room)
Delayed creative destruction: How uncertainty shapes corporate assets
Murillo Campello, Professor of Finance, Cornell University
28 February 2023 (12:15-14:15, Fadi Boustany Lecture Theatre)
Dealer behaviour and the trading of newly issued corporate bonds
Edith Hotchkiss, Professor of Finance, Carroll School of Management, Boston College
14 March 2023 (13:00-14:15, Fadi Boustany Lecture Theatre)
Algorithm aversion: Theory and evidence from robo-advice
Tarun Ramadorai, Professor of Financial Economics, Imperial College London
Michaelmas Term 2022
4 October 2022 (12:00-13:30, Room W2.01)
Investments that make our homes greener: the role of regulation
Dr Lakshmi Naaraayanan, Assistant Professor of Finance, London Business School
18 October 2022 (12:00-14:00, Room W4.05)
The ESG home bias
Dr Moqi Groen-Xu, Senior Lecturer, Queen Mary University of London, School of Economics and Finance
1 November 2022 (13:00-14:15, Castle Teaching Room)
The Financial Premium
Peter Feldhütter, Professor of Finance, Copenhagen Business School
15 November 2022 (13:15-14:30, Castle Teaching Room)
The value of executive visibility
Lora Dimitrova, Senior Lecturer in Finance, University of Exeter
29 November 2022 (13:00-14:15, Castle Teaching Room)
Sustainability or performance? Ratings and fund managers’ incentives
Nickolay Gantchev, Professor of Finance, Warwick Business School, University of Warwick
Easter term 2022
26 April 2022 (13:00-14:15, online)
Taxing financial transactions
Bruno Biais, Professor of Finance, HEC Paris
10 May 2022 (13:00-14:15, online)
The risk and return of impact investing funds
Jessica Jeffers, Assistant Professor of Finance and David G. Booth Faculty Fellow, Chicago Booth
24 May 2022 (13:00-14:15, online)
Pricing and constructing international government bond portfolios
Josef Zechner, Finance Professor, WU Vienna University of Economics and Business
7 June 2022 (13:00-14:15, online)
100 years of rising corporate concentration
Yueran Ma, Assistant Professor of Finance, University of Chicago Booth School of Business
Lent Term 2022
16 January 2022 (13:00-14:15, online)
The real effects of credit supply: Evidence from upsized corporate bond offerings
Edith Hotchkiss, Professor of Finance, Carroll School of Management at Boston College
1 February 2022 (13:00-14:15, online)
The big tech lending model
Wei Xiong, Trumbull-Adams Professor of Finance and Professor of Economics, Department of Economics, Bendheim Center for Finance, Princeton University
15 February 2022 (13:00-14:15, online)
Stepping back into the river: The limits of Chinese market development
Dr Andrew Sinclair, Assistant Professor of Finance, The University of Hong Kong
1 March 2022 (13:00-14:15, online)
When and how are Rule 10b5-1 plans used for insider stock sales?
Anh Tran, Professor of Finance, Academic Director, M&A Research Centre, Bayes Business School
15 March 2022 (13:00-14:15, online)
Ballot harvesting in corporate elections: The role of proxy solicitors
David L. Yermack, Albert Fingerhut Professor of Finance and Business Transformation, New York University Stern School of Business
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
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
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)
Greenwashing
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
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Seminars
There are currently no upcoming Finance seminars.