David Chambers

Invesco Professor of Finance

Co-Director of the Centre for Endowment Asset Management (CEAM)

Fellow of Clare College

BA (University of Oxford), MSc (London Business School), MSc and PhD (London School of Economics)

My research interests include empirical corporate finance, especially IPOs, asset management, in particular endowments and foundations, financial history, and law and finance. I worked for 2 decades in investment banking at Barings, Hotchkis & Wiley, and Merrill Lynch, in asset management, mergers and acquisitions and venture capital in Europe, Japan and the United States.

I’m a member of the Finance subject group at Cambridge Judge Business School, which focuses on the investment and financial decisions of firms and financial institutions.

Professional experience

Prior to returning to full-time education in 2001, Professor Chambers worked for 20 years in investment banking at Barings, Hotchkis & Wiley and Merrill Lynch. He gained experience in asset management, mergers and acquisitions and venture capital in Europe, Japan and the United States. Professor Chambers is Academic Director of the Centre for Endowment Asset Management at Cambridge Judge Business School, an Associate Director of the Centre for Financial History, University of Cambridge, and a Research Fellow of the Centre for Economic Policy Research (CEPR). He sits on the Editorial Board of the Financial Analysts Journal.

Previous appointments

Professor Chambers was a post-doctoral research fellow in the Department of Economics, University of Oxford, from 2005 to 2008, and taught on the Masters in Financial Economics and the MBA programmes at Saïd Business School, University of Oxford.



Journal articles

Book chapters

  • Chambers, D., Dimson, E. and Foo, J. (2015) “Keynes, King’s and endowment asset management.” In: Brown, J.R. and Hoxby, C.M. (eds.) How the financial crisis and great recession affected higher education: National Bureau of Economic Research Conference Report. Chicago, IL: University of Chicago Press, pp.127-150

Working papers

Awards and honours

  • Best Paper in Asset Pricing and Investments Award (for “Currency regimes and the carry trade” with Olivier Accominotti, Jason Cen and Ian Marsh), FMA European Conference, 2018
  • Cambridge Judge Business School Teaching Award, 2017
  • Financial Analysts Journal Graham & Dodd Best Perspectives Award (for the paper “The British origins of the endowment model, with Elroy Dimson), 2015
  • Keynes Fellowship, University of Cambridge, 2013
  • “The Norway Model” voted ‘Outstanding Article’ by the readers of the Journal of Portfolio Management (with Elroy Dimson and Antti Ilmanen), 2013
  • Thomas K. McCraw Fellow, Harvard Business School, Fall 2012
  • 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
  • Coller Institute of Private Equity Research Award, 2007
  • Economic History Society New Researcher Prize, 2005

News and insights


Not as rosy

Study of four Cambridge and Oxford Colleges co-authored at Cambridge Judge Business School shows that long-term property investment is less profitable than previously thought.

Diversity in the asset management industry improves perspective and decision making, Hanneke Smits, CEO of BNY Mellon Investment Management, says in a Cambridge Judge Business School interview. The investment management sector needs to broaden its recruitment intake and ensure that those hired are properly mentored in order to increase diversity, Hanneke Smits, CEO of BNY Mellon Investment Management, says in a Cambridge Judge Business School interview series. "What we really need to do is two things: recruit differently at graduate level" to widen the pool of potential new hires to a broader mix of backgrounds, "and secondly you have to be very active in your mentoring and talent development to ensure that those you have taken in feel included and can progress their careers, or otherwise you're going to have to start again." Progress is already being made to diversify the fund management industry, but it will take some time for women recruited into the pipeline to rise to the very top levels, she says. "The business case for (diversity) I think has been at this point well made and well understood: it's really about the value of perspective (which is) important for business decision-making in companies at large." Hanneke…

University endowments use their long-term perspective to invest countercyclically at times of stock-market crisis, says new study at the Centre for Endowment Asset Management at Cambridge Judge Business School.

Media coverage

Live Wire | 21 July 2021

Keynes as investor-speculator

A study on John Maynard Keynes’ investment returns co-authored by Dr David Chambers, Reader in Finance and Academic Director of the Centre for Endowment Asset Management (CEAM) at Cambridge Judge Business School, and Professor Elroy Dimson, Chairman of the CEAM, is quoted in the article. The study found that “Keynes’s returns were extraordinary.”

Financial Times | 5 May 2021

Lessons in investing from John Maynard Keynes

A study on John Maynard Keynes as stock market investor co-authored by Professor Elroy Dimson, Dr David Chambers and Justin Foo is featured in the Financial Times. The study looked at Keynes’ stock and provides “a unique record of realized performance and sheds light on how equity focussed investing developed historically.”

Bloomberg | 17 March 2021

Keynes was right. About buying property, at least

Real estate investment is riskier than it looks, says the latest research co-authored by Dr David Chambers, Invesco Reader in Finance at Cambridge Judge Business School.  The study of four Cambridge and Oxford Colleges shows that long-term property investment is less profitable than previously thought.

Business Insider, 16 February 2021
Seven stocks to buy to get the most out of more stimulus

Quartz, 23 January 2021
What Dr. Martens’ IPO journey says about London’s financial future

The Economist, 22 January 2021
Property investment: some hard truths

MarketWatch, 13 October 2020
Opinion: Ivy League colleges shun Warren Buffett’s advice

WE Wealth, 2 October 2020
Famous collections: Keynes and the art of investing

The Economist,
Lessons from the endowment model

Bloomberg, 28 September 2020
Endowments’ hedge fund bet has long-term advantage

The Telegraph, 22 July 2020
How to invest like… John Maynard Keynes

Cambridge Independent, 28 February 2020
From Hollywood ‘logic’ to ‘highly institutionalised myths’ of the workplace

Bloomberg, 6 February 2020
Invest in art or stocks? Keynes has an answer (well, sort of)

The Times, 31 January 2020
John Maynard Keynes’s art collection yields a stunning return

Bloomberg, 7 August 2019
Carry on like nothing really matters. Until it does

Evidence Investor, 11 March 2019
Beware new era thinking

Evidence Investor, 4 March 2019
Even Keynes couldn’t time the market

Seeking Alpha, 9 April 2018
Keynes’ art

The Wall Street Journal, 30 March 2018
What it takes to build a $100 million art collection

Seeking Alpha, 28 December 2017
Financial market history can help today’s investors

Journal Economico, 8 November 2017
Investment in value or growth?

Cambridge Business Magazine, 1 April 2017
Don’t panic!

Financial Times, 11 February 2017
The importance of bubbles that did not burst

The Economist, 8 February 2017
Bubbles are rarer than you think

The National, 31 December 2016
Keynes’ words of wisdom remain relevant for 2017

The Wall Street Journal, 14 October 2016
John Maynard Keynes: Courage is the key for investing

Cambridge News, 15 March 2016
Keynes and the US universities’ money

The Financial, 10 March 2016
Finance experts receive Graham & Dodd Award

Cambridge Business Magazine, 1 March 2016
Keynes struggled as a currency trader

Forbes, 22 January 2016
Why currency trading is a bad idea: Keynes

Bloomberg View, 15 January 2016
FX traders, take heart: Even Keynes lost his shirt

The Times, 13 January 2016
Big Short put Keynes on the brink of bankruptcy

The Guardian, 12 January 2016
John Maynard Keynes ‘a great economist but poor currency trader’

The New York Times,
John Maynard Keynes: Great economist, terrible currency trader

Cambridge Business Magazine, 1 October 2015
Keynes’ role as an investor chronicled

Financial Times, 5 September 2014
How to see into the future

Financial Advisor, 2 June 2014
Keynes’ way to wealth

Motley Fool blog, 7 March 2014
Lessons on investing from economics giant John Maynard Keynes

New York Times, 10 February 2014
John Maynard Keynes’ own portfolio not too dismal

British Airways Business Life, 10 December 2013
What can we learn from macroeconomics pioneer John Keynes’ slow start

The Daily Telegraph, 26 October 2013
How to invest like… J. Maynard Keynes

YouTube, 13 October 2013
Sensible Investing TV: How new is ‘new era’ thinking?

Value Walk, 23 September 2013
Why Keynes gave up market timing

Financial Times, 24 August 2013
A lesson from the other ‘sage’ of investing

The Psy-Fi Blog, 3 October 2012
Keynesian investing: changing facts, changing minds

Endowment investors might learn a lot from Keynes

Investment Europe, 1 October 2012
Endowments conference learns lessons from the US Ivy League

Cotizalia, 27 September 2012
Teaching Keynes management

BBC2, 17 September 2012
Keynes investment strategy

Harvard Law School Forum, 10 September 2012
Ownership dispersion and the London Stock Exchange’s “Two-thirds rule”

Financial Times, 22 August 2012
Keynes, the hedge fund pioneer

The Financial Times, 19 August 2012
Investment – Norway’s nest egg