Researching investment and financial decision making
The Finance group’s research 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.
The Business 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 Laura Starks, Murillo Campello, Andrew Karolyi, Hayne Leland, Ron Masulis, Anthony Saunders and Avanidhar Subrahmanyam.
Key research and teaching areas
The research interests and teaching areas of the group fall broadly into the following categories:
- Corporate finance
- Corporate governance
- Asset management
- Asset pricing, valuation methods and market efficiency
- International finance
- Market microstructure
- Alternative finance
- Behavioural finance
- Financial markets
Research centres
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)
- Cambridge Centre for Finance, Technology and Regulation (CCFTR)
Teaching
Faculty members of the Finance subject group teach on the MPhil in Finance and the Master of Finance (MFin) and other masters and executive education programmes.
Members
Meet our members including faculty, research and teaching staff, PhD students, and honorary appointees.
Subject group head
Bart Lambrecht
Professor of Finance
PhD (University of Cambridge)
The Pembroke Visiting Professors 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 3 to 6 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 Professor for the duration of their residency in Cambridge. As a Visiting Professors of Pembroke College the visitor is entitled, as Fellows of the College are, to 7 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.
- Reena Aggarwal
Pembroke Visiting Professor of Finance, Michaelmas 2024
McDonough School of Business, Georgetown University - Laura Starks
Pembroke Visiting Professor of Finance, Michaelmas 2023
McCombs School of Business, The University of Texas at Austin - Murillo Campello
Pembroke Visiting Professor of Finance, Lent and Easter 2023, Lent and Easter 2017
Samuel Curtis Johnson Graduate School of Management, Cornell University - 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 - 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
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 publish regularly in top finance journals such as the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies.
Selected publications
- Cornelli, G., Frost, J., Gambacorta, L., Rau, P.R., Wardrop, R. and Ziegler, T. (2023) “Fintech and big tech credit: drivers of the growth of digital lending.” Journal of Banking and Finance, 148: 106742 (DOI: 10.1016/j.jbankfin.2022.106742)
- Limbach, P., Rau, P.R. and Schürmann, H. (2023) “The death of trust across the US finance industry.” Journal of Economic Behavior and Organization (forthcoming)
- Macias, A.J., Rau, P.R. and Stouraitis, A. (2023) “Solving serial acquirer puzzles.” Review of Corporate Finance Studies (DOI: 10.1093/rcfs/cfad015) (published online Jul 2023)
- Rau, P.R. and Yu, T. (2023) “A survey on ESG: investors, institutions, and firms.” China Finance Review International (DOI: 10.1108/CFRI-12-2022-0260) (published online Jan 2023)
- 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)
- 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.
- 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)
Honours and awards
We are proud of the editorships, grants and awards earned and the conferences organised by our members.
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
- Raghavendra Rau: Associate Editor, Review of Corporate Finance, 2021-present
- Raghavendra Rau: Associate Editor, European Financial Management, 2021-present
- Raghavendra Rau: Associate Editor, Journal of Financial Stability, 2018-present
- Raghavendra Rau: Associate Editor, Financial Review, 2018-present
- Raghavendra Rau: Associate Editor, Journal of Corporate Finance, 2018-present
- Raghavendra Rau: Associate Editor, Review of Behavioral Finance, 2016-present
- Raghavendra Rau: Associate Editor, Journal of Banking and Finance, 2013-present
- Raghavendra Rau: Associate Editor, Quarterly Journal of Finance, 2011-2021
- Raghavendra Rau: Associate Editor, International Review of Finance, 2010-2018
- Raghavendra Rau: Advisory Editor, Journal of Sustainable Finance and Accounting, 2023-present
- Raghavendra Rau: Advisory Editor, British Accounting Review, 2023-present
- Raghavendra Rau: Advisory Editor, Review of Business, 2020-present
- Raghavendra Rau: Advisory Editor, China Finance Review International, 2017-present
- Raghavendra Rau: Advisory Editor, Quarterly Journal of Finance and Accounting, 2015-present
Grants and awards
- Raghavendra Rau: Vice-President, Financial Management Association, 2023
- Raghavendra Rau: Distinguished Alumnus Award, Indian Institute of Management, 2022
- 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
- Raghavendra Rau: President, European Finance Association, 2014
- 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
- Raghavendra Rau: Vice-President, European Finance Association, 2013
- Bart Lambrecht: CEPR Research Fellow, 2013-present
- David Chambers: Thomas K. McCraw Fellow, Harvard Business School, 2012
- 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 2 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
- Bart Lambrecht (with Stewart Myers): “A theory of takeovers and disinvestment” (Journal of Finance, 62(2)) awarded an Emerald Citation of Excellence from Emerald Management Reviews, 2008
- David Chambers: Coller Institute of Private Equity Research Award, 2007
- David Chambers: Economic History Society New Researcher Prize, 2005
Conference organisation
- Raghavendra Rau: Programme Chair, Financial Management Association, 2023
- Raghavendra Rau: Programme Chair, Cambridge Centre for Alternative Finance Annual Workshop, 2015-2023
- Raghavendra Rau: Programme Chair, FMA Asian Conference, Doctoral Consortium, 2019
- Raghavendra Rau: Programme Chair, Annual FMA-Napa Conference on Financial Markets, 2012-2016
- Raghavendra Rau: Programme Chair, FM Writer’s Workshop, 2014-2015
- Raghavendra Rau: Programme Chair, European Finance Association Meeting, 2013
- 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
- Raghavendra Rau: Programme Chair, Financial Management Association European Meeting, 2006
Industry and policy engagement
Organisations
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
- Norwegian Government Pension Fund Global
- Credit Suisse
- Oxford and Cambridge Colleges
- International Monetary Fund
- OECD
- World Bank
- Bank of England
- Financial Conduct Authority
Research centres
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
- Cambridge Centre for Finance
- Cambridge Centre for Alternative Finance
- Centre for Finance, Technology & Regulation.
Recent and current examples of engagement include:
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:
- 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. Each year (2022-2025) in his capacity as the Mercers’ School Memorial Professor of Business, he delivers the Gresham lectures at Gresham College in London.
- 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 Finance 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.
Research seminars
Upcoming seminars
Join our Finance seminar with Dr Xiao Han, Bayes Business School, City University London.
Join our Finance seminar with Professor Philippe Mueller, Warwick Business School.
Join our Finance seminar with Professor Stefano Rossi, Bocconi University.
Join our Finance seminar with Dr Gaurav Kankanhalli, University of Pittsburgh.
Join our Finance seminar with Professor Markus Leippold, Department of Finance, Zurich University.
Join our Finance seminar with Professor Cem Demiroğlu, Koç University.
Join our Finance seminar with Professor Simone Lenzu, NYU Stern School of Business.
Past seminars
2024
Join our Finance seminar with Dr Sapnoti Eswar, University of St Andrews Business School
Join our Finance seminar with Professor Reena Aggarwal, Pembroke Visiting Professor of International Finance, Cambridge Judge Business School.
Join our Finance seminar with Professor Marco Becht, Université Libre de Bruxelles.
Join our Finance seminar with Dr Andreas Brøgger, Rotterdam School of Management, Erasmus University.
Join our Finance seminar with Professor Roman Kräussl, Bayes Business School.
Join our Finance seminar with Professor Matthew Billett, Indiana Kelley.
2023
Michaelmas term
Join Dr Dong Yan, Rotterdam School of Management.
A Finance seminar with Professor Laura Starks, University of Texas at Austin.
Join our Finance seminar with Dr Julian Kölbel, St Gallen University.
Join our Finance seminar with Professor Luigi Zingales, University of Chicago Booth School of Business.
A Finance seminar with Dr Brandon Julio, University of Oregon.
A Finance seminar with Dr Silvina Rubio, University of Bristol Business School.
Easter term
24 April 2023 | 13:00-14:15, Fadi Boustany Lecture Theatre, Cambridge Judge Business School
What is missing in asset pricing: factor models
Professor Irina Zviadadze, HEC Paris
25 April 2023 | 13:00-14:15, Lecture Theatre 1, Cambridge Judge Business School
On ESG investing: heterogenous preferences, information and asset prices
Professor Itay Goldstein, University of Pennsylvania
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
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
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
Lent term
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
2022
Michaelmas term
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
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
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
2021
Michaelmas term
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
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 US 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 3 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
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 2 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
2020
Michaelmas term
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
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
Lent term
14 January 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 January 2020 | 12:00-14:00, Castle Teaching Room
Litigating innovation: evidence from securities class action lawsuits
Professor Oliver Spalt, University of Mannheim
11 February 2020 | 12:30-14:00, Lecture Theatre 3
ICO investors
Dr Ruediger Fahlenbrach, Ecole Polytechnique Fédérale de Lausanne (EPFL)
25 February 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 March 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 April 2020 | 14:00-16:00, online
A theory of socially responsible investment
Professor Martin Oehmke, London School of Economics
9 April 2020 | 14:00-16:00, online
Financial technology adoption
Sean Higgins, Kellogg School of Management, Northwestern University
16 April 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
2019
Michaelmas term
8 October 2019 | 12:00-14:00, Room KH107
Cross-asset information synergy in mutual fund families
Dr Jennie Bai, Georgetown University
22 October 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 November 2019 | 13:00-15:00, Room W2.02
The life-cycle of dual class firm valuation
Professor Anete Pajuste, Stockholm School of Economics
18 November 2019 | 13:00-15:00, Castle Teaching Room
The persistent decline in asset utilisation and the investment-Q paradox
Dr David L Ikenberry, INSEAD