David Chambers
Reader in Finance at Cambridge Judge Business School Executive Education
Schools
- Cambridge Judge Business School Executive Education
Expertise
Links
Biography
Cambridge Judge Business School Executive Education
Reader in Finance
Academic Director of the Newton Centre for Endowment Asset Management (CEAM)
BA (University of Oxford), MSc (London Business School), MSc and PhD (London School of Economics)
Research interests
Empirical corporate finance, especially IPOs; asset management, particularly in relation to endowments and foundations; financial history; and law and finance.
Subject group: Finance
Professional experience
Prior to returning to full-time education in 2001, Dr 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. Dr Chambers is Academic Director of the Newton Centre for Endowment Asset Management at Cambridge Judge Business School, an Associate Director of the Centre for Financial History and a member of the Cambridge Corporate Governance Network (CCGN). He sits on the Editorial Board of the Financial Analysts Journal.
Previous appointments
Dr 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.
Awards & honours
- 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
Selected publications
Here are a selection of David Chambers'' publications. Please see the "Selected publications" tab above for a more comprehensive list.
Chambers, D. and Kabiri, A. (2016) "Keynes and Wall Street." Business History Review, 90(4): 301-328 (DOI: 10.1017/S0007680516000362)
Accominotti, O. and Chambers, D. (2016) "If you''re so smart: John Maynard Keynes and currency speculation in the interwar years." Journal of Economic History , 76 (2): 342-386 (DOI: 10.1017/S0022050716000589)
Chambers, D., 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)
Chambers D. and Dimson E. (2013) "Retrospectives: John Maynard Keynes, investment innovator." Journal of Economic Perspectives, 27(3): 213-228 (available online via the SSRN)
Chambers, D., Dimson, E. and Ilmanen, A. (2012) "The Norway model." Journal of Portfolio Management, 38(2): 67-81 (DOI: 10.3905/jpm.2012.38.2.067)
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)
Journal articles
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
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)
Chambers, D. (2010) "Going public in interwar Britain." Financial History Review, 17(1): 51-71 (DOI: 10.1017/S0968565009990163)
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)
Chambers, D., Dimson, E. and Ilmanen, A. (2012) "The Norway model." Journal of Portfolio Management, 38(2): 67-81 (DOI: 10.3905/jpm.2012.38.2.067)
Cheffins, B.R, Koustas D.K. and Chambers, D. (2013) "Ownership dispersion and the London Stock Exchange''s ''two-thirds rule'': an empirical test." Business History, 55(4): 667-690 (DOI: 10.1080/00076791.2012.741969) (available online via the SSRN)
Burhop, C., Chambers, D. and Cheffins, B.R. (2014) "Regulating IPOs: evidence from going public in London, 1900-1913." Explorations in Economic History, 51: 60-76 (DOI: 10.1016/j.eeh.2013.07.003)
Chambers D. and Dimson E. (2013) "Retrospectives: John Maynard Keynes, investment innovator." Journal of Economic Perspectives, 27(3): 213-228 (available online via the SSRN)
Chambers, D. and Esteves, R. (2014) "The first global emerging markets investor: Foreign & Colonial Investment Trust 1880-1913." Explorations in Economic History, 52: 1-21 (DOI: 10.1016/j.eeh.2013.08.004)
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)
Accominotti, O. and Chambers, D. (2016) "If you''re so smart: John Maynard Keynes and currency speculation in the interwar years." Journal of Economic History , 76 (2): 342-386 (DOI: 10.1017/S0022050716000589)
Chambers, D. and Kabiri, A. (2016) "Keynes and Wall Street." Business History Review, 90(4): 301-328 (DOI: 10.1017/S0007680516000362)
Chambers, D., Schill, M. and Sarkissian, S. (2017) “Market and regional segmentation and risk premia in the first era of financial globalization." Review of Financial Studies (forthcoming) (available online via the SSRN)
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
Chambers, D., Sarkissian, S. and Schill, M.J. (2012) "Market and regional segmentation and risk premia in the first era of financial globalization." Social Science Research Network Working Paper.
Accominotti, O. and Chambers, D. (2014) "Out-of-sample evidence on the returns to currency trading." Centre for Economic Policy Research Discussion Papers, No.DP9852. London: Centre for Economic Policy Research. (Also available online via the SSRN)
Lessons for today’s investors from financial market history
From 18th century ‘structured finance’ and currency speculation in the Middle Ages, to stock market performance in the 20th and 21st centuries. …
Unconventional investments: what we can learn from Keynes
Why the lauded economist’s unconventional views on active management and long term investment could unlock the potential of a modern investment strategy. …
Prize-winning Keynes article
Article on how Keynes influenced management of US college endowments, authored by Dr David Chambers and Elroy Dimson of Cambridge Judge, wins …
If you’re so smart
John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. A detailed …
Keynes the investor
In a blog and podcast published by the CFA Institute, David Chambers of the Newton Centre for Endowment Asset Management at Cambridge …
2015 Commonfund Prize Winner announced
Winning paper: Tim Jenkinson, Howard Jones, (Saïd Business School, University of Oxford) and Jose Martinez (University of Connecticut School of Business) for …
Investing in 2013? Ask John Maynard Keynes
Economist John Maynard Keynes ran the endowment fund at King’s College from 1921 until his death in 1946. His highly successful approach …
From top to bottom
A new analysis reveals Keynes extraordinary returns hinged on a radical switch he made from being a ‘top down’ macro manager to …
From top to bottom
john myA new analysis reveals Keynes extraordinary returns hinged on a radical switch he made from being a ‘top down’ macro manager …
Endowment asset management
Academics, investment professionals, philanthropists, directors of not-for-profit organisations and the charity sector are an under-serviced segment of the market which the School’s …
Lessons from history
Could the current financial crisis have been predicted from historians knowledge of past down turns and depressions globally? Dr David Chambers, University …
Cambridge Business Magazine: Don’t panic!
Stock market bubbles are rare so investors shouldn’t overreact, says a new book edited by Dr David Chambers and Professor Elroy Dimson …
Financial Times: The importance of bubbles that did not burst
John Authers looks at the history of investment bubbles and why it’s vital to spot it on time. The article mentions a …
The Economist: Bubbles are rarer than you think
A new book Financial Market History, edited by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset …
The National: Keynes’ words of wisdom remain relevant for 2017
What would John Maynard Keynes do if he was investing in 2017? The article cites analysis by Dr David Chambers and Professor …
The Wall Street Journal: John Maynard Keynes: Courage is the key for investing
A study co-authored by Dr David Chambers, Reader in Finance and Academic Director of the Newton Centre for Endowment Asset Management (CEAM), …
Cambridge News: Keynes and the US universities’ money
An article by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset Management at Cambridge Judge on …
The Financial: Finance experts receive Graham & Dodd Award
An article by Dr David Chambers and Professor Elroy Dimson of the Newton Centre for Endowment Asset Management at Cambridge Judge on …
Cambridge Business Magazine: Keynes struggled as a currency trader
John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist by David Chambers, Academic Director …
Forbes: Why currency trading is a bad idea: Keynes
John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. “If someone …
Bloomberg View: FX traders, take heart: Even Keynes lost his shirt
John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. “If someone …
The Times: Big Short put Keynes on the brink of bankruptcy
John Maynard Keynes was ‘a financial genius whose ideas dominated western economic policy making for 50 years’, writes Patrick Hosking in The …
The Guardian: John Maynard Keynes ‘a great economist but poor currency trader’
John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. “Unlike his …
The New York Times: John Maynard Keynes: Great economist, terrible currency trader
John Maynard Keynes struggled as a foreign-exchange trader, finds the first detailed study of the famous economist as currency speculator. “In many …
Cambridge Business Magazine: Keynes’ role as an investor chronicled
David Chambers and Elroy Dimson of the Newton Centre for Endowment Asset Management (CEAM) at Cambridge Judge outlined John Maynard Keynes’s role …
Financial Times: How to see into the future
John Maynard Keynes’s track record over a quarter century running the discretionary portfolio of King’s College Cambridge was excellent, outperforming market benchmarks …
Financial Advisor: Keynes’ way to wealth
John Wasik investigates why John Maynard Keynes is one of the most important economists in history and refers to research by David …
Motley Fool blog: Lessons on investing from economics giant John Maynard Keynes
The Motley Fool investigates why John Maynard Keynes is one of the most important economists in history and refers to research by …
New York Times: John Maynard Keynes’ own portfolio not too dismal
Reporter John Wasik investigates influential economist John Maynard Keynes’s approach to investing in research by David Chambers, Director of the CJBS Centre …
British Airways Business Life: What can we learn from macroeconomics pioneer John Keynes’ slow start
Tim Harford investigates John Keynes’ way to success and what today’s investor could learn from him. Author refers to a recent study …
The Daily Telegraph: How to invest like… J. Maynard Keynes
The influential economist also happened to deliver annual returns of 15pc in a timespan covering the Wall Street Crash and the Second …
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