Elroy Dimson

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Elroy Dimson

  1. 1. Updated 22.10.08 Elroy Dimson London Business School, Regent’s Park, London, NW1 4SA, United Kingdom Tel +44 20 7000 8212. eFax +44 700 607 7390. Email edimson@london.edu Elroy Dimson is BGI Professor of Investment Management and a Faculty Governor of London Business School, where he is Director of the Initiative on Foundation and Endowment Asset Management. He was formerly Chair of the Finance and of the Accounting areas, and Dean of MBA Programmes. He has served as President of the European Finance Association, on the Executive Committee of the Financial Economists Roundtable, and as Associate Editor of the Journal of Finance, Review of Finance and other journals. Co-author of Triumph of the Optimists and of the Global Investment Returns Yearbook 2008 (with Paul Marsh and Mike Staunton) and of Endowment Asset Management (with Shanta Acharya). His board and investment positions include the Norwegian Government Pension Fund, Guy’s and St Thomas’ Charity, the Foundation for Social Entrepreneurs, and the University of London. An Honorary Fellow of the UK Society of Investment Professionals and of the Institute of Actuaries, his PhD is from London Business School. Background 2007 Hon FSIP, UK Society of Investment Professionals 2002 Hon FIA, Institute of Actuaries 1979 PhD, London Business School. Advisors: Dick Brealey and Bob Hamada. Examiner: Mervyn King 1972 Dip M, Institute of Marketing 1970 M Com, University of Birmingham 1968 BA Economics, University of Newcastle Career 1972– London Business School: BGI Professor of Investment Management (previously lecturer, etc) 1999– Faculty Governor (1999-2003 and 2007–) 2003– Academic Director, Initiative on Foundation and Endowment Asset Management 2005– Programme Director, Nuffield-LBS Seminar (2005-06) and FEAM Programme (2006–) 1979– Co-editor, London Business School Risk Measurement Service 1992-02 Chair of Subject Areas: Finance (1992-1994) and Accounting (1999-2002) 1986-90 Dean of MBA Programmes: full-time MBA (1986-1990) and EMBA (1988-1990) 1973-99 Executive Programme Director: Investment Management Programme (1973-99) and various short courses Visiting positions 2005– Co-Director of the Commonfund Institute, Yale School of Management 1991 Houblon Norman Fellow, Bank of England 1985 Visiting Professor, University of Hawaii at Manoa 1982-86 Visiting Professor, European Institute for Advanced Studies in Management, Brussels 1982 Visiting Assistant Professor, University of Chicago 1981 Visiting Assistant Professor, University of California, Berkeley 1970-72 Unilever: Operations Research Manager 1968-69 TI Group: Planning Officer Honours since 2000 Recognition 2007 Elected to Honorary Fellowship of the UK Society of Investment Professionals 2006 Innovation in Learning Award for the most innovative course at London Business School 2004 Awarded Barclays Global Investors Chair in Investment Management Appointed to Executive Committee of Financial Economists Roundtable 2002 Elected to Honorary Fellowship of the Institute of Actuaries 2001 Distinguished Contribution Award at London Business School Congregation Elected to Presidency of the European Finance Association Elroy Dimson 1 of 12
  2. 2. Research 2007 Worldwide Equity Risk Premium listed as SSRN’s most downloaded Finance paper over last 12 months 2005 Nominated by Review of Finance for GSAM Best Paper Award for The expected illiquidity premium 2002 Journal of Financial Economics All Star Paper Award for Risk Measurement and Thin Trading Best Paper Award (with A Jackson) from Inquire for High Frequency Monitoring 2001 Most Innovative Paper Medal from Inquire for A Century of Investment Returns 2000 Roger Murray Prize from Q-Group for The Millennium Book Professional appointments Boards 2007– Norwegian Pension Fund (Strategy council) 2007– Hydegate International Ltd (Advisory board) 2006– Wealth Management Group (Advisory board) 1995– Edward Jones Ltd (Advisory board) 1990-97 The German Investment Trust plc (Non-executive Chairman) 1985-02 Mobil Trustee Company Ltd (Director); plus various advisory boards 1 Investment committees 2007– Guy’s and St Thomas’ Charity 2007– UnLtd: The Foundation for Social Entrepreneurs 2003–11 University of London Unified Trust Fund 1994-07 London Business School Endowment; plus various investment roles 2 Public service 2004-06 Gordon Brown’s Office, Downing Street: Pension fund asset allocation; and higher education funding 2001-03 Assisted Sandler Inquiry; provided data for Treasury Report on financial projections 1999-01 European Commission: Expert on bank cost of capital 1994-95 UK Government Nuclear Review: Expert on allowable rates of return 1988-89 Nuclear Reactor Public Enquiry: Expert on valuation of public utilities 1985-86 Financial Services Act 1986: Design of UK capital requirements regulations Financial index design 2001– Morningstar (formerly Ibbotson Associates) The DMS Global Investment Returns index series 1986– Hoare Govett Smaller Companies Index: Design and daily index production 1993-02 High Court, London: Expert witness on risk control, performance and valuation 1983-95 FTSE International: Design of FTSE 100 stock market index; member of FTSE Index Steering Committee 1983-90 London Stock Exchange: Index audit; design of Normal Market Size system; testing for market quality Professional service 2007– CFA Institute: Advisory Council Member 2000– European Finance Assn: President (2000), Symposium (2005, 08), Judge (2005-08), ExCom (2000-4, 07-9) 2002– Financial Economists Roundtable: Steering Committee (2002-07); Exec Committee (2004-07) 2006-07 Financial Management Association, Stockholm: Program committee member; Keynote Speaker 2004– Student Investment Fund Annual Conference: Organiser; plus earlier roles for AFA, Q-Group, EFMA, etc 3 Editorial boards 2003– Journal of Investment Management 2003– Review of Finance 1995– European Financial Management 1987– Journal of Banking and Finance 1984-87 Journal of Finance; plus positions with six other journals and book series 4 1 Frontier Capital Management 2004-06; Swiss Financial Analysts Association 2002–; Gutmann Center of Competence in Portfolio Management, Vienna 2001– 2 Edward Jones 1995-00; The Atlantic Foundation 1992-94; SAUL, University of London 1984-97; HGSC Index Investment Trust plc and 2 other funds 1992-98; State General Reserve Fund of Oman 1992-94; Director, Hoare Govett Indices Ltd 1992– 3 Portuguese Finance Network 2002-06; Nuffield/LBS Charity Seminar 2005-06; American Finance Association 2002; LBS Accounting Symposium 2001-02; Q-Group, San Diego 2000; IIF 1999–; European Financial Management Association, Paris 1999 4 International J of Financial Education 2002–; Finance Letters 2002–; J of Financial Transformation 2001–; Advances in Finance, Investment and Banking 1991-99; J of Investing/Investment Management Review 1987–; J of Applied Corporate Finance 1981-88 Elroy Dimson 2 of 12
  3. 3. Service since 2000 Teaching Elective Topics in Asset Management: award-winning Masters-level case course PhD Seminar in Accounting Exec-Ed Foundation and Endowment Asset Management: week-long course for 65-70 charities Equity Investment Management: evening programme for investment professionals Seminar Nuffield-LBS Charity Investment Seminar: quarterly seminar for the 30 largest UK foundations Projects Supervision annually of ~25 MBA, Masters in Finance, EMBA and Sloan student projects PhDs David Chambers, Risk capital for British technology companies, graduated 2006, Assistant Prof at Judge Stefan Nagel, Limited arbitrage in equity markets, graduated 2004, Associate Professor at Stanford Bernd Hanke, Essays on liquidity and asset pricing, graduated 2003, VP at Goldman Sachs David Stolin, Survivorship issues in share price research, graduated 2001, Tenured at Toulouse Carolina Minio-Paluello, The UK closed-end fund discount, graduated 1999, MD at Goldman Sachs External examiner at Cass, Twente, Vienna, Antwerp, Manchester, Edinburgh; plus other PhD students 5 Committees 1999– Member of Governing Body (excluding 2004-06) 2003– Search Committees in Accounting, Organisational Behaviour, Marketing and SIM 2008– Member of Assessment Policy Committee 1979– London Share Price Database steering group; and co-editor of Risk Measurement Service 2003– LBS nominee to University of London Endowment Committee 2004– Organiser, Student-managed Investment Fund 1994-07 LBS Investment Committee Fund-raising 2003-08 £1.35 million for first five years of BGI Chair in Investment Management 6 2003– £110k support for the Initiative in Foundation and Endowment Asset Management 7 2003– £120k annual support for Foundation and Endowment Asset Management programme 8 2003– $90k annual donations to LBS Endowment for the Student-managed Investment Fund (SIF) 9 2000– £120k annual support for the London Share Price Database 10 2000– £20k annual scholarships for MBA and PhD programmes 11 2000– £300k support for European Finance Association meetings hosted by LBS and follow-on awards 12 Books Books and yearbooks 1. Global Investment Returns Yearbook 2008 with P Marsh and M Staunton (ABN, 2008) 2. Endowment Asset Management with S Acharya (Oxford University Press, 2007) 3. Global Investment Returns Yearbook 2007 with P Marsh and M Staunton (ABN, 2007) 4. Global Investment Returns Yearbook 2006 with P Marsh and M Staunton (ABN, 2006) 5. A Century of Investment Returns, in Chinese (SCORES, Beijing, 2005) order via www.cfeph.cn ISBN 7 5005 7935 7 6. Global Investment Returns Yearbook 2005 with P Marsh and M Staunton (ABN, 2005) 7. Palestine and Kosher Wine – the Story of Rachel Dimson with D Dimson and S Weil (Frumkin Foundation, 2004) 8. Global Investment Returns Yearbook 2004 with P Marsh and M Staunton (ABN, 2004) 9. Triumph of the Optimists with P Marsh and M Staunton, Japanese edition (Toyo Kezai, 2003) 10. Triumph of the Optimists with P Marsh and M Staunton (Princeton University Press 2002) 11. Global Investment Returns Yearbook 2003 with P Marsh and M Staunton (ABN, 2003) 5 Supervised Sam Wylie, 1999, Dartmouth College; Adri de Ridder, 1986, Stockholm University; and Sanjay Pareek, 2004, University of Hawaii. Advised Andrew Jackson, 2004, BGI; Vikas Agarwal, 2001, Georgia State; and Maria Vassalou, 1994, Columbia. Examined Sabrina Kwan, 1996, HKUST; Mike Staunton, 1992, LBS; and Apostolos Ballas, 1992, ALBA, Athens 6 The Atlantic Philanthropies gift to endowment plus term gift; Barclays Global Investors 7 Charities Aid Foundation 2007; Sanderson 2006-07; Nuffield Foundation 2005-06; Perkin Foundation 2003 8 Schroders 2006–; Watson Wyatt 2006–;Atlantic Philanthropies 2006–; CAF Financial Services 2007–; Nuffield Foundation 2006– 9 ABN 2007–; Wellington 2007–; Fidelity 2004–; Millgate Capital 2003–; Coghill Capital Management 2003–; KayCee Foundation 10 GSAM 2006– ; Dimensional 2006– ; Arrowstreet 2008–; Credit Suisse 2008; London Stock Exchange 2006– ; ABN 2003– 11 Style Research 2007–; DFA 2001-05; annual gifts from each of Lloyds, ABI, Russell, Edward Jones, Atlantic etc 12 EFA (multiple supporters) 2000; annual prizes: BGI 2000–; GSAM 2001–; Commonfund Institute 2004– Elroy Dimson 3 of 12
  4. 4. 12. The Closed-End Fund Discount with C Minio-Paluello (AIMR and Blackwells, 2003) 13. Global Investment Returns Yearbook 2002 with P Marsh and M Staunton (ABN, 2002) 14. Millennium Book II with P Marsh and M Staunton (ABN/LBS, 2001) 15. The Millennium Book with P Marsh and M Staunton (ABN/LBS, 2001) 16. The Nuclear Review with R Jeffrey, M O’Neill, C Robinson and M Staunton (University of Surrey, 1995) 17. The Debate on International Capital Requirements with P Marsh (Corporation of London, 1994) 18. Cases in Corporate Finance with P Marsh (Wiley, 1988; Panem, 1999) 19. CCF Instructors Guide (London Business School, 1989) 20. Stock Market Anomalies (Cambridge University Press, 1988) 21. Cash Value with R Patterson (Hoskyns Systems, 1985) 22. The Efficiency of the British New Issue Market for Ordinary Shares (PhD No 8170070, UMI/ProQuest, 1980) Serial volumes 23. Hoare Govett Smaller Companies Index with P Marsh, Volumes 1-22 (ABN, annually, 1987-2008) 22 issues 24. Risk Measurement Service with P Marsh, Volumes 1-30 (London Business School, quarterly, 1979-2008) 120 issues Research databases 25. DMS Global Investment Returns Data Module (annual asset class returns for 17 countries 1900-2008) with P Marsh and M Staunton (Morningstar Inc, annually, 2001-2008) 8 editions 26. London Share Price Database (monthly 1955-2008) with P Marsh and M Staunton (London Business School, annually, 1974-2008) 35 editions 27. London Share Price Database (daily 1985-2008) with P Marsh, J Smithers and M Staunton (London Business School, annually) 5 editions 28. UK Smaller Companies Index Database (annual, monthly and daily index returns 1955-2008) with P Marsh (ABN Amro, annually, 1987-2008) 22 editions Book chapters 29. The worldwide equity risk premium: a smaller puzzle (with P Marsh and M Staunton), Chapter 11 of R Mehra (Ed), Handbook of the Equity Risk Premium (Elsevier, 2008) 30. Long-run asset class returns, in V Kurr et al, Asset Management: Meet Challenges, Seize Chances (PwC, 2006) 31. Investing for the long term, Ch 3 of Shaping the Future of Investment Thinking (GAM Investment Forum, 2005) 32. Volatility forecasting without data-snooping (with P Marsh) in R Batchelor and P Dua, Financial Forecasting (Elgar, 2004) 33. Seeking out investment value in styles (with S Nagel) in J Pickford, Mastering Investment (FT Pitman, 2002) 34. Market efficiency (with M Mussavian) in SB Dahiya, The Current State of Business Disciplines (Spellbound, 2000) 35. The demise of size (with P Marsh) in W Ziemba and DB Keim, Security Market Imperfections in World Wide Equity Markets (CUP, 2000) 36. Capital budgeting: a beta way to do it in G Bickerstaffe, Mastering Finance (FT Pitman Publishing, 1998) 37. Assessing the rate of return in G Bickerstaffe, Mastering Management (FT Pitman Publishing, 1997) 38. The capital asset pricing model in G Bickerstaffe, Mastering Management FT Pitman Publishing, 1997) 39. New plant and financial factors with M Staunton, Vol 4: Review of the Prospects for Nuclear Power (COLA, 1994) 40. Thinking small in A Philip, Pension Funds and Their Advisors (AP Information Services, 1990) 41. The UK new issue market in PA Vale, Financial Management Handbook (Gower Press, 1988) 42. Hinkley Point ‘C’ Proof of Evidence (Consortium of Opposing Local Authorities, 1989) 43. Introduction to stock market anomalies (with J Bowers) in E Dimson, Stock Market Anomalies (CUP, 1988) 44. The impact of the small firm effect on event studies (with P Marsh) in E Dimson, Stock Market Anomalies (CUP, 1988) 45. The stability of UK risk measures (with P Marsh) in G Hawawini and P Michel, European Equity Markets Elroy Dimson 4 of 12
  5. 5. (Garland, 1984) 46. The UK new issue market in J Broyles, I Cooper and S Archer, Financial Management Handbook (Gower, 1983) 47. Option valuation nomograms in WW Welch, Strategies for Put & Call Option Trading (Winthrop Publishers, 1982) 48. Financing the smaller company in P Gorb, P Dowell and P Wilson, Small Business Perspectives (Armstrong, 1981) 49. Modern investment management (with P Marsh) in A Philip, A Background to Pension Fund Management (APFR, 1980) 50. Option valuation in M Gandy, Vardera Optioner Med Penna Och Linjal (Finans-Marknaden, Stockholm) Articles Refereed articles 51. IPO underpricing over the very long run (with D Chambers), Journal of Finance 2009, forthcoming 52. Keynes the investor (with D Chambers), The Cliometric Society 2008, 22(2), ASSA New Orleans paper 53. Low-cap and lowly-rated (with P Marsh and M Staunton), Journal of Portfolio Management 2004, 30(4): 133-143 54. The expected illiquidity premium (with B Hanke), Review of Finance 2004, 8(1): 19-47; nominated for GSAM Prize 55. Irrational optimism (with P Marsh and M Staunton), Financial Analysts Journal 2004, 60(1): 16-25 56. A day in the life of an investment professional (with A Bodel, R Khanna, B Pugsley and M Wong), International Journal of Financial Education 2004, 1(1) (October) 57. Global evidence on the equity risk premium (with P Marsh and M Staunton), Journal of Applied Corporate Finance 2003, 15(4). Abstracted in The CFA Digest, 2004, 34(2): 42-43 58. Capturing the value premium in the UK (with S Nagel and G Quigley), Financial Analysts Jnl 2003, 59(6): 35-45 59. UK financial market returns 1955-2000 (with P Marsh), Journal of Business 2001, 74(1): 1-30 60. Review: Financial Markets & Corporate Finance by MJ Brennan, Review of Financial Studies 2001, 14(1): 307-311 61. Index rebalancing and the technology bubble (with P Marsh), Journal of Asset Management, 2001, 1(4): 1-10 62. High frequency performance monitoring (with A Jackson), Journal of Portfolio Management, 2001, 28 (1): 33-43 63. Three centuries of asset pricing (with M Mussavian), Journal of Banking and Finance 1999, 23(12): 1745-1769 64. Closed-end funds: a survey (with C Minio-Kozerski), Financial Market, Institutions & Instruments 1999, 9(3): 1-41 65. Murphy’s law and market anomalies (with P Marsh), Journal of Portfolio Management 1999, 25(2): 53-69 66. A brief history of market efficiency (with M Mussavian), European Financial Management 1998, 4(1): 91-103 67. Stress tests of capital requirements (with P Marsh), Journal of Banking and Finance 1997, 21(12): 1515-1546 68. Capital requirements for securities firms (with P Marsh), Journal of Finance 1995, 50(3): 821-851 69. Volatility forecasting without data-snooping (with P Marsh), Journal of Banking and Finance 1990, 14(2): 399-421 70. The discount rate for a power station, Energy Economics 1989, 11(3): 175-180 71. Event study methods and the size effect: the case of UK press recommendations (with P Marsh), Journal of Financial Economics 1986, 17(1): 1-29 72. Brokers' recommendations: the value of a telephone tip (with P Fraletti), Economic Journal 1986, 96: 139-159 73. Friction in the trading process and risk measurement, Economics Letters 1985, 18: 251-254 74. An analysis of brokers' and analysts' unpublished forecasts of UK stock returns (with P Marsh), Journal of Finance 1984, 36(5): 1257-1292 75. Hedging the market: the performance of the FTSE Index (with P Marsh), Journal of the Institute of Actuaries (now known as British Actuarial Journal) 1984, 111(2): 403-430 76. The stability of UK risk measures and the problem of thin trading (with P Marsh), Journal of Finance 1983, 38(3): 753-783 77. Risk measurement when shares are subject to infrequent trading, Journal of Financial Economics 1979, 7(2): Elroy Dimson 5 of 12
  6. 6. 197-226, reprinted several times, most recently in A Lo, Financial Econometrics, Edward Elgar, 2007 78. The risk premium on UK equities (with RA Brealey), The Investment Analyst 1978, 52: 14-18 79. The variability of market returns (with RA Brealey and J Byrne), The Investment Analyst 1978, 52: 19-23 80. Measuring investment performance, The Investment Analyst 1978, 51: 15-22 81. Option valuation nomograms, Financial Analysts Journal 1977, 33(6): 71-75 82. Instant option valuation Financial Analysts Journal 1977, 33(3): 62-69 Dissemination 83. Execution costs and market design worldwide (with F Harris et al), Journal of Trading 2008, 3(1): 9–24 84. Decomposing the equity risk premium (with P Marsh and M Staunton), Professional Investor 2007, August: 12-15 85. Time for Oxbridge performance appraisal (with S Acharya) Financial News 2007 (7 May) 86. Growing flush by flushing growth (with P Marsh and M Staunton), LBS Alumni News 2005, 104: 20-21 87. Coping with funding shortfalls (with G Benston, D Logue, J Siegel et al), Professional Investor 2005, March: 17-19 88. The Financial Economists Roundtable Statement on Pensions Legislation (with G Benston et al), Mizuho Pension Report 2005 (Jul/Aug) 62: 15-21 89. Where the long-run returns lie (with P Marsh and M Staunton), Investment & Pensions Europe 2005, April: 56-57 90. A Perspective on Long-Term Real Estate Returns: United States, Brandes Institute Journal 2004, 1: 72-89 91. Gary Steinberg’s Approach to Investing (with S Acharya), Professional Investor 2004 (October) 92. The crisis in accounting, auditing and corporate governance (with co-members of the Financial Economists Roundtable) in multiple media, 2003 93. New evidence puts risk premium in context (with P Marsh and M Staunton), Euromoney, 2003, March 94. Risk and return in the 20th and 21st centuries (with P Marsh and M Staunton), Business Strategy Review, 2000, 11(2): 1-18 95. Hedging processors' duality in currency exposure: discussion, Review of Futures Markets 1993, 12(2): 319-323 96. SEAQ classification, market size and publication levels with P Marsh (London Stock Exchange, 1990) 97. Commentary on tests of options market efficiency, Review of Futures Markets 1990, 9(3): 571-574 98. Sizing up stock market indices (with P Marsh), Investing 1990, 4(3): 52-59 99. The smaller companies puzzle (with P Marsh), The Investment Analyst 1989, 91:16-24, reprinted in The Accountant 1991, 7(3): 10-17 100.Investing in smaller companies (with P Marsh), Investment Management Review 1988, 1(1): 11-28 101.Evaluating the experts (with P Marsh), London Business School Journal 1985, 9(2): 13-17 102.Stock pickers: chimps, chumps or champs? (with P Marsh), The Investment Analyst 1985, 75: 26-35 103.Futures, options and the FTSE Index (with P Marsh), The Investment Analyst 1984, 74: 14-26 104.Evaluating the experts: is the equity market efficient or deficient? (with P Marsh), The Treasurer 1984, 6(9): 7-10 105.Follow the tipsters (with P Marsh), Which? 1983, 83(12): 570-571 106.Calculating the cost of capital (with P Marsh), Long Range Planning 1982, 15(2): 112-120 107.New approaches to measuring share selection skills (with P Marsh), The Investment Analyst 1981, 60: 21-29 108.Modern risk measurement (with P Marsh), Managerial Finance 1979, 5(1): 80-86 109.Financing the smaller company, Long Range Planning 1978, 11(6): 9-13 Teaching Podcasts, webcasts, and teaching notes 110.Foundation and Endowment Asset Management, 2008. http://real.london.edu/podcast/2008/Elroy_Dimson.mp3 111.Foundations in Europe Part 1, Watson Wyatt, 2007. http://brighttalk.com/comm/WW/39acae7d32-2018-420-1824 112.Foundations in Europe Part 2, Watson Wyatt, 2007. http://brighttalk.com/comm/WW/636cb8e9a3-2019-420-1825 113.Irrational Optimism, CFA Institute, 2005. http://www.cfawebcasts.org/cpe/what.cfm?test_id=520 Elroy Dimson 6 of 12
  7. 7. 114.Teaching note for ‘A day in the life of…’, International Journal of Financial Education 2004, 1(1) (October) Case studies 115.UnLtd: The Foundation for Social Entrepreneurs (with T Pein), 2008 116.The Henry Smith Charity (with S Acharya), 2008 117.The Norwegian Government Pension Fund – Global (with K Hilali and A Mehrotra), 2008 118.The LBS Beauty Parade, 2008 119.The Wellcome Trust 2008 (with S Acharya), 2008 120.The Norwegian Petroleum Fund (with A Papadopoulou), 2005 121.The Wellcome Trust (A) (with S Acharya), 2005 122.The Wellcome Trust (B) (with S Acharya), 2005 123.Athena Asset Management (with A Bodel), International Journal of Financial Education 2004 124.M&G Investments (with B Pugsley), International Journal of Financial Education 2004 125.Fairview Asset Management (with R Khanna), International Journal of Financial Education 2004 126.Regent Capital LP (with M Wong) International Journal of Financial Education 2004 127.Edward Jones: Canada Market Entry (with J Anderson) 2003 128.Edward Jones: UK Market Entry (A) (with J Anderson) 2003 129.Edward Jones: UK Market Entry (B) (with J Anderson) 2003 130.Howie Group: time diversification in institutional investment, 1999 131.Trinity College: long-run returns and asset allocation, 1999 132.LBS Trust Fund: performance measurement and manager selection, 1997 133.Johnson Fry, Management Case Quarterly 1995, 1(4): 15-23 134.Hallgarten Wines in P Stonham and K Redhead Casebook on European Finance (Prentice Hall, 1995) 135.Bula Mines in AG Puxty and JC Dodds Financial Management: Method and Measuring (Van Nostrand, 1989) 136.Bloomsbury Health Authority (with P Pocock) in E Dimson and P Marsh CCF∗ (Wiley, 1988) 137.Burmah Oil (with RA Brealey and J Fedorko) in E Dimson and P Marsh CCF (Wiley, 1988) 138.Chandler Group (with E and J Labrom) in E Dimson and P Marsh CCF (Wiley, 1988) 139.Dane Carter (with P Marsh) in E Dimson and P Marsh CCF (Wiley, 1988) 140.Hanson Trust (with E and J Labrom and P Marsh) in E Dimson and P Marsh CCF (Wiley, 1988) 141.Hesketh Motorcycles in E Dimson and P Marsh CCF (Wiley, 1988) 142.Lee Valley Water Company in E Dimson and P Marsh CCF (Wiley, 1988) 143.London European Airways (with P Marsh) in E Dimson and P Marsh CCF (Wiley, 1988) 144.National Westminster Bank in E Dimson and P Marsh CCF (Wiley, 1988) 145.Thorn-EMI (with P Marsh) in E Dimson and P Marsh CCF (Wiley, 1988) 146.Wallis Fashion Group (with P Marsh) in E Dimson and P Marsh CCF (Wiley, 1988) Unpublished work Books 147.Cases in Investment Management, a new case book in early stages of discussion (with B Dumas) 148.Foundations of Finance, three completed volumes on the history of finance, on ‘hold’ with Ashgate Publishing Recent working papers 149.Keynes the investor (with D Chambers), presented at the ASSA Meetings, New Orleans, 2008 150.108 years of momentum profits (with P Marsh and M Staunton), presented at EFA and at EWGFM, 2008 151.The protection racket (with P Marsh and M Staunton)  CCF = Cases in Corporate Finance Elroy Dimson 7 of 12
  8. 8. 152.Economic growth and global investment returns (with P Marsh and M Staunton) 153.Forecasting the market (with P Marsh and M Staunton) Newly completed databases 154.Monthly stock returns for the top 100 UK companies 1900-2008 (with P Marsh and M Staunton) 155.Monthly four-factor model for the UK 1955-2008 (with P Marsh and M Staunton) 156.Annual returns for Austria, Finland, New Zealand and other markets 1900-2008 [almost completed] 157.Comprehensive IPO database covering all UK offerings since 1915 (with D Chambers) Completed drafts 158.Who will live and who will die? (with D Stolin), revise and resubmit, Management Science 159.A century of corporate finance (with E Talmor) 160.The closed-end fund discount and performance persistence (with C Minio-Kozerski) 161.A factor model of the closed-end fund discount (with C Minio-Kozerski) 162.Pre-tax discounting (with M Staunton) Conferences and seminars since 2000 2009 Financial Economists Roundtable, Portland, Oregon (July) – Contributor Academic 2009 Commonfund Institute, Yale School of Management, Connecticut (July) – Co-director of program Applied Momentum, London Alumni Club Speaker Series, London (June) – Speaker The Commonfund Forum, Hollywood, Florida (March) – Speaker 2008 Annual Conference of Euro Working Group on Financial Modelling, London (Sept) – Keynote speaker Academic GARP Academic Lecture Series, London (September) – Keynote speaker European Finance Association, Athens (August) – Symposium chair and speaker Financial Economists Roundtable, New York (July) – Contributor China International Conference in Finance, Dalan, China (July) – (Co-author presentation) Financial Management Association, Prague (June) – Panel on Competitiveness of US Financial Markets Caesarea Center Fifth Annual Conference, Herzliya, Israel (May) – Session chair Kings College seminar, Cambridge (April) – Speaker Symposium on Initial Public Offerings, Said Business School, Oxford (April) – (Co-author presentation) Economic History Society Annual Conference, Nottingham (March) – (Co-author presentation) American Economic Association, Cliometric sessions, New Orleans (January) – Co-presenter American Finance Association meetings, New Orleans (January) – Presenter 2008 Asset Management Conference, London (April) – Convenor Applied NCVO Conference, London (October) – Panellist Schroders Autumn Charity Conference, London (October) – Speaker Danica Pension Seminar, Copenhagen (October) – Keynote speaker Schroder UK Institutional Conference, London (October) – Keynote speaker BNY Mellon Leadership Program (September) – Keynote speaker Commonfund Institute, Yale School of Management, Connecticut (July) – Co-director of program Art Investment Conference, London (May) – Opening speaker Kathrein Seminar on Endowment Management, Vienna (May) – Keynote speaker Seminar on Investment Strategy, Kings College, Cambridge (April) – Speaker Orkla Finans Conference, Oslo (April) – Keynote speaker NBIM conference on Asset Allocation, London (April) – Speaker Asset Management Conference, London (April) – Convenor Schroders European Investment Conference, Hertfordshire (April) – Speaker London Business School (March) – Podcast BGI Academic Seminar on Momentum Trading (March) – Speaker FEAM Reunion Conference (February) – Joint convenor Global Investment Returns Yearbook, London (February) – Multiple presentations HGSC Presentations, London, Edinburgh, Glasgow (January) – Speaker / Co-author presentation 2007 European Finance Association, Ljubljana (August) – Session chair Academic Financial Economists Roundtable, San Diego (July) – Contributor Financial Management Association, Barcelona (June) – Keynote speaker Third Beta Workshop in Historical Economics, Strasbourg (May) - Speaker Endowment Asset Management book launch, Canary Wharf, London (May) – Speaker Endowment Asset Management book launch, Oxford (May) – Speaker Endowment Asset Management book launch, Cambridge (May) – Speaker Endowment Asset Management book launch, London Business School (April) – (Co-author presentation) The Equity Risk Premium 1900-2006, Oxford (May) – Guest contributor Elroy Dimson 8 of 12
  9. 9. 2007 ABN Global Tactical Asset Allocation Roundtable, London (October) – Speaker Applied Glissen Seminar on Charitable Trusts, Kasteel Duivenvorde, Netherlands (November) – Invited speaker Anima Seminar on Investment Strategy, Milan (November) – Keynote speaker Anima Seminar on Investment Strategy, Rome (November) – Keynote speaker Schroders Charity Forum, Imperial War Museum, London (November) – (Co-author presentation) GAM ‘Let 100 Flowers Bloom’ Speech, Stationers Hall, London (October) – Speaker ABN Absolute Return Roundtable, London (October) – Speaker Barclays Wealth Seminar on the Equity Premium, London (October) – Keynote speaker Inquire Seminar on Managing College Endowments, Cambridge (September) – After-dinner speaker CAF Seminar, London (September) – Speaker Commonfund Institute, Yale School of Management (July) – Co-director of program The Rise of Art as an Asset Class, London (May) – Opening speaker UK Society of Investment Professionals, London (May) – Chairman Investment Management Conference, London Business School (April) – Convenor Charity Investment Forum, Marlowe (March) – (Co-author presentation) The Commonfund Forum, Grande Lakes, Florida (March) – Speaker Finance Taster Lecture, Canary Wharf, London (February) – Speaker Global Investment Returns Yearbook, London (February) – Multiple presentations HGSC Smaller Companies Presentations, London, Edinburgh, Glasgow (January) – Speaker 2006 Reykjavik University Faculty Seminar, Reykjavik (November) – Seminar speaker Academic Center for Research in Security Prices, University of Chicago (October) – Keynote speaker International Conference on Long-Term Perspectives, Antwerp (October) – Keynote speaker Tilberg Center of Finance, University of Tilberg (October) – Keynote Speaker International Economic History Association, Helsinki (August) – Speaker European Finance Association, Zurich (August) – Speaker and judge Financial Economists Roundtable, Bretton Woods (July) – Contributor Western Finance Association, Colorado – Speaker European Financial Management Association, Stockholm (June) – Speaker and discussant Faculty Seminar, Economics Department, Università di Venezia, Venice (March) – Speaker Defence: Anouk Claes, University of Antwerp (May) – Juror Gutmann Center of Portfolio Competence, Vienna (March) – Speaker 2006 Watson Wyatt Charity Investment Conference, London (November) – Keynote speaker Applied Glitnir Investment Conference, Reykjavik (November) – Keynote speaker UK SIP Seminar on Foundation and Endowment Asset Management (October) – Chairman Finance Taster Lecture, London (September) – Speaker Commonfund Institute, Yale School of Management (July) – Co-director of program Dimensional Asset Management Seminar, London (June) – Speaker Central Bank Governors’ Conference, Sveriges Riksbank, Stockholm (June) – Speaker EIB Investment Bank Seminar on Long Run Returns, Stockholm (June) – Keynote speaker LBS Student Investment Fund Conference (May) – Co-organiser Nuffield/LBS Charity Investment Seminar Series (March) – Chairman The Commonfund Forum, Hollywood, Florida (March) – Speaker Global Investment Returns Yearbook, London (February) – Multiple presentations HGSC Smaller Companies Presentations, London, Edinburgh, Glasgow (January) – Speaker 2005 Faculty Seminar, BI School of Management, Oslo (November) – Speaker Academic European Finance Association, Moscow (August) – Symposium organiser and discussant Financial Economists Roundtable, Sonoma (July) – Contributor National Association of Certified Valuation Analysts: Academic Track, Philadelphia (June) – Speaker The Cæsarea Center 2nd Annual Conference, Herzliya (May) – Speaker 2005 Nuffield/LBS Charity Investment Seminar Series (December) – Speaker Applied Watson Wyatt Workshop, London (November) – Speaker Schroder Charity Investment Seminar, London (November) – Keynote speaker Nuffield Foundation/LBS Seminar on Foundation Asset Risk (September) – Speaker Palestine and Kosher Wine, Book Launch, Frumkin Foundation, Jerusalem (June) – Speaker Commonfund Institute, Yale School of Management (June) – Co-director of program Citibank Smith Barney Quant Investment Conference, Barcelona (June) – Keynote speaker UK SIP Seminar on Foundation and Endowment Asset Management (June) – Moderator Institute of Actuaries Finance & Investment Conference (June) – Keynote speaker GAM Investment Forum, London (May) – Keynote speaker First Quadrant Advisory Board Conference, Aspen (May) – Joint keynote speaker CFA Institute Annual Conference, Philadelphia (May) – Speaker and Webcaster Nuffield/LBS Charity Investment Seminar on Asset Management Styles (May) – Moderator Nordea Tactical Asset Allocation Conferences, Copenhagen & Oslo (April) – Keynote speaker LBS Student Investment Fund Conference (February) – Co-organiser Global Investment Returns Yearbook, London (February) – Multiple presentations HGSC Smaller Companies Presentations, London, Edinburgh, Glasgow (January) – Speaker 2004 Conference on College Endowments, Said School, Oxford (December) – Keynote speaker Elroy Dimson 9 of 12
  10. 10. Academic Gutmann Center of Portfolio Competence, Vienna (November) – Discussant Early Securities Markets, Humboldt University, Berlin (October) – Coauthor Accounting for Corporate Pensions, Financial Economists Roundtable, Niagara (July) – Convenor Size and Value Premia in the UK, DFA Conference, London (June) – Speaker Faculty Workshop at Catholic University, Lisbon (March) – Speaker 2004 Conference of Investment Bursars, Cambridge University (December) – Speaker Applied UK SIP and INQUIRE Eminent Speaker Lecture, London (November) – Eminent Speaker Quant Congress Europe 2004, Risk Magazine, London (November) – Keynote speaker The Equity Risk Premium, Norwegian Central Bank, Oslo (November) – Speaker & Discussant Private Equity and VC Institutional Investment Summit, Paris (November) – Keynote speaker Investible Events: High Performance Investing Symposium, Monaco (September) – Moderator High-Yield Investing, Muzinich Bond Conference, Rome (September) – Keynote speaker Asset Allocation Workshop, Ibbotson Associates (June) – Keynote speaker Talk on Triumph of the Optimists, LBS Alumni Reunion (June) – Speaker Global Investment Returns Yearbook, Amsterdam (May) – Speaker Myners Pension Fund Review, held at 11 Downing Street (April) – Opening address Research in Investment Management, LBS Breakfast Briefing (April) – Speaker Tactical Asset Allocation, Copenhagen (March) – Speaker Ethical Investment workshop, City Parochial Foundation (March) – Facilitator Capital seminar on Global Investment Returns, London (March) Global Investment Returns Yearbook, Edinburgh, Glasgow, Dublin (March) – (Co-author presentation) The Marketing of Financial Databases, The Highgate Network (February) LBS Student Investment Fund Conference (February) – Co-organiser Fidelity seminar on Global Investment Returns, London (February) – Speaker Deutsche Bank seminar on Global Investment Returns, London (February) – Speaker Long-Term Real Estate Returns, Brandes Investment Conference (February) – (Co-author presentation) Global Investment Returns Yearbook, London (February) – Speaker Barra Conference on Risk Management, London (January) – Speaker HGSC Presentations, London, Edinburgh, Glasgow (January) – Speaker / Co-author presentation 2003 Finance and Accounting in Tel Aviv (December) – Speaker Academic Workshop on Endowment Management, Oxford University (December) – Speaker Gutmann Center of Portfolio Competence, Vienna (December) – Speaker National Centre on Philanthropy and the Law, NYU School of Law (November) – Speaker European Finance Association, Glasgow (August) – Speaker London Accounting Symposium (July) International Equity Market Integration, Dublin (June) – Keynote speaker Conference to honour Michael Brennan, Sienna, Italy (June) – Discussant BSI Gamma Conference on Investment Strategy, Rome (June) – Speaker Faculty Congress, University of Maastricht (May) – Keynote speaker Campus for Finance, Koblentz, Germany (January) – Keynote speaker American Finance Association, Washington (January) 2003 Irrational Optimism, DFA Conference, London (November) Applied Irrational Optimism, GSAM Finance Workshop, New York (November) High-Performance Investing, Monaco (October) – Panellist Risk and Opportunity in the Short and Long Term, Harvard Faculty Club, Boston (October) Triumph of the Optimists, TotalFinaElf, Paris (September) Triumph of the Optimists, Milan (September) Understanding the Investment Management Process, Citibank (September) Endowment Spending Rules, Nine-Digits Club [Network of UK Foundations] (September) BGI Managing Directors Conference (September) Endowment Management for Irish Universities and Foundations, Belfast (June) The Private Equity Premium, Private Equity Club, London Business School (June) Tradeware Conference, London (May) – Featured speaker Norwegian Ministry of Finance Conference, Oslo (April) – Keynote speaker Strategies for Long-Term Investors, Kapitalmarknadsgruppen, Stockholm (April) Third Institutional Equity Trading Technology Summit, Paris (April) European Foundation Financial Investment Officers (EFFIO), Brussels (March) Long Run Asset Allocation, Wellcome Trust (March) UIMP Presentation, Citigroup, London (February) Deutsche Bank Managing Directors' Seminar, Paris (February) – Keynote speaker VFMC Global Investment Forum, Melbourne (February) – Keynote speaker Global Investment Returns Yearbook, London (February) HGSC Index Presentation, London (January) 2002 Strategic Asset Allocation, University of Vienna (December) Academic Faculty seminar at Manchester University (November) Journal of Accounting and Economics Conference, MIT (October) European Finance Association, Berlin (August) – Organising Committee Financial Economists Roundtable, Montreal (July) London Accounting Symposium (July) – Chair Elroy Dimson 10 of 12
  11. 11. Asset Management, New College, Oxford (June) American Finance Association, Atlanta – Organising Committee and Presenter 2002 The Atlantic Philanthropies Seminar, London (November) Applied Management Conference, Grosvenor Group (November) Equity Premium Roundtable, London (November) Symposium on High-Performance Investing, Monaco (October) – Keynote speaker LBS Entrepreneurs Club, London (October) Equity Premium Workshop (September) Understanding the Investment Management Process, Citibank (September) Institutional Client Conference, Fidelity (October) Long Run Asset Returns, Institute of Actuaries (September) ING Barings Seminar, The Hague Goldman Sachs Seminar LBS Alumni Forum Global Investment Returns Yearbook, Amsterdam Senior Finance Forum, Shell, London Understanding the Investment Management Process, Citibank The Unilever-Merrill Case, Institute of Actuaries, London Triumph of the Optimists, Book Launch Smaller Companies, ABN seminar 2001 The Mutual Fund Industry, Erasmus Institute, Rotterdam – Lead Speaker Academic Gutmann Center of Portfolio Competence, Vienna – Inaugural Public Lecture European Finance Association, Barcelona – Organising Committee; Presenter Accounting and Finance in Tel Aviv London Accounting Symposium – Chair Western Finance Association, Tucson 2001 UK Charity Commissioners Conference, London Applied MLIM Charity Seminar, London Institute for Quantitative Investment Research, Slaley Hall Edward Jones summer regional meeting, Gwent Best Practices in Charitable Funds Management– Organiser; Featured Speaker European Pension Fund Forum, Antwerp - Keynote Speaker William M Mercer Global Investment Forum, London - Keynote Speaker Presentations on Millennium Book II, Paris, London, etc. Smaller Companies, ABN seminar 2000 The Financial System in the Third Millennium, Sydney – Keynote Speaker Academic International Stock Market Workshop, Copenhagen – Keynote Speaker Faculty seminar at Jerusalem Faculty seminar at Tel Aviv European Finance Association, London – Convenor and Chair Faculty seminar at HEC Toulouse Financial Economists Roundtable, Bretton Woods TMR Conference on Financial Market Efficiency and Regulation, Barcelona Financial Management Association International, Edinburgh Faculty seminar at Chinese University of Hong Kong 2000 Cross Borders and Cross Boundaries, Q-Group, San Diego - Prize Winner Applied Inquire UK 12th Annual Seminar, Gleneagles - Medal Winner Institutional Investor UK Pensions Forum, St Andrews Citigroup, guest presentation, St Albans Edward Jones summer regional meeting, Newcastle Address and broadcast to Edward Jones partners, St Louis Unicom Asset Allocation Programme, Imperial College Institute of Finance and Accounting Donor Seminar, London Business School In-house talks on the Millennium Book for various UK fund managers, London Presentation to Irish Institutions on the Millennium Book, Dublin Presentation to German Institutions on the Millennium Book, Frankfurt Presentations to Spanish Institutions on The Millennium Book, Madrid Seminar for LBS alumni and other guests, Hong Kong Presentations to UK Institutions on The Millennium Book, London ABN London smaller companies seminar, London Media cites since 2000 Media Periodicals covering my research include the following: The Economist 12 times, Evening Standard 26 times, Financial Times 103 times, The Independent 32 times, Investors Chronicle 76 times, The Times and Sunday Times 53 times, Wall Street Journal 21 times. Elroy Dimson 11 of 12
  12. 12. Years A sample of 1497 media citations, since 2000, is distributed as follows: 1343 citations for Triumph of the Optimists and related work on long-term asset returns: 2000, 79 cites; 2001, 19 cites; 2002, 226 cites; 2003, 368 cites; 2004, 123 cites; 2005, 223 cites; 2006, 107 cites; 2007, 133 cites; Jan-Mar 2008, 65 cites. 154 citations on Smaller Companies and related research: 2000, 12 cites; 2001, 6 cites; 2002, 23 cites; 2003, 19 cites; 2004, 24 cites; 2005, 29 cites; 2006, 26 cites; 2007, 8 cites; Jan-Mar 2008, 7 cites. These statistics omit citations related to journal articles, the Endowment Asset Management book, the Risk Measurement Service, the Initiative on Foundation and Endowment Asset Management, the Student Investment Fund, interviews on philanthropy and other topics, and news commentaries. Countries Articles citing my research appeared in the following 54 countries and regions: Argentina, Asia, Australia, Austria, Azerbaijan, Bahrain, Belgium, Bermuda, Brazil, Canada, Channel Islands, China (PRC), Czech Republic, Denmark, Europe, Far East, Finland, France, Germany, Greece, Hong Kong, Hungary, India, India, International, Ireland, Israel, Italy, Japan, Korea, Latin America, Malaysia, Mexico, Middle East, Netherlands, New Zealand, Northern Ireland, Norway, Philippines, Poland, Portugal, Russia, Scotland, Singapore, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, UK, USA, Worldwide. Coverage My research was cited in the 469 different media. This is an abbreviated list of publications and broadcasters who disseminated my research (a full list is available on request): 5Dias.com, ABCNEWS.com, Aberdeen Press & Journal, Accountancy, Actualidad Economica, Adscene (Medway), Advertiser, Adelaide, Affärsvärlden, Aftenposten Morgen, Age, Agefi, Agence France Presse, Aggelioforos Kyriakis, AK&M, Alpha 1, Anadolu Ajansi, ANSA - Economic and Financial Service, Arizona Republic, Asian Age, Asian Wall Street Journal, Asset Saturday, Associated Press Newswires, Australian Broadcasting Corporation, Australian Business Intelligence, Australian Company News Bites, Australian Financial Review … [media beginning with B–U omitted] … Valor Economico, Veckans Affarer, Vedomosti, Versicherungswirtschaft, Vima Kyriakis, Voyager, Wall Streer Journal, Wall Street Journal Asia, Wall Street Journal Europe, Warsaw Business Journal, Waymaker, Wealth Management, Weekly Telegraph, Welt am Sonntag, Wen Wei Po, West Australian, Western Daily Press, Western Morning News (Devon), What Investment, Wilmott Magazine, WirtschaftsBlatt, Wirtschaftsblatt Online, Yahoo! Finanzen, Yorkshire Post. Elroy Dimson 12 of 12

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