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Cambridge Centre for Finance (CCFin)

Alternative finance (The Cambridge Judge Business Debate Podcast series)

We've heard all the buzz phrases, ranging from 'peer-to-peer lending' to 'cryptocurrencies'. But behind the hype, what exactly is alternative finance, and what are the benefits and risk? In this episode, joining podcast series host Michael Kitson, University Senior Lecturer…

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Coins, Money, Currency, Dollar, Euro, Pound, Rupees, Bitcoin, Electronic currency, Finance business, Contact us, Landing page background cover page

Some recent developments in mathematical finance

by Dr Alex S.L. Tse, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance A few weeks ago I attended the 10th World Congress of the Bachelier Finance Society in Dublin. To those who do not…

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A front view on a plain simple financial spreadsheet expressed in US dollars.

How (in)efficient is the stock market?

by Dr Yuan Li, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance In 2013, the Nobel committee split the economic prize to Eugene Fama – the pioneer of efficient market hypothesis (EMH) and Robert Shiller…

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Data Analysis. Pen with business report on financial advisor desk. Concept of business planning , accounting, business analysis,financial planning services.

Embrace the randomness

by Dr Alex S.L. Tse, Research Associate, Cambridge Centre for Finance and Cambridge Endowment for Research in Finance Excerpt from the CBS sitcom "The Big Bang Theory", S05 E04: Leonard: Are we ready to order? Sheldon: One moment. I'm conducting…

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Contingent convertibles: do they do what they are supposed to do?

When Lehman Brothers was in deep water in September 2008, the US federal government and the Federal Reserve decided not to bail it out, and several days later, the company filed Chapter 11 bankruptcy protection. Global markets immediately plummeted after…

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The granular effect of stock market concentration on market portfolio volatility

Dr Jisok Kang, Cambridge Centre for Finance (CCFin) Ever since the Capital Asset Pricing Model (CAPM) was first introduced in 1964, a well-accepted conception in the modern portfolio theory is that the market portfolio contains only market risk or systematic…

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Cartons of financial investment products in a shopping cart i.e REITs, stocks, ETFs, bonds, mutual funds, commodities. A concept of portfolio management with risk diversification for optimal returns.

Are analysts whose forecast revisions correlate less with prior stock price changes better information producers and monitors?

Financial analysts are important information intermediaries in the capital markets because they engage in private information search, perform prospective analyses aimed at forecasting firms' future earnings and cash flows, and conduct retrospective analyses that interpret past events (Beaver, 1998). The…

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Financial data showing a rising trend

What caused the leverage cycle run-up to 2008 financial crisis?

The 2008 financial crisis has far-reaching impact on financial markets and real economy. Although academic researchers and public policymakers have reached a consensus that the financial crisis roots in leverage cycle, they continue to debate the causes that led to…

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Newspaper headlines - financial crisis on 2008

Transaction costs, consumption and investment

The theoretical modelling of individuals' consumption and investment behaviours is an important micro-foundation of asset pricing. Despite being a classical problem in the literature of portfolio selection, analytical progress is very limited when we extend the model to a more…

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Top view of office desk with data chart on the pad ,3d rendering.

Book-to-market ratio and inflexibility: the effect of unrecorded R&D capital

By Yuan Li, Research Associate, Cambridge Centre for Finance (CCFin) and Cambridge Endowment for Research in Finance R&D investment has been playing an increasingly important role in the economy. However, accounting standard requires firms to immediately expense R&D as incurred.…

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