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                                                                                                                                    Polk

                                                                                                                                    Christopher Polk wins JFE Paper of the Year

                                                                                                                                    Professor Christopher Polk, Head of Department of Finance, is the First Place Winner of the Fama-DFA Prizes for the Best Papers published in the Journal of Financial Economics in the Areas of Capital Markets and Asset Pricing, 2018.

                                                                                                                                    Christopher Polk's paper, An intertemporal CAPM with stochastic volatility, is co-authored with John Y. Campbell, Stefano Giglio and Robert Turley.

                                                                                                                                    Many congratulations to Christopher Polk and his co-authors on this outstanding achievement.

                                                                                                                                    martin-oehmke-800x600

                                                                                                                                    New appointment - The European Systemic Risk Board Advisory Scientific Committee

                                                                                                                                    The General Board of the European Systemic Risk Board appointed Martin Oehmke as a member of the European Systemic Risk Board Advisory Scientific Committee (ASC) in March 2019 for a four-year renewable term. 

                                                                                                                                    The Advisory Scientific Committee (ASC) conducts research to inform macroprudential decisions by the General Board. It consists of 15 experts representing a wide range of skills, experience and expertise. 

                                                                                                                                    The ASC contributes to the public debate on macroprudential policy by publishing reports. Past contributions include calls for: credible bank resolution; a European capital markets union; and enhanced disclosure of carbon-intensive assets.

                                                                                                                                    The ASC is responsible for the ESRB Working Paper Series. It also awards the annual Ieke van den Burg Research Prize for young economists.

                                                                                                                                    changing nature of work

                                                                                                                                    World Development Report 2019 - The Changing Nature of Work

                                                                                                                                    The World Development Report (WDR) 2019: The Changing Nature of Work studies how the nature of work is changing as a result of advances in technology today. Fears that robots will take away jobs from people have dominated the discussion over the future of work, but the World Development Report 2019 finds that on balance this appears to be unfounded. Instead, technology is bringing opportunity, paving the way to create new jobs, increase productivity, and improve public service delivery.

                                                                                                                                    Work is constantly reshaped by technological progress. Firms adopt new ways of production, markets expand, and societies evolve. Overall, technology brings opportunity, paving the way to create new jobs, increase productivity, and deliver effective public services. Firms can grow rapidly thanks to digital transformation, expanding their boundaries and reshaping traditional production patterns. The rise of the digital platform firm means that technological effects reach more people faster than ever before. Technology is changing the skills that employers seek. Workers need to be better at complex problem-solving, teamwork and adaptability. Digital technology is also changing how people work and the terms on which they work. Even in advanced economies, short-term work, often found through online platforms, is posing similar challenges to those faced by the world’s informal workers.

                                                                                                                                    The Report analyzes these changes and considers how governments can best respond. Investing in human capital must be a priority for governments in order for workers to build the skills in demand in the labor market. In addition, governments need to enhance social protection and extend it to all people in society, irrespective of the terms on which they work. To fund these investments in human capital and social protection, the Report offers some suggestions as to how governments can mobilize additional revenues by increasing the tax base.

                                                                                                                                    Simeon Djankov, FMG Director for Policy, led the WDR 2019 team. 

                                                                                                                                    A brief affectionate

                                                                                                                                    A Brief Affectionate History of the Financial Markets Group

                                                                                                                                    The Financial Markets Group was established as a research centre in LSE in January 1987. A Brief Affectionate History of the Financial Markets Group, written by Charles Goodhart & Kathleen Tyson, traces the founding, development and accomplishments of this renowned research centre over the last thirty years. Foreword by co-founder Mervyn King. Paperback and Kindle editions are available for purchase on Amazon.

                                                                                                                                    Kilian_Huber

                                                                                                                                    Congratulations to PWC scholar Kilian Huber for earning the AQR Top Finance Graduate Award

                                                                                                                                    Kilian Huber, a PhD student at the LSE Economics Department and a PWC scholar since 2016, earned the prestigious AQR Top Finance Graduate Award. This award recognises promising graduate students working on financial economics. Kilian shared this award with six other PhD students. Starting in 2018/19, Kilian will be Chicago Research Fellow at the Becker Friedman Institute, University of Chicago. He will then be an Assistant Professor of Economics at the Booth School of Business, University of Chicago in 2019. Kilian’s job market paper “Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties” has been published in the American Economic Review. Congratulations, Kilian!

                                                                                                                                    Simeon Djankov

                                                                                                                                    Why Orthodox Christian Nations Remain Stuck

                                                                                                                                    Simeon Djankov, FMG Director for Policy, and Elena Nikolova of University College London, analysed data from the World Values Survey and the European Bank for Reconstruction and Development’s Life in Transition Survey to study the correlation between religious background and attitudes. They concluded that Orthodoxy made certain countries fertile ground for communism and generally shaped their path as distinct from those taken by countries steeped in Western Christian traditions. Find out more.

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                                                                                                                                    Europes growth challenge

                                                                                                                                    Finalist for the 14th annual Hayek Book Prize

                                                                                                                                    Europe’s Growth Challenge, co-authored by Anders Aslund and Simeon Djankov, Executive Director of FMG, is one of the five finalists for the 14th annual Hayek Book Prize. Manhattan Institute's Hayek Prize honours the book that best reflects Friedrich Hayek’s vision of economic and individual liberty.

                                                                                                                                    Dimitri Vayanos

                                                                                                                                    Why investors should be weaned off tight tracking to market indices

                                                                                                                                    Paul Woolley and Dimitri Vayanos argue that exploitative momentum investing would shrivel in the absence of benchmarkers

                                                                                                                                    Simeon Djankov

                                                                                                                                    Brexit Readiness Score 

                                                                                                                                    Simeon Djankov

                                                                                                                                    If you believe Prime Minister Theresa May, the United Kingdom will be ready to exit the European Union in April 2019. If you believe UK businesses, Britain is falling behind in its preparations.

                                                                                                                                    Read the full blog.

                                                                                                                                    Amsterdam

                                                                                                                                    Reaching the Promised Holland: Investment Banks Looking to Amsterdam Post Brexit

                                                                                                                                    Simeon Djankov, says"Mainhattan" isn't the only locale in financial institutions' collective crosshairs.

                                                                                                                                    Read the full article.

                                                                                                                                    Tom Kirchmaier

                                                                                                                                    Board Is Cited in Bank's Collapse

                                                                                                                                    "In Europe, you have 28 different banking systems, which were created nationally under different mandates," said Tom Kirchmaier, deputy director of corporate governance at the London School of Economics.

                                                                                                                                    Simeon Djankov

                                                                                                                                    Asset managers may lose half of their EU business through Brexit,LSE warns.

                                                                                                                                    With around £6bn, or 25 per cent, of UK asset management revenues that come from EU-related business set to be directly affected by Brexit, firms should look to open offices across Europe, Simeon Djankov, executive director of the financial markets group at LSE, says.

                                                                                                                                    Read the full article

                                                                                                                                    Simeon Djankov

                                                                                                                                    EU moves to gain control of key London financial market.

                                                                                                                                    Simeon Djankov, Executive Director of FMG says "the commission is making the same argument it used in 2014 when it last attempted to pull euro-clearing away from London."

                                                                                                                                    Read the full article.

                                                                                                                                    Simeon Djankov

                                                                                                                                    The City of London after Brexit is the focus of a new FMG discussion paper by Simeon Djankov. In March 2017 the UK government will apply for Article 50 of the Lisbon Treaty to end its membership in the European Union. This unprecedented step follows the 2016 referendum on the country’s exit from the European Union, the results of which surprised many economists.

                                                                                                                                    Swiss Re logo

                                                                                                                                    Second LSE-Swiss Re roundtable at the FMG

                                                                                                                                    LSE's partnership with Swiss Re continued on February 24th as the FMG hosted a second roundtable event to investigate the stability of financial markets, the health of private capital markets and more specifically the environment in which long-term investors operate. Read more.

                                                                                                                                    Martin Oehmke

                                                                                                                                    In a new paper in the FMG Discussion Paper series, Martin Oehmke (LSE) and Adam Zawadowski (Central European University) provide evidence that CDS markets emerge as alternative trading venues that serve a standardization and liquidity role.

                                                                                                                                    FMG Logo Square

                                                                                                                                    FTG London 2017 Conference Announcement

                                                                                                                                    The Financial Markets Group and the Finance Theory Group (FTG) will hold a joint conference covering theoretical work on “The effects of financial frictions in firms, capital markets, and the real economy.” The conference will take place at the London School of Economics from June 19th - 21st, 2017.

                                                                                                                                    Ian Martin

                                                                                                                                    new paper by Ian Martin (LSE) and Christian Wagner (Copenhagen Business School) presents a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock’s excess risk-neutral variance relative to the average stock.

                                                                                                                                    American flag

                                                                                                                                    What Donald Trump could do to make America great again without destroying free trade

                                                                                                                                    Investors are looking for signs that the populist agendas of his campaign will be left where they belong: on the campaign trail, writes the FMG's Simeon Djankov. Read more.

                                                                                                                                    Canary wharf at night

                                                                                                                                    November 2016

                                                                                                                                    New LSE financial markets research programme in partnership with Swiss Re

                                                                                                                                    LSE has announced a formal partnership with Swiss Re, one of the world's largest reinsurers, to support an 18-month research programme on monetary policy and long tem investment. The project got underway with an event entitled 'The Big Ease'.

                                                                                                                                    More information on the event + speaker's slides.

                                                                                                                                    More about the partnership.

                                                                                                                                    News archive

                                                                                                                                    Media contributions

                                                                                                                                    The Financial Markets Group frequently appears in the press, and our staff and associates are often asked to comment on the latest financial news stories. Here you will find a selection of news articles relating to the FMG. 


                                                                                                                                    How to Fix Wall Street’s Flawed System of Compensation 
                                                                                                                                    New York Times, July 2016
                                                                                                                                    Report on a recent speech by Professor Charles Goodhart, who argues that transformation of the old partnership culture into a bonus culture where bankers, traders and executives have minimal accountability, has resulted in a marked increase in the frequency and intensity of financial crises.

                                                                                                                                    Breaking the 'curse of the benchmarks 
                                                                                                                                    Irish Times, April 2016
                                                                                                                                    Institutional investors’ obsession with short-term performance means money managers are engaging in activity that is “not merely superfluous but wealth-destroying”, causing bubbles, crashes and financial market dysfunction.

                                                                                                                                    Do Benchmarks Distort the Markets? & The Curse of the Benchmarks, Part II
                                                                                                                                    Morningstar, March 2016
                                                                                                                                    Dimitri Vayanos and Paul Woolley have taken the common idea that benchmarks hamper fund managers one very large step further. In Curse of the Benchmarks, they argue that using market-capitalization-weighted benchmarks damages more than just fund managers. The practice, they claim, hurts the financial markets themselves. 


                                                                                                                                    Xinhua news, March 2016
                                                                                                                                    China's Belt and Road Initiative will establish a large Asia-Europe economic zone, providing opportunities for dozens of countries along the "Belt and Road" routes integrating into the global economy, according to FMG's Simeon Djankov.

                                                                                                                                    Fund managers lose out from benchmarking
                                                                                                                                    Financial Times, March 2016
                                                                                                                                    John Plender focuses on research by Dimitri Vayanos and Paul Woolley in an examination of financial benchmarking

                                                                                                                                    A new contract for growth 
                                                                                                                                    The Economist, August 2015
                                                                                                                                    Dr Paul Woolley's work is discussed in an article for The Economist about short-termism and the way investors employ fund managers.

                                                                                                                                    The Morning Risk Report: How Activist Wolf Packs Work
                                                                                                                                    Wall Street Journal, 19 February 2015
                                                                                                                                    Focusing on Amil Dasgupta's 'Wolf-Pack Activism' research

                                                                                                                                    News archive

                                                                                                                                     

                                                                                                                                    Twitter

                                                                                                                                    The FMG FMG_LSE

                                                                                                                                    RT @NicolasHauff: The next #recession could be generated by investors fleeing massively from #MutualFunds... ~ Poul Thomsen, Director of th…

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                                                                                                                                    The FMG FMG_LSE

                                                                                                                                    RT @R2Rsquared: An afternoon of interesting discussions with these two, @EliasPapaioann2, and a few others on a common capital market in EA…

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