| Teaching 2025/26 |
Mathematical Economics I Teaches you indispensable tools that any modern economist needs. Although being taught at the undergraduate level, the unit is quite theoretical: so much so that the applications we discuss are theories... |
Microeconomics On this postgraduate unit you will learn about all the fundamental ingredients of micro - from simple choice to strategic interaction. Past assessments investigated free public transport and other fun topics. |
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Trading and Market Microstructure This undergraduate course is taught at NHH and covers the art and science of trading, how securities markets work, and the evolution of market structure due to technology. An experiental unit with interactive trading sessions, guest speakers and independent work. |
Dissertation I supervise dissertations of students on our MSc Financial Economics at the University of Manchester during the summer. There is a list of proposed topics when you sign up but I am open to discussing any other research ideas you may have! |
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| Research |
Long-term Investment Being a long-term investor myself (though, for the first time in decades, currently not invested in the stock market at all), I continue to be intrigued by the 'skill vs luck' puzzle. Adam and Sara Franks' generous donation, which created the University of Manchester’s ShadeTree initiative, gave new impetus to study this puzzle in detail and wrote about it. As a first step, I supervise an SEI internship research project in 2025 to examine empirically long-term investment performance (25-year horizon plus) by assessing the effectiveness of stock-picking methodologies. By incorporating real-world investment data and historical stock performance, this study aims to provide evidence-based insights into optimal long-term buy-and-hold investment strategies. Ultimately, this research aims to provide practical investment ideas that are rooted in empirical research. |
Evolutionary Finance Our latest paper Complementarity and Substitutability of Investment Strategies (with Nikolay Doskov and Thorsten Hens) studies the impact of capital flows in the financial market on the cross-section of investment strategy performance. Latest version: May 2025. (A Marmite paper - love it or hate it!) From the abstract: This study quantifies the impact of a reallocation of capital between investment strategies on the cross-section of their performance when capital flows are the sole transmission channel. The main finding of our counterfactual analysis is that capacity of strategies, correlation of returns and the cyclical nature of investment strategies' risk premia can be explained by the self- and cross-impact caused by simple capital reallocation in an evolutionary finance model. |
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International Trade Levi Haas and my survey International trade: Smarten up to talk the talk, although a top-viewed article, apparently failed to achieve its goals in light of current US trade policy. We wrote: "Our aim is to provide the readers with essential insights into the basics of trade, its history, its economic models and its impact on people and the world. We believe information rather than dogma is the key to an informed debate. Additionally, we hope that the reader can easily assess statements about trade on their accuracy such as why the consumers are the ones paying mostly for tariffs and not the exporting country. We hope that this survey enables the reader to lift the debate about trade to a more informed level. When you read our survey, we hope you will be able to make up your own mind about trade and explain your views to others." |
| Positions |
Professor of Financial Economics, Department of Economics, School of Social Sciences, University of Manchester. I joined UoM in 2015. What a great place! |
Adjunct Professor in Finance, Department of Finance, NHH. For more than a decade I have been teaching an undergraduate unit about Financial markets and Trading at the Norwegian School of Economics (NHH). |
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Curriculum Vitae (pdf) |