Portrait of Dr Simon Hayley

Dr Simon Hayley

Senior Lecturer in Finance

Bayes Business School, Faculty of Finance

Contact

Visit Simon Hayley

Room BR5065A, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Simon Hayley joined Bayes Business School (formerly Cass) following a career covering policy analysis for government and market analysis for a range of city institutions.

His research at Bayes Business School (formerly Cass) has concentrated on investor behaviour and the misconceptions that sometimes drive it. This research has been published in leading global journals including the Journal of Financial and Quantitative Analysis.

Student feedback on Dr Hayley's teaching has been exceptionally positive. Only one Student Voice award for teaching is given each year within the entire School ─ Dr Hayley was given this award in both 2011 and 2015. He was also awarded School Teaching and Learning Prizes in 2009, 2012 and 2015 and School prize for excellence in research in 2014. His main teaching areas are Derivatives Trading & Hedging, Financial Markets & Institutions, Economics and Risk Analysis.

Based on his teaching, he wrote"Economics: A Primer" (Oxford University Press, 2018) with Alec Chrystal.

In his previous career, Dr Hayley was global market analyst at Capital Economics; senior research associate at Pareto Partners, where he conceived and researched improvements in dynamic currency overlay strategy; and a currency strategist, generating applied market strategies in FX spot and options markets. In these roles his views were widely quoted and he made many TV and radio appearances. Dr Hayley previously worked as an economic forecaster at the Reserve Bank of New Zealand and as an economic adviser at HM Treasury, covering a variety of areas including macroeconomic modelling and forecasting, evaluating microeconomic policy effectiveness, market analysis and UK policy towards EMU.

Qualifications

  • BA (Politics, Philosophy and Economics), Oxford University, unknown
  • MSc (Economics), Bristol University, unknown
  • PhD (Finance), Bayes Business School (formerly Cass), unknown

Memberships of professional organisations

  • Charterholder, CFA (Chartered Financial Analyst ) institute, 2005 – present

Expertise

Primary topics

  • Capital Markets
  • Economics
  • Financial Markets
  • Fund Management
  • Portfolio Choice

Additional topics

  • Futures & Options
  • Risk Management

Research

'Do retail FX traders learn?' with Ian Marsh, Journal of International Money and Finance, forthcoming.

'What Does Rebalancing Really Achieve?' with Nick Motson, Dirk Nitzsche and Keith Cuthbertson, International Journal of Finance and Economics, forthcoming.

Cuthbertson, K., Hayley, S., & Nitzsche, D. (2015). Market and Style Timing: German Equity and Bond Funds. European Financial Management.

'Hindsight Bias in Dollar-Weighted Returns' Journal of Financial and Quantitative Analysis Feb. 2014

'Diversification Returns, Rebalancing Returns and volatility Pumping' with Keith Cuthbertson, Nick Motson, Dirk Nitzsche. SSRN ID=2311240

Value Averaging and How Dynamic Strategies Bias the IRR and Modified IRR - http://ssrn.com/abstract=1606347

Copies of working papers are available here:
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=1086911

Research topics

Investment management

Formula trading rules

Retail investor behaviour

Publications

Book

  1. Chrystal, A. and Hayley, S. (2018). Economics A Primer. Oxford University Press. ISBN 978-0-19-878705-1.

Conference papers and proceedings (3)

  1. Hayley, S. (2019). DISPOSITION EFFECT – BEHAVIOURAL EVIDENCE FROM CONSECUTIVE TRADES. Infiniti conference 10 June, Glasgow.
  2. Hayley, S. (2019). DISPOSITION EFFECT – BEHAVIOURAL EVIDENCE FROM CONSECUTIVE TRADES. Behavioural Finance Working Group 6 June, QMUL, London.
  3. Hayley, S. (2010). Explaining The Riddle Of Dollar Cost Averaging. Behavioural Finance Working Group Conference London, UK.

Journal articles (4)

  1. Hayley, S., Nitzsche, D. and Cuthbertson, K. (2016). Market and Style Timing: German Equity and Bond Funds. European Financial Management, 22(4), pp. 667–696. doi:10.1111/eufm.12080.
  2. Cuthbertson, K., Hayley, S., Motson, N. and Nitzsche, D. (2016). What Does Rebalancing Really Achieve? International Journal of Finance & Economics, 21(3), pp. 224–240. doi:10.1002/ijfe.1545.

    [publisher’s website]

  3. Hayley, S. and Marsh, I.W. (2016). What do retail FX traders learn? Journal of International Money and Finance, 64, pp. 16–38. doi:10.1016/j.jimonfin.2016.02.001.

    [publisher’s website]

  4. Hayley, S. (2014). Hindsight effects in dollar-weighted returns. Journal of Financial and Quantitative Analysis, 49(1), pp. 249–269. doi:10.1017/S0022109014000155.

Reports (3)

  1. Hayley, S. (2013). Value Averaging and How Dynamic Strategies Bias the IRR and Modified IRR. SSRN.
  2. Hayley, S. (2012). Dollar Cost Averaging - The Role of Cognitive Error. SSRN.
  3. Hayley, S. (2012). Measuring Investors' Historical Returns: Hindsight Bias in Dollar-Weighted Returns. SSRN.

Thesis/dissertation

  1. Hayley, S. Cognitive error in the measurement of investment returns. (PhD Thesis)

Working papers (4)

  1. Hayley, S. and Sefiloglu, O. (2022). Biases in Private Equity Returns.
  2. Hayley, S. (2018). Further Biases in Using Dollar-Weighted Returns to Infer Investment Timing Effects. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3129701: SSRN.
  3. Hayley, S. (2016). Reforming UK Venture Capital Trusts. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2868099: SSRN.
  4. Cuthbertson, K., Hayley, S., Motson, N.E. and Nitzsche, D. (2015). Diversification Returns, Rebalancing Returns and Volatility Pumping.

Professional activities

Editorial activity

  1. Financial Analyst's Journal, Referee, 2014 – present.

Events/conferences (6)

  1. Paris Financial Management Conference. (Conference) (2015).
    Paper: Diversification Returns Rebalancing Returns and Volatility Pumping
    Author: Hayley S
  2. CFA Society of the UK. (Workshop) London (2012). Invited speaker.
    Paper: Why Dollar Cost Averaging does not work but we still use it
    Author: Hayley S
  3. Midwest Finance Association. (Conference) New Orleans (2012).
    Paper: Measuring Investors' Historical Returns: Hindsight Bias in Dollar-Weighted Returns
    Author: Hayley S
  4. Infiniti Conference. (Conference) Dublin (2012).
    Paper: Dollar Cost Averaging - The Role Of Cognitive Error
    Author: Hayley S
  5. Behavioural Finance Working Group Conference. (Conference) London (2012).
    Paper: Value Averaging And The Automated Bias Of Performance Measures
    Author: Hayley S
  6. Behavioural Finance Working Group Conference. (Conference) London, UK (2010).
    Paper: Explaining The Riddle Of Dollar Cost Averaging
    Author: Hayley S

Media appearances (16)

  1. (2019) BBC Radio 4 Today Programme (radio).
  2. Tobin tax. (2011) BBC Radio 4 (radio).
  3. (2011) American Public Radio (radio).
  4. A return to national currencies is not an attractive option. (2011) Financial Times (newspaper).
  5. A return to national currencies is not an attractive option. (2011) www.ft.com.
  6. (2011) Guardian (newspaper).
  7. Estonia joins a European club in crisis. (2011) Observer (newspaper).
  8. (2010) Fortune_.
  9. (2010) News Banques.
  10. (2010) Econostrum (website).
  11. Austritt aus dem Euro - geht das? (2010) wissen.de.
  12. (2010) Bloomberg.
  13. Austritt aus dem Euro - gehrt das? (2010) FT Deutschland (newspaper).
  14. Explosionsgefahr beim Euro. (2010) Handelsblatt (newspaper).
  15. (2009) Channel 4 (television).
  16. (2009) BBC.

Online article