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Faculties and Research

Professor Alessandro Beber

Professor of Finance

Faculty of Finance

Contact

Visit Alessandro Beber

Bunhill Row

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Postal Address

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

Overview

Alessandro Beber is a Professor in Finance. Prior to joining Cass, Alessandro held teaching and research positions at several universities, including Amsterdam Business School, HEC Lausanne, the Wharton School of the University of Pennsylvania, Columbia University GSB, and the London Business School. Professor Beber conducts empirical and theoretical research in Finance. His current work focuses on liquidity and asset pricing, risk management, currency and fixed income markets, and financial econometrics. His research has appeared in leading academic journals, including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Monetary Economics, the Review of Finance, and the Journal of Corporate Finance. Alessandro is also a Research Fellow of the Center for Economic Policy Research (CEPR). Alessandro won the prize for the best symposium paper at the European Finance Association Conference in 2003 for his research on macroeconomic news and investor preferences and beliefs, the Goldman Sachs Asset Management Award for the best paper published in the Review of Finance in 2009, and various teaching awards at the University of Lausanne and at the Amsterdam Business School.

Qualifications

  1. PhD in Economics & Management, St. Anna School of Advanced Studies, Italy

Visiting Appointments

  1. Research Affiliate, Center for Economic Policy Research (CEPR), Sep 2009 – Sep 2013
  2. Visiting Scholar, Columbia Graduate Business School, Jan – Jun 2006

Fellowships

  1. Research Fellow, Center for Economic Policy Research (CEPR), Sep 2013 – present

Awards

  1. Institute for Quantitative Investment Research (2012) 2011/2012 prize for excellence
    2011/2012 prize for excellence for the paper "Short Selling Bans Around the World" and its presentation
  2. European Finance Association (2009) Barclays Global Investors Prize
    Goldman Sachs Asset Management Prize for the best paper published in the Review of
    Finance for "Resolving Macroeconomic Uncertainty in Stock and Bond Markets" presented
    at the 2009 European Finance Association meeting.

Expertise

Primary Topics

  • Finance
  • Financial Econometrics
  • Financial Economics
  • Financial Markets
  • Fixed-Income Investments
  • Fund Management
  • Futures & Options
  • Hedge Funds

Research Topics

Liquidity Risk
Pricing liquidity risk when investors have heterogeneous investment horizons
Economic Cycles
Real-time measurement of macroeconomic conditions and impact on asset markets
Name
Jacopo Piana
Attendance
Sep 2013 – present, full-time
Thesis Title
Essays in Asset Pricing
Role
1st Supervisor
Name
Raffaele Corvino
Attendance
Sep 2012 – present, full-time
Thesis Title
Portfolio diversification, cross heterogeneity and systemic risk
Role
1st Supervisor
Name
Francesca Fabbri
Attendance
Sep 2011 – Sep 2012, full-time
Thesis Title
Economic real-time measurement
Role
1st Supervisor
Name
Patrick Tuijp
Attendance
Sep 2010 – present, full-time
Thesis Title
Liquidity and liquidity risk
Role
1st Supervisor

Journal Articles (13)

  1. Beber, A., Brandt, M.W. and Luisi, M. (2015). Distilling the macroeconomic news flow. JOURNAL OF FINANCIAL ECONOMICS, 117(3), pp. 489–507. doi:10.1016/j.jfineco.2015.05.005.
  2. Beber, A. and Pagano, M. (2013). Short-Selling Bans Around the World: Evidence from the 2007-09 Crisis. Journal of Finance, 68(1), pp. 343–381. doi:10.1111/j.1540-6261.2012.01802.x.
  3. Beber, A. and Fabbri, D. (2012). Who times the foreign exchange market? Corporate speculation and CEO characteristics. Journal of Corporate Finance, 18(5), pp. 1065–1087. doi:10.1016/j.jcorpfin.2012.07.004.
  4. Beber, A., Brandt, M.W. and Kavajecz, K.A. (2011). What does equity sector orderflow tell us about the economy? Review of Financial Studies, 24(11), pp. 3688–3730. doi:10.1093/rfs/hhr067.
  5. Beber, A., Breedon, F. and Buraschi, A. (2010). Differences in beliefs and currency risk premiums. Journal of Financial Economics, 98(3), pp. 415–438. doi:10.1016/j.jfineco.2010.07.001.
  6. Beber, A., Breedon, F. and Buraschi, A. (2010). Di fference in Beliefs and Currency Risk Premia. Journal of Financial Economics, 98, pp. 415–438.
  7. Beber, A. and Brandt, M.W. (2010). When it cannot get better or worse: The asymmetric impact of good and bad news on bond returns in expansions and recessions. Review of Finance, 14(1), pp. 119–155. doi:10.1093/rof/rfp006.
  8. Beber, A. and Brandt, M.W. (2010). When it can't get any better or worse: The asymmetric impact of good and bad news in expansions versus recessions. Review of Finance, 14, pp. 119–155.
  9. Beber, A., Brandt, M.W. and Kavajecz, K.A. (2009). Flight-to-quality or flight-to-liquidity? Evidence from the euro-area bond market. Review of Financial Studies, 22(3), pp. 925–957. doi:10.1093/rfs/hhm088.
  10. Beber, A. and Brandt, M.W. (2009). Resolving macroeconomic uncertainty in stock and bond markets. Review of Finance, 13(1), pp. 1–45. doi:10.1093/rof/rfn025.
  11. Beber, A. and Brandt, M.W. (2006). The effect of macroeconomic news on beliefs and preferences: Evidence from the options market. Journal of Monetary Economics, 53(8), pp. 1997–2039. doi:10.1016/j.jmoneco.2006.05.013.
  12. Beber, A. and Brandt, M.W. (2006). The E ffect of Macroeconomic News on Beliefs and Preferences: Evidence from the Options Market. Journal of Monetary Economics, 53, pp. 1997–2039.
  13. Beber, A. and Caglio, C. (2005). Order Submission Strategies and Information: Empirical Evidence from the NYSE. . doi:10.2139/ssrn.4249220.

Report

  1. Beber, A., Fabbri, D. and Pagano, M. (2016). Short-Selling Bans and Bank Stability. University of Naples “Federico II”, CSEF, EIEF and CEPR.

Scholarly Editions (10)

  1. Beber, A. and Pagano, M. (2009). Short-Selling Bans around the World: Evidence from the 2007-09 Crisis.
  2. Beber, A. (2001). Determinants of the implied volatility function on the Italian Stock Market.
  3. Beber, A., Brandt, M. and Luisi, M. Eurozone Sovereign Yield Spreads and Diverging Economic Fundamentals.
  4. Beber, A., Brandt, M. and Luisi, M. Economic Cycles and Expected Stock Returns.
  5. Beber, A., Brandt, M. and Cen, J. Switching Risk Off: FX Correlations and Risk Premia.
  6. Beber, A. Determinants of the implied volatility function on the Italian Stock Market.
  7. Beber, A., Driessen, J. and Tuijp, P. Pricing Liquidity Risk with Heterogeneous Investment Horizons.
  8. Beber, A. and Erzegovesi, L. Distribuzioni di probabilità implicite nei prezzi delle opzioni.
  9. Beber, A. Introduzione all'analisi tecnica.
  10. Beber, A. Il dibattito su dignità ed efficacia dell'analisi tecnica nell'economia
    finanziaria.

Working Paper

  1. Fabbri, D., Beber, A. and Pagano, M. (2016). Short-Selling Bans and Bank Stability. SSRN.

Editorial Activities (14)

  1. Econometrica, Referee, 2012 – present.
  2. Journal of Financial and Quantitative Analysis, Referee, 2003 – present.
  3. Journal of FInancial Economics, Referee, 2003 – present.
  4. Journal of Financial Intermediation, Referee, 2003 – present.
  5. Journal of Financial Markets, Referee, 2003 – present.
  6. Journal of International Money and Finance, Referee, 2003 – present.
  7. Journal of Monetary Economics, Referee, 2003 – present.
  8. Journal of Money Credit and Banking, Referee, 2003 – present.
  9. Management Science, Referee, 2003 – present.
  10. Review of Economic Studies, Referee, 2003 – present.
  11. Review of Finance, Referee, 2003 – present.
  12. Review of Financial Studies, Referee, 2003 – present.
  13. Finance Research Letters, Referee, 2003 – present.
  14. Journal of Finance, Referee, 2003 – present.

Events/Conferences (24)

  1. Stockholm School of Economics Seminar Series. (Seminar) Stockholm, Sweden (2013). Invited speaker.
    Paper: Economic Cycles and Expected Stock Returns
    Author: Beber A
    Co-authors: Brandt and Luisi
  2. York Economics Seminar Series. (Seminar) York, UK (2012). Invited speaker.
    Paper: Economic Cycles and Expected Stock Returns
    Author: Beber A
    Co-authors: Brandt and Luisi
  3. Essex Business School. (Seminar) Colchester, UK (2012). Invited speaker.
    Paper: Pricing Liquidity Risk with Heterogeneous Investment Horizons
    Author: Beber A
    Co-authors: Driessen and Tuijp
  4. City University Economics Seminar Series. (Seminar) London, UK (2012). Invited speaker.
    Author: Beber A
    Co-authors: Brandt and Luisi
  5. Chairmen Forum. (Public lecture) London (2012). Invited speaker.
    Paper: The Future Value of the Euro
    Author: Beber A
  6. WFA. (Conference) Pricing Liquidity Risk with Heterogeneous Investment Horizons (2012). Invited speaker.
    Paper: Pricing Liquidity Risk with Heterogeneous Investment Horizons
    Author: Beber AB
    Co-authors: Driessen and Tuijp
  7. SoFiE. (Conference) Amsterdam, NL (2012). Invited speaker.
    Paper: Pricing Liquidity Risk with Heterogeneous Investment Horizons
    Author: Beber A
    Co-authors: Driessen and Tuijp
  8. Macro and Financial Economics, Brunel. (Conference) London, UK (2012). Invited speaker.
    Paper: Economic Cycles
    Author: Beber A
    Co-authors: Brandt and Luisi
  9. Inquire UK Business School Seminar. (Conference) London (2012). Invited speaker.
    Paper: Risk premia
    Author: Beber A
  10. Inquire UK seminar Bath. (Conference) Bath (2012). Invited speaker.
    Paper: Economic cycles and expected returns
    Author: Beber A
    Co-authors: Brandt and Luisi
  11. SFI Finance Seminars. (Seminar) Lugano, Switzwerland (2011). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  12. Imperial College Finance Seminars. (Seminar) London, UK (2011). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  13. Erasmus Finance Seminars. (Seminar) Rotterdam, Netherlands (2011). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  14. Short Selling Bans around the world. (Conference) Bristol, UK (2011). Invited speaker.
    Author: Beber A
    Co-authors: Pagano
  15. C6 conference on Economics of Institutions. (Conference) Capri, Italy (2011). Invited speaker.
    Paper: Pricing Liquidity Risk
    Author: Beber A
    Co-authors: Driessen and Tuijp
  16. Duisenberg School Finance Seminars. (Seminar) Amsterdam, NL (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  17. Bocconi Finance Seminars. (Seminar) Milan, Italy (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  18. WFA. (Conference) Victoria, Canada (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  19. SIFR asset allocation conference. (Conference) Stockholm, Sweden (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  20. Madrid Finance Workshop. (Conference) Madrid, Spain (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  21. Financial Intermediation Research Society. (Conference) Fiesole, Italy (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  22. EFA. (Conference) Frankfurt, Germany (2010). Invited speaker.
    Paper: Short Selling Bans around the world
    Author: Beber A
    Co-authors: Pagano
  23. AFA. (Conference) Atlanta, USA (2010). Invited speaker.
    Paper: What can ordeflow tell us about the economy?
    Author: Beber A
    Co-authors: Brandt and Kavajecz
  24. Asset Pricing Retreat (6/2005-6/2012). (Conference) Amsterdam and London (2005). Chair, Session/Day Chair and Organising Committee.

Media Appearances (30)

  1. Can Fast-Food Customers Be Nudged to Make Healthier Choices? (2013) Wall Street Journal (magazine).
  2. OTC Derivative aus dem Asset Management verbannen? Was wŠren die Konsequenzen? (2013) Noodls.
  3. Finanzprofessor Beber: Warum Derivate in der Asset-Management Branche verbieten? (2013) Finanzen Markt & Meinungen.
  4. Why prohibit derivatives? (2013) CFOworld.
  5. Banning derivatives would cripple the industry: Cass. (2013) Financial Adviser.
  6. Advanced economics static, says new index. (2013) The Financial Times (newspaper).
  7. Research: Market is easy to beat. (2013) Fonds Nieuws.nl (website).
  8. Academics reveal the secret to 14% returns. (2013) The Financial Times (newspaper).
  9. Little recovery in advanced Economics. (2013) The Financial Times (newspaper).
  10. DERIVATIVES: Study finds swaps reduce fund costs. (2013) International Financing Review.
  11. HEC Paris - A 'finance-fiction' study - What would be the consequences of banning derivatives from the asset management industry? (2013) Yahoo Finance Australia (website).
  12. HEC Paris - Publication d'une Žtude de Ç finance-fiction È Quelles seraient les consŽquences d'une interdiction des prod. (2013) Bourse Direct.
  13. HEC Paris - A ' finance-fiction ' study - What would be the consequences of banning derivatives from the asset management industry? (2013) Flexibris.
  14. HEC Paris Ð A Ôfinance-fictionÕ study Ð What would be the consequences of banning derivatives from the asset management industry? (2013) Money News.
  15. DERIVATIVES: Study finds swaps reduce fund costs. (2013) International Financing Review.
  16. (2012) Class CNBC.
  17. (2012) Class CNBC.
  18. Latest reseacrh adds to evidence that short selling bans son't work. (2012) www.securitieslendingtimes.com (website).
  19. Bank shares rally after ban on short selling. (2011) Guardian (newspaper).
  20. (2011) meingeld.
  21. short selling research. (2011).
  22. (2011) Actualite'.
  23. (2011) godemode-trader.
  24. short selling. (2011) boursedirect.
  25. (2011) boursier.com (website).
  26. (2011) Challenges.FR (website).
  27. short selling. (2011) voila.
  28. Don't ban short selling if you know your onions. (2011) Belfast Tele (newspaper).
  29. Europe's short - sale bans may fail to reverse bank stock slide. (2011) Financial adviser. Com (website).
  30. A short-selling ban is short-sighted and could do more harm than good. (2011) The Independent on Sunday (newspaper).