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Paul Marsh

Emeritus Professor of Finance


BSc (Econ) and PhD

Professor Paul Marsh’s main areas of expertise and interest are long-run investment returns, global equity markets, smaller companies’ investment, asset management and corporate finance.


He has published articles in the Journal of Business, Journal of Finance, Journal of Financial Economics, Journal of Portfolio Management, Harvard Business Review and many other journals.


Together with Elroy Dimson and Mike Staunton, he wrote the influential investment book Triumph of the Optimists, published by Princeton University Press. Since 2000, they have also produced the annual Global Investment Returns Yearbook, which documents global asset returns since 1900.


Paul is currently Emeritus Professor of Finance at London Business School and has been Chair of the Finance subject area, Deputy Principal, Faculty Dean, an elected Governor and Dean of the Finance Programmes (including the Masters in Finance).


Paul has been a non-executive director of M&G Group, Majedie Investments and Aberforth Smaller Companies Trust, where he was also Chairman. He has acted as a consultant to a wide range of financial institutions and companies.


Paul was part of the team that designed the FTSE 100 Share Index, and with Elroy Dimson, he co-designed the Numis Smaller Companies Index, and the Risk Measurement Service, which London Business School has published since 1979.

2017

Factor-based investing : the long-term evidence

Dimson E; Marsh P; Staunton M

Journal of Portfolio Management 2017 Vol 43:5 p 15-37

2016

Credit Suisse global investment returns sourcebook

Dimson E; Marsh P; Staunton M

Credit Suisse Research Institute, 2016

Cycling for the good of your wealth

Dimson E; Marsh P; Staunton M

in Global investment returns yearbook, Credit Suisse Research Institute, 2016

Does hiking damage your wealth?

Dimson E; Marsh P; Staunton M

Global investment returns yearbook, Credit Suisse Research Institute, 2016

Long-Term Asset Returns

Dimson E; Marsh P; Staunton M

Chapter 1, pp 2-27 in: Chambers D; Dimson E (eds). Financial Market History: reflections on the past for investors today. CFA Institute Foundation, 2016. ISBN 9781944960131

Numis smaller companies index: annual review

Dimson E; Marsh P

Numis Securities Ltd, 2016

Risk measurement service

Dimson E; Marsh P

London Business School, 2016

2015

Action to achieve inclusive capitalism

Dimson E; Marsh P; Staunton M

in Inclusive Capitalism

Credit Suisse global investment returns sourcebook

Dimson E; Marsh P; Staunton M

Credit Suisse Research Institute, 2015

Industries: their rise and fall

Dimson E; Marsh P; Staunton M

Global investment returns yearbook, Credit Suisse Research Institute, 2015

Numis smaller companies index: annual review

Dimson E; Marsh P

Numis Securities Ltd, 2015

Responsible investing: does it pay to be bad?

Dimson E; Marsh P; Staunton M

Global investment returns yearbook, Credit Suisse Research Institute, 2015

Risk measurement service

Dimson E; Marsh P

London Business School, 2015

2014

Credit Suisse global investment returns sourcebook

Dimson E; Marsh P; Staunton M

Credit Suisse Research Institute, 2014

Growth puzzle

Dimson E; Marsh P; Staunton M

Global investment returns yearbook, Credit Suisse Research Institute, 2014

Numis smaller companies index: annual review

Dimson E; Marsh P

Numis Securities Ltd, 2014

Risk measurement service

Dimson E; Marsh P

London Business School, 2014

2008

Worldwide equity premium: a smaller puzzle

Dimson E; Marsh P; Staunton M

in Mehra R ed., Handbook of the equity risk premium, Elsevier, 2008, p 467-514

2006

Global investment returns yearbook 2006

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2006

Long-run asset class returns

Marsh P R; Dimson E; Staunton M

in Kurr V, Huwer K and Kehrbaum J eds., Praktiker-Handbuch Asset-Management: Herausforderungen begegnen und Chancen ergreifen, Schaeffer-Poeschel, 2006

Risk measurement service

Dimson E; Marsh P R

London Business School, 2006

Worldwide equity premium: a smaller puzzle

Marsh P R; Dimson E; Staunton M

in Mehra R ed., Handbook of investments: equity risk premium, North-Holland, 2006

2005

Global investment returns yearbook 2005

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2005

Growing flush by flushing growth

Dimson E; Marsh P R; Staunton M

London Business School Alumni News 2005 Vol 104 p 20-21

Hoare Govett smaller companies index 2005

Dimson E; Marsh P R

ABN-AMRO, 2005

Risk measurement service

Dimson E; Marsh P R

London Business School, 2005

Where the long-run returns lie

Dimson E; Marsh P R; Staunton M

Investment & Pensions Europe 2005 Apr p 56-57

World capital returns over the past 100 years

Marsh P R; Dimson E; Staunton M

State Council Office for Restructuring Economic Systems, Beijing, 2005

2004

Global investment returns yearbook 2004

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2004

Hoare Govett smaller companies index 2004

Dimson E; Marsh P R

ABN-AMRO, 2004

Irrational optimism

Marsh P R; Dimson E; Staunton M

Financial Analysts Journal 2004 Jan/Feb Vol 60:1 p 15-25

Low-cap and lowly-rated: tiny and troubled in 20th century Europe

Marsh P R; Dimson E; Staunton M

Journal of Portfolio Management 2004 Vol 30:4 p 133-143

Risk measurement service

Dimson E; Marsh P R

London Business School, 2004

Volatility forecasting without data-snooping

Dimson E; Marsh P R

in Batchelor R and Dua P eds., Financial forecasting, Edward Elgar/Elsevier, 2004

2003

Global evidence on the equity risk premium

Dimson E; Marsh P R; Staunton M

Journal of Applied Corporate Finance 2003 Vol 15:4 p 27-38

Global investment returns yearbook 2003

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2003

Hoare Govett smaller companies index 2003

Dimson E; Marsh P R

ABN-AMRO, 2003

New evidence puts risk premium in context

Marsh P R; Dimson E; Staunton M

Euromoney Corporate Finance 2003 Mar Vol 8:4 p 16-20

Risk measurement service

Dimson E; Marsh P R

London Business School, 2003

Triumph of the optimists: 101 years of global investment returns

Dimson E; Marsh P R; Staunton M

Toyo Kezai, 2003

2002

Global investment returns yearbook 2002

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2002

Hoare Govett smaller companies index 2002

Dimson E; Marsh P R

ABN-AMRO, 2002

How to build a share index

Marsh P R

in J Pickford ed., Mastering investment, p9-16, FT Prentice Hall, 2002

Risk measurement service

Dimson E; Marsh P R

London Business School, 2002

Triumph of the optimists: 101 years of global investment returns

Dimson E; Marsh P R; Staunton M

Princeton University Press, 2002

2001

Hoare Govett smaller companies index 2001

Dimson E; Marsh P R

ABN-AMRO, 2001

How to build a share index

Marsh P R

Financial Times 2001 May 21

Index rebalancing and the technology bubble

Dimson E; Marsh P R

Journal of Asset Management 2001 Apr Vol 1:4 p 311-320

Millennium book II: 101 years of investment returns

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2001

Risk and return in the 20th and 21st centuries

Dimson E; Marsh P R; Staunton M

Business Strategy Review 2001 Vol 11:2 p 1-18

Risk measurement service

Dimson E; Marsh P R

London Business School, 2001

UK financial market returns 1955-2000

Dimson E; Marsh P R

Journal of Business 2001 Vol 74:1 p 1-31

2000

Creative accounting: the smallcap effect

Marsh P R

ABN-AMRO, 2000

Demise of size

Dimson E; Marsh P R

in Keim D B and Ziemba W eds., Security market imperfections in worldwide equity markets, p 116-143, Cambridge University Press, 2000

Hoare Govett smaller companies index 2000

Dimson E; Marsh P R

ABN-AMRO, 2000

Millenium book: a century of investment returns

Dimson E; Marsh P R; Staunton M

ABN-AMRO/London Business School, 2000

Risk measurement service

Dimson E; Marsh P R

London Business School, 2000

1999

Esettanulmanyok a vallalati penzugyekhez

Marsh P R; Dimson E

Panem, 1999

Hoare Govett smaller companies index 1999

Dimson E; Marsh P R

ABN-AMRO, 1999

Murphy's law and market anomalies

Dimson E; Marsh P R

Journal of Portfolio Management 1999 Winter Vol 25:2 p 53-69

Risk measurement service

Dimson E; Marsh P R

London Business School, 1999

1998

Hoare Govett smaller companies index 1998

Dimson E; Marsh P R

ABN-AMRO, 1998

Murphy's law and the size effect

Marsh P R

ABN-AMRO, 1998

Myths surrounding short-termism

Marsh P R

in Bickerstaffe G ed., Mastering finance, p168-174, Financial Times/Pitman, 1998

Reversal of fortune

Marsh P R

Financial Times 1998

Risk measurement service

Dimson E; Marsh P R

London Business School, 1998

1997

Hoare Govett smaller companies index 1997

Dimson E; Marsh P R

1997

Risk measurement service

Dimson E; Marsh P R

London Business School, 1997

Short-termism

Marsh P R

Financial Times 1997 Jun 16

1996

Hoare Govett smaller companies index 1996

Dimson E; Marsh P R

ABN-AMRO, 1996

Rights and wrongs when raising equity

Marsh P R

Financial Times 1996 May 24

Risk measurement service

Dimson E; Marsh P R

London Business School, 1996

1995

Capital requirements for securities firms

Dimson E; Marsh P R

Journal of Finance 1995 Vol 50:3 p 821-851

Hoare Govett smaller companies index 1995

Dimson E; Marsh P R

ABN-AMRO, 1995

Risk measurement service

Dimson E; Marsh P R; eds.

London Business School, 1995

Hoare Govett smaller companies index 1994

Dimson E; Marsh P R

Hoare Govett Investment Research, 1994

Introduction to the HG 1000

Dimson E; Marsh P R

Hoare Govett Investment Research, 1994

Market assessment of company performance

Marsh P R

in Dimsdale N and Prevezer M eds., Capital markets and corporate governance, Clarendon Press, 1994

Short-termism

Marsh P R

in Lofthouse S ed., Readings in investments, John Wiley, 1994

Unhappy returns

Marsh P R; Dimson E

Financial Times 1994 Feb 9

1993

Hoare Govett smaller companies index 1993

Dimson E; Marsh P R

Hoare Govett Investment Research, 1993

1992

Does top management add value to investment decisions?

Marsh P R et al.

Long Range Planning 1992 Oct Vol 25:5 p 43-58

Hoare Govett smaller companies index 1992

Dimson E; Marsh P R

Hoare Govett Investment Research, 1992

Short-termism

Marsh P R

in Newman P, Milgate M and Eatwell J eds., New Palgrave dictionary of money and finance, Macmillan, 1992

Why dividend cuts are a last resort

Marsh P R

Financial Times 1992 Aug 12

1991

Hoare Govett smaller companies index 1991

Dimson E; Marsh P R

Hoare Govett Investment Research, 1991

Short-termism: are myopic markets and money men to blame?

Marsh P R

Treasury Today 1991 Jul-Oct Vol 1:7-10 (series of 4 articles)

Why pressure from Hanson may help ICI

Marsh P R

Financial Times 1991 Aug 5

1990

Accounting information and the capital market

Marsh P R; Barwise T P; Higson C J; Likierman J A

in Power M ed., Brand and goodwill accounting strategies, Woodhead Faulkner, 1990

Brands as separable assets

Likierman J A; Barwise P; Higson C; Marsh P

Business Strategy Review 1990 Vol 1:2 p 43-61

Hoare Govett smaller companies index 1990

Dimson E; Marsh P R

Hoare Govett Investment Research, 1990

SEAQ classification, market size and publication levels

Dimson E; Marsh P R

London Stock Exchange, 1990

Short-termism on trial

Marsh P R

Institutional Fund Managers Association, 1990

Sizing up stock market indices

Dimson E; Marsh P R

Investing 1990 Vol 4:3 p 52-59

Smaller the better

Dimson E; Marsh P R

Hoare Govett Investment Research, 1990

Thinking small

Dimson E; Marsh P R

in Phillip A ed., Background to pension fund investment in the nineties, AP Information Services, 1990

Volatility forecasting without data-snooping

Dimson E; Marsh P R

Journal of Banking and Finance 1990 Jun Vol 14:2 p 399-421

1989

Accounting for brands

Barwise T P; Higson C J; Likierman J A; Marsh P R

Institute of Chartered Accountants in England and Wales/London Business School, 1989

Intelligent elephants and part-time researchers

Barwise T P; Marsh P R et al.

Graduate Management Research 1989 Winter Vol 4:3 p 12-33

Must finance and strategy clash?

Barwise T P; Marsh P R; Wensley J R C

Harvard Business Review 1989 Sep-Oct Vol 67:5 p 85-90

1988

Cases in corporate finance

Dimson E; Marsh P R

Wiley, 1988

Research Interests

  • Corporate finance
  • Investment management
  • Global equity markets
  • Long-run investment returns and smaller company investment