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Cambridge Endowment for Research in Finance (CERF)


Russia Starbucks: Home-grown chain Stars replaces coffee giant

BBC Business News - 1 hour 55 min ago
Stars Coffee replaces Starbucks after the US chain pulled out over the Russian invasion of Ukraine.

Buy now, pay later: Warning over influencers' adverts on social media

BBC Business News - 4 hours 33 min ago
Financial regulator says some adverts posted by influencers fail to highlight risks of borrowing.

Consumer confidence hits record low as prices soar

BBC Business News - 6 hours 31 min ago
Shoppers concerns come in the face of "soaring cost-of-living and bleak economic prospects", says research.

Growing share of under-30s pay unaffordable rent

BBC Business News - 13 hours 37 min ago
The proportion of under-30s spending a third of their pay on rent is at a five-year high, data suggests.

Why more people are working from home on Fridays

BBC Business News - 13 hours 59 min ago
While there are benefits to ending the week at home, Friday after work drinks could be fizzling out.

Experts warn no easy answers to how safe self-driving cars should be

BBC Business News - 14 hours 7 min ago
A government expert body advising on the ethics of driverless cars warns of many tricky problems.

Starbucks ordered to reinstate fired Memphis staff

BBC Business News - Thu, 18/08/2022 - 21:20
The decision comes amid a tense fight between Starbucks and labour organisers.

Jim Ratcliffe: Who is the man bidding for Man Utd?

BBC Business News - Thu, 18/08/2022 - 15:23
One of the UK's richest men, Sir Jim has built a multi-billion pound business by buying unloved assets.

Thu 13 Oct 13:00: Comparing factor models with conditioning information

Cambridge Finance Seminar Series - Thu, 18/08/2022 - 12:00
Comparing factor models with conditioning information

We develop a framework to conduct asymptotically valid tests for comparing factor models with conditioning information. The tests are based on a metric analogous to the squared Sharpe ratio improvement measure that is used to gauge the extent of model mispricing in an unconditional setting. We propose an estimator for the metric and study its limiting properties in detail, establishing the asymptotic normality. An advantage of our framework is that it can be applied without an a priori knowledge of the persistence nature of the conditioning variables. We accommodate a range of dependence classes, including stationary, near stationarity, integrated, and local-to-unity. An application of our methodology to major models shows that the conditional versions of the Stambaugh and Yuan (2017) four-factor model and the Daniel, Hirshleifer, and Sun (2020) three-factor model are the best performers.

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Gateshead factory closure puts 430 jobs at risk

BBC Business News - Thu, 18/08/2022 - 11:14
Orchard House Foods wants to relocate production from Gateshead to its base in Northamptonshire.

Sir Jim Ratcliffe: Billionaire wants to buy Manchester United

BBC Business News - Thu, 18/08/2022 - 10:04
British billionaire Sir Jim Ratcliffe wants to buy Manchester United if the Glazer family put the club up for sale.

Pulsic takeover by Super Orange HK blocked on security grounds

BBC Business News - Thu, 18/08/2022 - 10:03
The move is the latest attempt by the government to limit China's involvement in UK business and technology.

US and Taiwan announce formal bilateral trade talks

BBC Business News - Thu, 18/08/2022 - 05:11
The talks come weeks after a controversial visit to Taiwan by US House Speaker Nancy Pelosi.

Japan urges its young people to drink more to boost economy

BBC Business News - Thu, 18/08/2022 - 04:50
The government's tax agency has launched a programme to encourage a new generation of sake drinkers.

Drought: Why we need to get used to wonky vegetables

BBC Business News - Thu, 18/08/2022 - 01:25
Our produce is likely to be smaller, odd-looking, or even leathery after the hot, dry weather.

Train strikes cause more disruption for passengers

BBC Business News - Thu, 18/08/2022 - 00:02
Only 20% of services are running and some places have no trains at all, as workers walk out.

Tory leadership race: Tax cut pledges are unrealistic, says IFS

BBC Business News - Thu, 18/08/2022 - 00:02
Slashing taxes would add to pressures on public finances unless spending is also cut, the IFS warns.

Cash use set to survive pandemic slump

BBC Business News - Thu, 18/08/2022 - 00:02
Although cards remain a far more popular way to pay, cash is a preferred option for many, a report says.

Property guardians move with the times to save cash

BBC Business News - Thu, 18/08/2022 - 00:02
People living in disused buildings can save on rent, while owners are reassured the property is occupied.

Ofgem director Christine Farnish resigns

BBC Business News - Wed, 17/08/2022 - 21:04
The director of Ofgem, the UK's energy watchdog, has quit amidst surging energy prices in the UK.