Paul Marsh
Emeritus Professor of Finance
BSc PhD (London)
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.
- pmarsh@london.edu
- +44 (0)20 7000 8269
- Paul Marsh CV
- Corporate finance
- Investment management
- Global equity markets
- Long-run investment returns and smaller company investment
2021
American exceptionalism: the long-term evidence
Dimson E; Marsh P; Staunton M
Journal of Portfolio Management 2021 Vol 47:7 p 14-26
2020
Divergent ESG ratings
Dimson E; Marsh P; Staunton M
Journal of Portfolio Management 2020 Vol 47:1 p 75-87
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
2015
Action to achieve inclusive capitalism
Dimson E; Marsh P; Staunton M
in Inclusive Capitalism: the pathway to action - thoughts from the 2015 Conference on Inclusive capitalism. Coalition for Inclusive Capitalism, London, pp. 77-78.
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
Responsible investing: does it pay to be bad?
Dimson E; Marsh P; Staunton M
Global investment returns yearbook, Credit Suisse Research Institute, 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
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
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
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
Growing flush by flushing growth
Dimson E; Marsh P R; Staunton M
London Business School Alumni News 2005 Vol 104 p 20-21
Where the long-run returns lie
Dimson E; Marsh P R; Staunton M
Investment & Pensions Europe 2005 Apr p 56-57
2004
Global investment returns yearbook 2004
Dimson E; Marsh P R; Staunton M
ABN-AMRO/London Business School, 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
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
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
Triumph of the optimists: 101 years of global investment returns
Dimson E; Marsh P R; Staunton M
Toyo Kezai, 2003
2002
How to build a share index
Marsh P R
in J Pickford ed., Mastering investment, p9-16, FT Prentice Hall, 2002
Index rebalancing and the technology bubble
Dimson E; Marsh P R
Journal of Asset Management 2001 Apr Vol 1:4 p 311-320
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
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
1999
Murphy's law and market anomalies
Dimson E; Marsh P R
Journal of Portfolio Management 1999 Winter Vol 25:2 p 53-69
Myths surrounding short-termism
Marsh P R
in Bickerstaffe G ed., Mastering finance, p168-174, Financial Times/Pitman, 1998
1995
Capital requirements for securities firms
Dimson E; Marsh P R
Journal of Finance 1995 Vol 50:3 p 821-851
1994
Debate on international capital requirements: evidence on equity position risk for UK securities firms
Dimson E; Marsh P R
Corporation of London, 1994
Market assessment of company performance
Marsh P R
in Dimsdale N and Prevezer M eds., Capital markets and corporate governance, Clarendon Press, 1994
Underwriting of rights issues: a study of the returns earned by sub-underwriters from UK rights issues
Marsh P R
Office of Fair Trading, 1994
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
Short-termism
Marsh P R
in Newman P, Milgate M and Eatwell J eds., New Palgrave dictionary of money and finance, Macmillan, 1992
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)
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
SEAQ classification, market size and publication levels
Dimson E; Marsh P R
London Stock Exchange, 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
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
2006
Global investment returns yearbook 2006
Dimson E; Marsh P R; Staunton M
ABN-AMRO/London Business School, 2006
Global investment returns yearbook 2005
Dimson E; Marsh P R; Staunton M
ABN-AMRO/London Business School, 2005
World capital returns over the past 100 years
Marsh P R; Dimson E; Staunton M
State Council Office for Restructuring Economic Systems, Beijing, 2005
2003
Global investment returns yearbook 2003
Dimson E; Marsh P R; Staunton M
ABN-AMRO/London Business School, 2003
2002
Global investment returns yearbook 2002
Dimson E; Marsh P R; Staunton M
ABN-AMRO/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
Millennium book II: 101 years of investment returns
Dimson E; Marsh P R; Staunton M
ABN-AMRO/London Business School, 2001
Millenium book: a century of investment returns
Dimson E; Marsh P R; Staunton M
ABN-AMRO/London Business School, 2000
1994
Hoare Govett smaller companies index 1994
Dimson E; Marsh P R
Hoare Govett Investment Research, 1994
1993
Hoare Govett smaller companies index 1993
Dimson E; Marsh P R
Hoare Govett Investment Research, 1993
1992
Hoare Govett smaller companies index 1992
Dimson E; Marsh P R
Hoare Govett Investment Research, 1992
1991
Hoare Govett smaller companies index 1991
Dimson E; Marsh P R
Hoare Govett Investment Research, 1991
1990
Hoare Govett smaller companies index 1990
Dimson E; Marsh P R
Hoare Govett Investment Research, 1990
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
Managing strategic investment decisions
Marsh P; Barwise P; Thomas K; Wensley R
Centre for Business Strategy, London Business School
Teaching portfolio
Our teaching offering is updated annually. Faculty and programme material are subject to change.