Campbell Russell Harvey

cam.harvey@duke.edu
Phone: +1 919.660.7768
Fax: +1 919.660.8030

*Education

* Doktorer honoris causa Hanken: Svenska Handelshögskolan, 1999.

* Ph.D. University of Chicago, 1986.

* M.B.A. York University, 1983.

* B.A. Trinity College, University of Toronto, 1981.

*Academic Appointments

* J. Paul Sticht Professor of International Business, Fuqua School of Business, Duke University, [joined Duke University in 1986].

* Research Associate, National Bureau of Economic Research, appointed in 1993.

* Visiting Scholar, Board of Governors of the Federal Reserve System, Summer 1994.

* Visiting Professor of Finance, Hanken: Svenska Handelshögskolan (Swedish School of Economics and Business Administration), Helsinki, Summer 1996.

* Visiting Professor of Finance, Handelshogskolan I Stockholm (Stockholm School of Economics), Summer 1993.

* Visiting Associate Professor of Finance, Graduate School of Business, University of Chicago, September 1990 - August 1991.

* Visiting Lecturer in Finance, Helsingin Kauppakorkeakoulu (Helsinki School of Economics and Business Administration), Summer 1990.

*Thesis

*Publications

*Working Papers

*Books, Chapters, Monographs

*Cases

*Editor

*Reviews

*Published Discussions

Internet

My hypertextual financial glossary resides on a number of important sites.

Intranet

My hypertextual financial glossary resides on a number of closed sites.

*Policy

Executive Education Materials

*Editorial Appointments

*Appointments

*Honors

*Teaching MBA/Ph.D

*Grants

Presentations

2007

2006

2005

2004

  • The economic implications of corporate financial reporting, Q-Group, La Quinta, California, October 2004.
  • The economic implications of corporate financial reporting, University of Chicago, September, 2004.
  • The economic implications of corporate financial reporting, University of Southern California, September, 2004.
  • Portfolio Selection with Higher Moments, Boston College Conference, June 2004.
  • Payout policy in the 21st century, Tuck Conference on Corporate Governance, July 2004.
  • Does financial liberalization spur growth?, New York University, April 2004.

2003

  • The effect of capital structure when expected agency costs are extreme, Western Finance Association Meetings, Mexico, June.
  • Payout policy in the 21st century, Western Finance Association Meetings, Mexico, June.
  • Growth Volatility and Equity Market Liberalization, Western Finance Association Meetings, Mexico, June.
  • Does Financial Liberalization Spur Growth?, University of California at Los Angeles, April 2003
  • Does Financial Liberalization Spur Growth?, World Bank, March 2003
  • Growth Volatility and Equity Market Liberalization, American Economic Association Meetings, Washington, January.
  • Market Integration and Contagion, American Economic Association Meetings, Washington, January.

2002

  • Higher Moments in Asset Pricing, INQUIRE UK, Bournemouth, UK, September 2002
  • Does Financial Liberalization Spur Growth?, Princeton University, September 2002
  • Expectations of equity risk premia, volatility and asymmetry from a corporate finance perspective, Western Finance Association Meetings, Park City, June 2002.
  • Emerging Markets Research: The Past and the Future, Emerging Market Valuation Conference, Darden School, May 2002.
  • Does Financial Liberalization Spur Growth?, Boston College, February 2002
  • Does Financial Liberalization Spur Growth?, University of Michigan, February 2002
  • Does Financial Liberalization Spur Growth?, American Finance Association Meetings, Atlanta, January.
  • The effect of capital structure when expected agency costs are extreme, American Finance Association Meetings, Atlanta, January.

2001

  • Expectations of equity risk premia, volatility and asymmetry from a corporate finance perspective, New York, AIMR Conference of the Risk Premium, November 8, 2001.
  • Does Financial Liberalization Spur Growth?, University of Michigan, October.
  • Does Financial Liberalization Spur Growth?, Boston College, October.
  • Does Financial Liberalization Spur Growth?, European Finance Association Meetings, Barcelona, August.
  • Dating the Integration of World Capital Markets, European Finance Association Meetings, Barcelona, August.
  • Does Financial Liberalization Spur Growth?, Western Finance Association Meetings, Tuscon, June.

2000

  • Global Relative Value in the Early 21st Century, Lehman Brothers Fourth Global Fixed Income Capital Market/Investment Management Workshop/Retreat, Whistler, August 2, 2000.
  • The Dynamics of Emerging Market Equity Flows, Western Finance Association Meetings, June 2000.
  • The Asian Bet, Global Investors Conference, April 12-15th, 2000, Chateau Whistler, B.C. [Presented by coauthor]
  • The theory and practice of corporate finance: Evidence from the field, Utah Winter Finance Conference, February 3, 2000. [Presented by coauthor]

1999

  • Economic, Political and Other Factors, CalPERS Permissible Country Workshop, Sacramento, December 13, 1999.
  • Dating the Integration of World Equity Markets, Indiana University, October 22, 1999.
  • New perspectives on emerging bond markets, International Investment Forum, Chicago, October 25, 1999. [Presented by coauthor]
  • The theory and practice of corporate finance: Evidence from the field, Harvard University, July 8, 1999.
  • Dating the Integration of World Equity Markets, International Valuation Conference, Columbia University, April 30, 1999.
  • Stock Selection in Emerging Markets, International Valuation Conference, Columbia University, April 30, 1999.
  • Perspectives on Corporate Yield Spreads: Variation through Time and Predictability, Investment Research and Portfolio Management Conference, Smith Breeden Associates, Chapel Hill, April 23, 1999.
  • The Dynamics of Emerging Market Equity Flows, University of Maryland, April 16, 1999.
  • The Asian Bet, Brookings-World Bank Conference on Emerging Markets, Palisades, New York, March 16, 1999.

1998

  • The International Cost of Capital, Ibbotson Associates Annual Cost of Capital Conference, Chicago, June 1998.
  • Foreign Speculators and Emerging Equity Markets, Harvard Business School, May 1998.
  • Capital Flows and the Behavior of Emerging Market Returns, National Bureau of Economic Research, March 1998.
  • Are Common Swings in International Stock Returns Justified by Subsequent Changes in National Outputs?, Yale University, Economics Department, March 1998 [by co-author].
  • Dating the Integration of World Equity Markets, CIBER Conference, UCLA, March 1998.
  • Dating the Integration of World Equity Markets, Brown University, Economics Department, February 1998 [by coauthor].
  • Dating the Integration of World Equity Markets, University of Virginia, Darden, January 1998 [by coauthor].
  • Dating the Integration of World Equity Markets, Maryland, January 1998 [by coauthor].

1997

  • Dating the Integration of World Equity Markets, Cambridge University, Economics Department, December 1997 [by coauthor].
  • Are Common Swings in International Stock Returns Justified by Subsequent Changes in National Outputs?, National Bureau of Economic Research, Wharton School, November 1997.
  • Foreign Speculators and Emerging Equity Markets, UCLA-Finance, November 1997.
  • Foreign Speculators and Emerging Equity Markets, Wharton School, October 1997.
  • Foreign Speculators and Emerging Equity Markets, University of Southern California, October 1997 [by coauthor].
  • Current Research Issues in Finance, FMA doctoral student seminar, Hawaii, October 15, 1997 (live video).
  • Foreign Speculators and Emerging Equity Markets, UCLA-Economics, October 1997 [by coauthor].
  • Foreign Speculators and Emerging Equity Markets, European Finance Association Meetings, Vienna, September 1997 [by coauthor].
  • Cross-Sectional Determinants of Emerging Market Returns, Chicago Quantitative Alliance, September 1997.
  • Emerging Market Debt: A Global Perspective, Association for Investment Management and Research, Financial Analysts Seminar, Northwestern University, July 1997.
  • Foreign Speculators and Emerging Equity Markets, Western Finance Association Meetings, San Diego, June 1997 [by coauthor].
  • Foreign Speculators and Emerging Equity Markets, French Finance Association Meetings, Grenoble, June 1997.
  • Emerging Markets: Unsolved Puzzles, Society of Quantitative Analysts, New York, May 1997.
  • Cross-Sectional Determinants of Emerging Market Returns, NYU Conference on the Future of Emerging Market Capital Flows, New York, May 1997.
  • Foreign Speculators and Emerging Equity Markets, Barclays Global Investors, April 1997 [by coauthor].
  • Do World Markets Still Serve as a Hedge?, Committee on the Investment of Employee Benefit Assets, Washington, April 1997.
  • Foreign Speculators and Emerging Equity Markets, International Finance Conference at Georgia Tech, April 1997 [by coauthor].
  • Foreign Speculators and Emerging Equity Markets, Swedish School of Economics and Business Administration, Helsinki, March 1997 [by coauthor].
  • Foreign Speculators and Emerging Equity Markets, Tilburg University, February 1997, [by coauthor].
  • Conditional Skewness in Asset Pricing Tests, American Finance Association Meetings, New Orleans, January 1997 [by coauthor].

1996

  • Foreign Speculators and Emerging Equity Markets, Stockholm School of Economics, December 1996 [by coauthor].
  • Conditional Skewness in Asset Pricing Tests, Conference on Finance and Accounting, Rutgers University, October 1996 [by coauthor].
  • What Matters for Emerging Market Investments?, Chicago Quantitative Alliance, Chicago September 18, 1996.
  • Outperforming in Emerging Markets using Quantitative Models, Goldman Sachs Asset Management Conference, Aspen, September 1996.
  • Active Asset Allocation: Does it Work?, Goldman Sachs Asset Management Conference, Aspen, September 1996.
  • Efficient Online Non-Parametric Density Estimation, Computational Finance Conference, Stanford University, August 1996 [by coauthor].
  • Conditional Skewness in Asset Pricing Tests, Western Finance Association Meetings, June 1996 [by coauthor].
  • The Behavior of Emerging Market Capital Flows, Conference on the Future of Emerging Market Capital Flows, New York University, May 27, 1996.
  • Emerging Equity Market Volatility, Stanford University, May 1996.

1995

  • Towares a Truly Global Portfolio Strategy: New Directions in Dynamically Forecasting and Comparing the Risk and Returns of Worldwide Stocks, ICBC Conference, Geneva, December 1995.
  • Active Investments in Developed and Emerging Markets, Society of Quantitative Analysts, New York, November 8, 1995.
  • Stock Market Predictability and Active Asset Allocation, Wharton Center for Quantitative Finance, Palm Beach, October 23, 1995.
  • Global Investment and Risk, Mutual Group Financial Services Research Center Conference, Wilfred Laurier University, Waterloo, Ontario, October 12, 1995.
  • Emerging Equity Market Volatility, Northwestern University, September 1995.
  • Emerging Equity Market Volatility, Yale University, September 1995.
  • Emerging Equity Market Volatility, New York University, September 1995.
  • Emerging Equity Market Volatility, European Finance Association Meetings, August 1995 [by coauthor].
  • Performance Evaluation in the Presence of Dynamic Trading Strategies, Western Finance Association Meetings, June 1995 [by coauthor].
  • Trends in Emerging Markets, University of Chicago Emerging Market Conference, May 19, 1995.
  • The Business Cycle, Bull and Bear Markets, Inflation and World Equity Selection, Q-Group, Orlando, May 1995.
  • Forecasting Foreign Exchange Market Returns via Entropy Coding, IEEE/IAFE Conference on Computational Intelligence for Financial Engineering, New York, April 1995 [by coauthor].
  • Forecasting Foreign Exchange Market Returns via Entropy Coding, HFDC-I, Zürich, March 1995 [by coauthor].
  • Emerging Equity Market Volatility, Georgetown University, February 1995.
  • Emerging Equity Market Volatility, American Finance Association, Washington, DC, January 1995.
  • Time-Varying World Market Integration, American Finance Association, Washington, DC, January 1995.

1994

  • Time-Varying World Market Integration, NBER Asset Pricing Conference, November 1994 [by coauthor].
  • Time-Varying World Market Integration, CIRANO Conference on Stochastic Volatility, Montreal, October 1994.
  • Time-Varying World Market Integration, NBER, Wharton, October 1994 [by coauthor].
  • Do World Markets Still Serve as a Hedge?, Financial Management Association, St. Louis, October 1994.
  • Time-Varying World Market Integration, University of North Carolina at Chapel Hill, October 1994.
  • Do World Markets Still Serve as a Hedge?, Berkeley Program in Finance, September 1994.
  • Time-Varying World Market Integration, European Finance Association, Brussels, August 1994 [by coauthor].
  • Time-Varying World Market Integration, Board of Governors, Federal Reserve Bank, July 1994.
  • Time-Varying World Market Integration, Western Finance Association, Santa Fe, June 1994 (by coauthor).
  • Predictable Returns in Developed and Emerging Markets, Association for Investment Management and Research, May 1994.
  • Predictable Risk and Return in Emerging Markets, Center for Research in Security Prices, May 1994.
  • Time-Varying World Market Integration, Ohio State University, May 1994.
  • Predictable Risk and Returns in Emerging Markets, Georgia Tech, April 1994.
  • Modeling the Fundamental Determinants of National Equity Returns, Berkeley Program in Finance, Rancho Mirage, March 13, 1994.
  • Conditional Asset Allocation in Emerging Markets, INQUIRE Europe-U.K., Lausanne, March 1994.
  • Modelling the Fundamental Determinants of National Equity Returns, Berkeley Program in Finance, March 1994.
  • Emerging Markets, Predictability and Active Investment Strategies, Kidder Peabody Asset Management Symposium, Puerto Rico, February 1994.

1993

  • Predictable Risk and Returns in Emerging Markets, Carnegie Mellon University, November 1993.
  • Predictable Risk and Returns in Emerging Markets, Dartmouth University, November 1993.
  • Predictable Risk and Returns in Emerging Markets, University of Michigan, November 1993.
  • Predictable Risk and Returns in Emerging Markets, University of Chicago, November 1993.
  • An Exploratory Investigation of the Fundamental Determinants of National Equity Markets, NBER Conference, San Francisco, October 1993.
  • The Impact of the Federal Reserve Bank=s Open Market Operations, University of St. Gallen, Switzerland, October 1993.
  • Portfolio Enhancement using Emerging Markets and Conditioning Information, World Bank Conference on Emerging Markets, September 1993.
  • Predictable Risk and Returns in Emerging Markets, Columbia University, September 1993
  • Predictable Risk and Returns in Conditional Asset Allocation Strategies, Batterymarch Financial Management, Boston, June 1993.
  • Predictable Risk and Returns in Emerging Markets, Western Finance Association, Whisler, May 1993.
  • Predictable Risk and Returns in Emerging Markets, CEPR, Maastricht, May 1993.
  • Predictable Risk and Returns in Emerging Markets, Stockholm School of Economics, May 1993.

1992

  • Predictable Risk and Returns in Emerging Markets, University of California at Los Angeles, November 1992.
  • What Determines Expected International Asset Returns?, University of Rochester, October 1992.
  • What Determines Expected International Asset Returns?, Cornell University, October 1992.
  • The Risk and Predictability of International Equity Returns, Berkeley Program in Finance, Santa Barbara, September 1992.
  • The Risk and Predictability of International Equity Returns, European Finance Association Meetings, Lisbon, September 1992.
  • Predictable Risk and Returns in Conditional Asset Allocation Strategies, ARCAS seminar, Amsterdam, July 1992.
  • The Risk and Predictability of International Equity Returns, French Finance Association Meetings, Paris, June 1992.
  • The Risk and Predictability of International Equity Returns, Western Finance Association Meetings, San Francisco, June 1992.
  • Sources of Predictability in Portfolio Returns, Association for Investment Management and Research, San Antonio, May 1992 (video presentation).
  • The Economic Justification for Global Tactical Asset Allocation: The Risk and Predictability of International Equity Returns, Foundation for Research in International Banking and Finance, New York, May 22, 1992.
  • Predictable Risk and Returns in Emerging Markets, Virginia Polytechnical Institute, March 1992.

1991

  • The Risk and Predictability of International Equity Returns, North Carolina State University, November 1991.
  • The Risk and Predictability of International Equity Returns, Stanford University, October 1991.
  • The Risk and Predictability of International Equity Returns, University of California at Berkeley, October 1991.
  • Information Trading and Fixed Income Volatility, European Finance Association, Rotterdam, August 1991.
  • The Specification of the Earnings-Returns Relation, American Accounting Association, Nashville, August 1991.
  • Seasonality and Consumption-Based Asset Pricing, Western Finance Association, Jackson Lake, June 1991.
  • The Specification of Conditional Expectations, University of Chicago, May 1991.

1990

  • The World Price of Covariance Risk, American Finance Association, Washington, December 1990.
  • The World Price of Covariance Risk, Washington University - St. Louis, November 1990.
  • The World Price of Covariance Risk, CRSP Fall Seminar, University of Chicago, November 1990.
  • The World Price of Covariance Risk, Princeton University, October 1990.
  • The World Price of Covariance Risk, The Ohio State University, September 1990.
  • The World Price of Covariance Risk, Northwestern University, September 1990.
  • The World Price of Covariance Risk, Centre for Research in Finance, IMI Group, Rome, September 1990.
  • Market Volatility Prediction and the Efficiency of the S&P 100 Index Option Market, Northern Finance Association, Ottawa, September 1990.
  • Volatility in the Foreign Currency Futures Market, European Finance Association, Athens, August 1990.
  • Inter adn Intraday Volatility in the Foreign Currency Futures Market, Western Finance Association, Santa Barbara, June 1990.
  • The World Price of Covariance Risk, Helsinki School of Economics, June 1990.
  • The Variation of Economic Risk Premiums, Helsinki School of Economics, June 1990.
  • The World Price of Covariance Risk, MIT, May 1990.
  • The World Price of Covariance Risk, Federal Reserve Bank, Cleveland, April 1990.

1989

  • The World Price of Covariance Risk, Queen's University, November 1989.
  • The Variation of Economic Risk Premiums, European Finance Association, Stockholm, September 1989.
  • The Specification of Conditional Expectations, European Finance Association, Stockholm, September 1989.
  • The Variation of Economic Risk Premiums, Vanderbilt University, August 1989.
  • The Specification of Conditional Expectations, Western Finance Association, Seattle, June 1989.
  • The Variation of Economic Risk Premiums, Center for Research in Security Prices, Chicago, May 4, 1989.
  • Keeping Score, CBOT Futures and Options Conference, Scottsdale, February 1989.

1988

  • Time-Varying Conditional Covariances in Tests of Asset Pricing Models, European Finance Association, Istanbul,September 1988.
  • Time-Varying Conditional Covariances in Tests of Asset Pricing Models, Western Finance Association, Napa, June 1988.
  • Time-Varying Conditional Covariances in Tests of Asset Pricing Models, Johnson Symposium, University of Wisconsin, Madison, June 1988.

1987

  • Seasonality Heteroskedasticity in Asset Pricing Tests, American Finance Association, Chicago, December 1987.
  • Seasonality Heteroskedasticity in Asset Pricing Tests, Western Finance Association, San Diego, June 1987.

*External Work

Professor Harvey has wide-ranging consulting experience. He currently holds two directorships and is a consultant to some of the world's leading asset management firms. Harvey specializes in the construction of global equity and fixed income allocation models. Additional details are available on request.

*Doctoral Supervision

  • Hai Huang(currently at Duke-Fuqua)
  • Krishnamoorthy Narasimhan (currently at Penn-Wharton)
  • Andrew Roper (currently at Wisconsin)
  • Emma Rasiel (currently at Duke-Economics)
  • Ashish Gehani (currently at Duke-Computer Science)
  • Arman Glodjo (in progress at Duke-Fuqua)
  • Chris Lundblad (currently at Indiana)
  • Brian Balyeat (currently at Texas A&M)
  • Christopher Kirby (currently at Rice University)
  • Ahktar Siddique (Office of Currency Management)
  • Kjell Nordal [from Norges Handelshøyskole] (currently at Boston University)
  • Kim Numelin [from Svenska Handelshögskolan] (currently at Svenska Handelshögskolan)
  • Nicholas Bollen (currently at Vanderbilt University)
  • Subitha Subramaniam (currently at Union Bank of Switzerland)
  • Peter Muio (currently at Bankers Trust).

*Public Relations

  • TV: 5 interviews on CNBC, 2 on CNN.

  • Press: research featured in 8 New York Times, 4 Wall Street Journal, 3 Business Week, and 1 Forbes. Numerous wire stories on AP, Reuters, and Bloomberg. Example, "The Graham-Harvey Test," Forbes, June 19, 1995.

Updated January 2006.