The Paul Woolley Centre produces world-class research relating to understanding the workings of capital markets and the social efficiency of allocations achieved in these markets. Full listings of published material can be found in these archives. As well as the latest work, you can browse publications from previous years. For any media enquiries related to our work please contact us.

Academic journals

Influential research by members of the Paul Woolley Centre has been published in some of the most recognised international journals in the field. 

Below is a collection of notable papers published in the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Econometrica, and Review of Economic Studies.








  • Basak, Suleyman and Chabakauri, Georgy (2012) Dynamic hedging in incomplete markets: a simple solution. Review of Financial Studies, 25 (6). pp. 1845-1896. ISSN 0893-9454
  • Cohen, Lauren and Lou, Dong (2012) Complicated firms. Journal of Financial Economics, 104 (2). pp. 383-400. ISSN 0304-405X
    • Winner of First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, 2011
    • Winner of Best Paper Prize, the Center for Research in Security Prices (CRSP) Forum, 2010
    • Winner of Institute for Quantitative Investment Research (INQUIRE UK) Grant, 2010
    • Winner of First Prize, Istanbul Stock Exchange 25th Anniversary Best Paper Competition, 2010
    • Winner of Paul Woolley Center (UTS) Academic Grant, 2010
  • Lou, Dong (2012) A flow-based explanation for return predictability. Review of Financial Studies, 25 (12). pp. 3457-3489. ISSN 0893-9454 
  • Vayanos, Dimitri and Wang, Jiang (2012) Liquidity and asset returns under asymmetric information and imperfect competition. Review of Financial Studies, 25 (5). pp. 1339-1365. ISSN 0893-9454 


Working papers

The latest research from Paul Woolley Centre members is made available in our working papers collection. This cutting edge work is free to download, and designed to inspire scholarly debate. As well as the latest works, previous papers are archived by year.




  • Capital Requirements and Asset Prices
    Georgy Chabakauri and Brandon Yueyang Han
    The Paul Woolley Centre Paper Series No 55, January 2017
    • European Finance Association Best Conference Paper Award
    • SFS Finance Cavalcade Best Paper Award in Asset Pricing
    • European Winter Finance Symposium Best Paper Prize in Memory of S. Bhattacharya

  • Financial Choice and Financial Information
    Peter Kondor and Botond Koszegi
    The Paul Woolley Centre Paper Series No 54, May 2017
  • The Quanto Theory of Exchange Rates
    Ian Martin and Lukas Kremens
    The Paul Woolley Centre Paper Series No 53, July 2017






Articles for general readership

Members of the Paul Woolley Centre occasionally contribute non-technical articles for websites and the mainstream press on issues of current public interest.

Why investors should be weaned off tight tracking to market indices
Paul Woolley and Dimitri Vayanos
December 2017

Curse of the Benchmarks
Dimitri Vayanos and Paul Woolley
March 2016

The Great Risk/Return Inversion - Who Loses Out?
Andrea Buffa, Dimitri Vayanos and Paul Woolley
September 2014

Ballooning Finance
21 August 2014

The Fallibility of the Efficient Market Theory: a new paradigm
CFA Institute Conference Proceedings Quarterly
22 April 2014

Chasing trends is a dangerous game 
Financial Times
16 October 2013

Momentum Investing is bad for your wealth 
Financial Times
12 July 2013

Long-term battle to expel short-term risk 
Financial Times
13 March 2013

Taming the finance monster.
Central Banking Journal
December 2012 Issue.

Investors must rediscover their patience.
Financial Times
16 August 2012

Investing for your own and the greater good.
Alliance Journal for foundations
June 2012 

New light on choice of investment strategy 
18 January 2012 

The Future of Finance: Chapter 3.
London School of Economics
July 2010

Rent Capture Through Financial Innovation. 
25 March 2010 

Capital Market Theory after the Efficient Market Hypothesis. 
5 October 2009