Portrait of Professor Andrew Clare

Professor Andrew Clare

Professor of Asset Management

Bayes Business School, Faculty of Finance

Contact

Visit Andrew Clare

Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Andrew is the Professor of Asset Management at Bayes Business School (formerly Cass). Before joining the School he worked as a Senior Research Manager in the Monetary Analysis wing of the Bank of England which supported the work of the Monetary Policy Committee. Andrew also worked as the Financial Economist for Legal and General Investment Management (LGIM), where he was responsible for the group's investment process and where he began the development of LGIM's initial Liability Driven Investment offering. He is the co-author of “The Trustee Guide to Investment”, and has published extensively in both academic and practitioner journals on a wide range of economic and financial market issues. Andrew has also served on a number of Pension scheme Trustee Boards (including for Magnox, Marconi, Amey) and currently serves on a number of Investment Oversight Committees Investment Oversight Committees (including for Quilter plc, and Quilter Financial Planning).

Qualifications

BA Hons, MSc and PhD.

Expertise

Primary topics

  • Hedge Funds
  • Fund Management
  • Investment Management
  • Asset Pricing
  • Economics
  • Pension Funds
  • Financial Markets
  • Investment Theory
  • Bond Markets
  • Capital Markets
  • Asset Valuation

Research

Research topics

Pension funds

Modelling pension funds

Alternative investments

Fund manager performance

Identifying the characteristics of successful fund managers

Asset Allocation

Research students

Miguel Corte Real

Attendance: Sep 2010 – present

Thesis title: Risk management for fund managersRisk management for fund managers

Role: 1st Supervisor

Hartwig Kos

Attendance: Aug 2010 – present, full-time

Thesis title: Currency trading

Role: 1st Supervisor

Meadhbh Sherman

Attendance: Sep 2009 – Jul 2012, full-time

Thesis title: Fund Manager performance

Role: 1st Supervisor

Nashwa Saleh

Attendance: Sep 2008 – Mar 2012, full-time

Thesis title: Early Warning Systems for Bank Systemic Failure

Role: 1st Supervisor

Anna Sarkaysan

Attendance: Jun 2008 – May 2011, full-time

Thesis title: Bank Securitisation

Role: 2nd Supervisor

Ms S Sapuric

Attendance: Oct 2005 – Aug 2008, full-time

Thesis title: Three essays in fund management

Role: 1st Supervisor

Nick Motson

Attendance: Oct 2005 – May 2008, full-time

Thesis title: Hedge funds

Role: 1st Supervisor

Publications

Book

  1. Clare, A. and Wagastaff, C. (2011). The Trustee Guide to Investment. London: Palgrave Macmillan. ISBN 0-230-24424-6.

Chapters (2)

  1. Clare, A., Gwilym, O.A., Seaton, J. and Thomas, S. (2009). Explaining International Equity Valuation Ratios: The Role of Commodity Price Inflation and Relative Asset Volatilities. In Lloyd Les, (Ed.),
  2. Clare, A., Johnson, M., Proudman, J. and Saporta, V. (1999). The Impact of UK Macroeconomic Announcements on the Market for Gilts. In Settlements, B.F.I. (Ed.), Market Liquidity: Research Findings and Selected Policy Implications (pp. 1–16).

Journal articles (107)

  1. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2023). Using the Minimum Acceptable Annual Withdrawal with the Perfect Withdrawal Rate Rule. The Journal of Retirement, 11(1), pp. 34–55. doi:10.3905/jor.2023.1.131.

    [publisher’s website]

  2. Jang, C., Clare, A. and Owadally, I. (2022). Glide paths for a retirement plan with deferred annuities. Journal of Pension Economics and Finance, 21(4), pp. 565–581. doi:10.1017/s1474747221000251.

    [publisher’s website]

  3. Clare, A. (2022). Is there a boutique asset management premium? Evidence from the European fund management industry. Journal of Asset Management, 23(1), pp. 19–32. doi:10.1057/s41260-021-00245-x.

    [publisher’s website]

  4. Clare, A., Sherman, M., O'Sullivan, N., Gao, J. and Zhu, S. (2022). Manager characteristics: Predicting fund performance. International Review of Financial Analysis, 80. doi:10.1016/j.irfa.2022.102049.
  5. Jang, C., Owadally, I., Clare, A. and Kashif, M. (2022). Lifetime consumption and investment with housing, deferred annuities and home equity release. Quantitative Finance, 22(1), pp. 129–145. doi:10.1080/14697688.2021.1993624.

    [publisher’s website]

  6. Owadally, I., Jang, C. and Clare, A. (2021). Optimal investment for a retirement plan with deferred annuities allowing for inflation and labour income risk. European Journal of Operational Research, 295(3), pp. 1132–1146. doi:10.1016/j.ejor.2021.03.052.

    [publisher’s website]

  7. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2021). Perfect Withdrawal in a Noisy World: Investing Lessons with and without Annuities while in Drawdown between 2000 and 2019. The Journal of Retirement, 9(1), pp. 9–39. doi:10.3905/jor.2021.1.090.

    [publisher’s website]

  8. Owadally, I., Jang, C. and Clare, A. (2021). Optimal investment for a retirement plan with deferred annuities. Insurance: Mathematics and Economics, 98, pp. 51–62. doi:10.1016/j.insmatheco.2021.02.001.

    [publisher’s website]

  9. Clare, A., Cuthbertson, K., Nitzsche, D. and O'Sullivan, N. (2021). How skilful are US fixed-income fund managers? International Review of Financial Analysis, 74, pp. 101673–101673. doi:10.1016/j.irfa.2021.101673.

    [publisher’s website]

  10. Clare, A.D., Seaton, J., Smith, P.N. and Thomas, S.H. (2021). Can sustainable withdrawal rates be enhanced by trend following? International Journal of Finance & Economics, 26(1), pp. 27–41. doi:10.1002/ijfe.1774.

    [publisher’s website]

  11. Clare, A., Glover, S., Seaton, J., Smith, P.N. and Thomas, S. (2020). Measuring Sequence of Returns Risk. The Journal of Retirement, 8(1), pp. 65–79. doi:10.3905/jor.2020.1.066.

    [publisher’s website]

  12. Clare, A.D., Seaton, J., Smith, P.N. and Thomas, S.H. (2019). Can Sustainable Withdrawal Rates Be Enhanced by Trend Following? International Journal of Finance and Economics. doi:10.1002/ijfe.1774.
  13. Clare, A. and Clare, M. (2019). An examination of ex ante fund performance: identifying indicators of future performance. Journal of Asset Management, 20(3), pp. 175–195. doi:10.1057/s41260-019-00118-4.

    [publisher’s website]

  14. Clare, A., O'Sullivan, N., Sherman, M. and Zhu, S. (2019). The performance of US bond mutual funds. International Review of Financial Analysis, 61, pp. 1–8. doi:10.1016/j.irfa.2018.12.001.

    [publisher’s website]

  15. Moss, A., Clare, A., Thomas, S. and Seaton, J. (2017). Can sector-specific REIT strategies outperform a diversified benchmark? Journal of European Real Estate Research, 10(3), pp. 366–383. doi:10.1108/jerer-11-2016-0042.

    [publisher’s website]

  16. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2017). Reducing Sequence Risk Using Trend Following and the CAPE Ratio. Financial Analysts Journal, 73(4), pp. 91–103. doi:10.2469/faj.v73.n4.5.

    [publisher’s website]

  17. Clare, A. (2017). The performance of long-serving fund managers. International Review of Financial Analysis, 52, pp. 152–159. doi:10.1016/j.irfa.2017.07.001.

    [publisher’s website]

  18. Moss, A., Clare, A., Seaton, J. and Thomas, S. (2017). The Blended Approach to Real Estate Allocations: Performance Implications of Combining an Exposure to German Spezialfonds with Global Listed Real Estate Securities. Alternative Investment Analysts' Review.
  19. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2017). Size Matters: Tail Risk, Momentum, and Trend Following in International Equity Portfolios. The Journal of Investing, 26(3), pp. 53–64. doi:10.3905/joi.2017.26.3.053.
  20. Clare, A., Duygun, M., Azzim Gulamhussen, M. and Pozzolo, A.F. (2016). Bank business models, regulation, and the role of financial market participants in the global financial crisis☆. Journal of Banking & Finance, 72. doi:10.1016/j.jbankfin.2016.10.007.

    [publisher’s website]

  21. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2016). The trend is our friend: Risk parity, momentum and trend following in global asset allocation. Journal of Behavioral and Experimental Finance, 9, pp. 63–80. doi:10.1016/j.jbef.2016.01.002.

    [publisher’s website]

  22. Clare, A., Sherman, M.B. and Thomas, S. (2016). Multi-asset class mutual funds: Can they time the market? Evidence from the US, UK and Canada. Research in International Business and Finance, 36, pp. 212–221. doi:10.1016/j.ribaf.2015.09.011.

    [publisher’s website]

  23. Agyei-Ampomah, S., Clare, A., Mason, A. and Thomas, S. (2015). On luck versus skill when performance benchmarks are style-consistent. Journal of Banking & Finance, 59, pp. 127–145. doi:10.1016/j.jbankfin.2015.05.013.

    [publisher’s website]

  24. Moss, A., Clare, A., Thomas, S. and Seaton, J. (2015). Trend following and momentum strategies for global reits. Journal of Real Estate Portfolio Management, 21(1), pp. 21–31.
  25. Clare, A., Motson, N.E., Payne, R. and Thomas, S. (2014). Heads We Win, Tails You Lose. Why Don't More Fund Managers Offer Symmetric Performance Fees? SSRN.
  26. Clare, A., Motson, N., Sapuric, S. and Todorovic, N. (2014). What impact does a change of fund manager have on mutual fund performance? International Review of Financial Analysis, 35, pp. 167–177. doi:10.1016/j.irfa.2014.08.005.

    [publisher’s website]

  27. Clare, A., O'Sullivan, N. and Sherman, M. (2014). Family status and mutual fund performance. Journal of Asset Management, 15(3), pp. 163–175. doi:10.1057/jam.2014.19.

    [publisher’s website]

  28. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2014). Trend following, risk parity and momentum in commodity futures. International Review of Financial Analysis, 31, pp. 1–12. doi:10.1016/j.irfa.2013.10.001.
  29. Casu, B., Clare, A., Sarkisyan, A. and Thomas, S. (2013). Securitization and Bank Performance. Journal of Money, Credit and Banking, 45(8), pp. 1617–1658. doi:10.1111/jmcb.12064.
  30. Clare, A., Nitzsche, D. and Sherman, M. (2013). Mutual fund performance and management location. Journal of Asset Management, 14(6), pp. 336–353. doi:10.1057/jam.2013.23.

    [publisher’s website]

  31. Clare, A., Seaton, J., Smith, P.N. and Thomas, S. (2013). Breaking into the blackbox: Trend following, stop losses and the frequency of trading - The case of the S&P500. Journal of Asset Management, 14(3), pp. 182–194. doi:10.1057/jam.2013.11.
  32. Clare, A., Motson, N.E. and Thomas, S. (2013). An Evaluation of Alternative Equity Indices - Part 1: Heuristic and Optimised Weighting Schemes. SSRN.
  33. Thomas, S., Clare, A. and Motson, N.E. (2013). An Evaluation of Alternative Equity Indices - Part 2: Fundamental Weighting Schemes. SSRN.
  34. Clare, A., Gulamhussen, M.A. and Pinheiro, C. (2013). What factors cause foreign banks to stay in London? Journal of International Money and Finance, 32(1), pp. 739–761. doi:10.1016/j.jimonfin.2012.06.007.
  35. Caiazza, S., Clare, A. and Pozzolo, A.F. (2012). What do bank acquirers want? Evidence from worldwide bank M&A targets. Journal of Banking & Finance, 36(9), pp. 2641–2659. doi:10.1016/j.jbankfin.2012.06.004.

    [publisher’s website]

  36. Gwilym, O.A., Clare, A., Seaton, J. and Thomas, S. (2012). Tactical equity investing across bull and bear markets. Journal of Wealth Management, 14(4), pp. 61–69. doi:10.3905/jwm.2012.14.4.061.
  37. Gwilym, O.A., Clare, A., Seaton, J. and Thomas, S. (2011). Gold stocks, the gold price and market timing. Journal of Derivatives and Hedge Funds, 17(3), pp. 266–278. doi:10.1057/jdhf.2011.16.
  38. Clare, A., Gwilym, O.A., Seaton, J. and Thomas, S. (2011). Explaining international equity valuation ratios: The roles of commodity price inflation and relative asset volatilities. Journal of Asset Management, 12(1), pp. 11–29. doi:10.1057/jam.2009.36.
  39. Clare, A., Gwilym, O.A., Seaton, J. and Thomas, S. (2011). Explaining international equity valuation ratios : The roles of commodity price inflation and relative asset volatilities. Journal of Asset Management, 12, p. 29.
  40. Casu, B., Clare, A., Sarkisyan, A. and Thomas, S. (2011). Does securitization reduce credit risk taking? Empirical evidence from US bank holding companies. EUROPEAN JOURNAL OF FINANCE, 17(9-10), pp. 769–788. doi:10.1080/1351847X.2010.538526.
  41. Clare, A., Nitzsche, D. and Cuthbertson, K. (2010). An empirical investigation into the performance of UK pension fund managers. Journal of Pension Economics and Finance, 9(4), pp. 533–547. doi:10.1017/S1474747209990138.
  42. Clare, A., Sapuric, S. and Todorovic, N. (2010). Quantitative or momentum-based multi-style rotation? UK experience. Journal of Asset Management, 10(6), pp. 370–381. doi:10.1057/jam.2009.19.
  43. ap Gwilym, O., Clare, A., Seaton, J. and Thomas, S. (2010). Price and Momentum as Robsut Tactical Approaches to Global Equity Investing. Journal of Investing, 19(3), pp. 80–91. doi:10.3905/joi.2010.19.3.080.
  44. Casu, B., Sarkisyan, A., Clare, A. and Thomas, S. (2010). Le cartolarizzazioni migliorano la performance delle banche?
    Alcune evidenze empiriche sulle banche commerciali statunitensi.     Bancaria, Special Issue.
  45. Clare, A. and Motson, N. (2009). Locking in the profits or putting it all on black? an empirical investigation into the risk-taking behavior of hedge fund managers. Journal of Alternative Investments, 12(2), pp. 7–25. doi:10.3905/JAI.2009.12.2.007.
  46. Gwilym, O.A., Clare, A.D., Seaton, J. and Thomas, S.H. (2009). Dividends and Momentum. The Journal of Investing, 18(2), pp. 42–49. doi:10.3905/joi.2009.18.2.042.

    [publisher’s website]

  47. Brigden, A., Clare, A., Driver, R. and Selvaggi, M. (2009). The road to buy-out. Pensions, 14(2), pp. 90–110. doi:10.1057/pm.2009.5.
  48. Clare, A., Gwilym, O., Seaton, J. and Thomas, S. (2009). Explaining International Equity Valuation Ratios: The Roles of Commodity Price Inflation and Relative Asset Volatilities. Journal of Asset Management, 12, 1,, p. 29.
  49. Ap Gwilym, O., Clare, A., Seaton, J. and Thomas, S. (2009). Consistent dividend growth investment strategies. Journal of Wealth Management, 12(3), pp. 113–124. doi:10.3905/jwm.2009.12.3.113.
  50. Brigden, A., Clare, A. and Dhar, S. (2008). By how much can a diversified approach to investing improve the prospects of reducing a DB pension deficit? Pensions: An International Journal, 13(3), pp. 136–150. doi:10.1057/pm.2008.19.

    [publisher’s website]

  51. Brooks, C., Clare, A. and Motson, N. (2008). The gross truth about hedge fund performance and risk the impact of incentive fees. Journal of Financial Transformation, 24, pp. 31–40.
  52. Brooks, C., Clare, A.D., Dalle Molle, J.W. and Persand, G. (2005). A comparison of extreme value theory approaches for determining value at risk. Journal of Empirical Finance, 12(2), pp. 339–352. doi:10.1016/j.jempfin.2004.01.004.
  53. Brooks, C., Clare, A.D. and Persand, G. (2002). A note on estimating market-based minimum capital risk requirements: a multivariate GARCH approach. The Manchester School, 70(5), pp. 666–681. doi:10.1111/1467-9957.00319.
  54. Clare, A. and Priestley, R. (2002). Calculating the probability of failure of the Norwegian banking sector. Journal of Multinational Financial Management, 12(1), pp. 21–40. doi:10.1016/s1042-444x(01)00029-9.

    [publisher’s website]

  55. Clare, A. and Priestley, R. (2002). Calculating the probability of failure of the Norwegian banking sector. , 12(1), pp. 21–40.
  56. Clare, A. and Moschetti, P. (2002). Aggregate market returns and UK unit trust net acquisitions. Applied Financial Economics, 12(7), pp. 457–467.
  57. BROOKS, C., CLARE, A.D. and PERSAND, G. (2002). An Extreme Value Theory Approach to Calculating Minimum Capital Risk Requirements. The Journal of Risk Finance, 3(2), pp. 22–33. doi:10.1108/eb043485.

    [publisher’s website]

  58. Clare, A., Morgan, G. and Thomas, S. (2002). Direct Evidence of Non-trading on the London Stock Exchange. Journal of Business Finance and Accounting, 29, pp. 29–54.
  59. Clare, A., Morgan, G. and Thomas, S. (2002). Direct Evidence of Non-trading on the London Stock Exchange. Journal of Business Finance & Accounting, 29(1&2), pp. 29–53.
  60. Clare, A.D. and Oozeer, M.C. (2001). Hedging sterling eurobond portfolios: a proposal for eurobond futures contract. Applied Financial Economics, 11(1), pp. 37–44. doi:10.1080/09603100150210246.

    [publisher’s website]

  61. Clare, A. and Courtenay, R. (2001). Assessing the impact of macroeconomic news announcements on securities prices under different monetary policy regimes
    (Working paper No 125).     Bank of England Quarterly Bulletin, 41(1), pp. 123–123.
  62. Clare, A. (2001). The information in UK company profit warnings. Bank of England Quarterly Bulletin, 41(1), pp. 104–109.
  63. Brooks, C., Clare, A.D. and Persand, G. (2000). A word of caution on calculating market-based minimum capital risk requirements. Journal of Banking & Finance, 24(10), pp. 1557–1574. doi:10.1016/s0378-4266(99)00092-8.

    [publisher’s website]

  64. Clare, A., Brooke, M. and Lekkos, I. (2000). A comparison of long bond yields in the United Kingdom, the United States, and Germany. Bank of England Quarterly Bulletin, 40(2), pp. 150–158.
  65. Clare, A., Ioannides, M. and Skinner, F.S. (2000). Hedging corporate bonds with stock index futures: a word of caution. Journal of Fixed Income, 10(2), pp. 25–34.
  66. Clare, A. and Courtenay, R. (2000). Financial market reactions to interest rate announcements and macroeconomic data releases. Bank of England Quarterly Bulletin, 40(3), pp. 266–273.
  67. Clare, A., Oozeer, M.C., Priestley, R. and Thomas, S.H. (2000). Modelling the risk premium in the eurodollar bond market. Journal of Fixed Income, 9(4), pp. 61–74.
  68. Ap Gwilym, O., Brooks, C., Clare, A. and Thomas, S. (1999). Tests of non-linearity using LIFFE futures transactions price data. The Manchester School, 67(2), pp. 167–186. doi:10.1111/1467-9957.00140.

    [publisher’s website]

  69. Clare, A. and Kaplan, P. (1999). A macroeconomic model of the equity risk premium. Corporate Finance Review, (Summer), pp. 26–34.
  70. Buckle, M.J., Clare, A.D. and Thomas, S.H. (1999). Developing a Trading Rule from the FTSE-100 Stock Index Futures Contract: Evidence in Support of the EMH. Journal of Business Finance and Accounting, 26(1/2), pp. 249–260.
  71. Andrade, I.C., Clare, A.D., O'Brien, R.J. and Thomas, S.H. (1999). Tests for Stochastic Seasonality Applied to Daily Financial Time Series. Manchester School, 67(1), pp. 39–59. doi:10.1111/1467-9957.00132.
  72. Gwilym, O.A., Brooks, C., Clare, A. and Thomas, S. (1999). Tests of Non-Linearity Using Liffe Futures Transactions Price Data. Manchester School, 67, pp. 167–186.
  73. ap Gwilym, O., Clare, A. and Thomas, S. (1998). Price clustering and bid-ask spreads in international bond futures. Journal of International Financial Markets, Institutions and Money, 8(3-4), pp. 377–391. doi:10.1016/s1042-4431(98)00045-6.

    [publisher’s website]

  74. Gwilym, O.A., Buckle, M., Clare, A.D. and Thomas, S.H. (1998). The Transaction-by-Transaction Adjustment of Interest Rate and Equity Index Futures Markets to Macroeconomic Announcements. The Journal of Derivatives, 6(2), pp. 7–17. doi:10.3905/jod.6.2.7.

    [publisher’s website]

  75. Clare, A.D., Priestley, R. and Thomas, S.H. (1998). Reports of beta's death are premature: Evidence from the UK. Journal of Banking & Finance, 22(9), pp. 1207–1229. doi:10.1016/s0378-4266(98)00050-8.

    [publisher’s website]

  76. ap Gwilym, O., Clare, A. and Thomas, S. (1998). Extreme price clustering in the London equity index futures and options markets. Journal of Banking & Finance, 22(9), pp. 1193–1206. doi:10.1016/s0378-4266(98)00054-5.

    [publisher’s website]

  77. Gwilym, O.A., Clare, A. and Thomas, S. (1998). The bid-ask spread on stock index options: An ordered probit analysis. Journal of Futures Markets, 18(4), pp. 467–485. doi:10.1002/(sici)1096-9934(199806)18:43.0.co;2-r.

    [publisher’s website]

  78. Clare, A., O’Brien, R., Thomas, S. and Wickens, M. (1998). Macroeconomic shocks and the CAPM: evidence from the UK stockmarket. International Journal of Finance & Economics, 3(2), pp. 111–126. doi:10.1002/(sici)1099-1158(199804)3:23.0.co;2-l.

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  79. Clare, A. and Priestley, R. (1998). Evidence in support of the CAPM from three South-East Asian stock markets. Ekonomia, 2(2), pp. 145–154.
  80. Clare, A. and Priestley, R. (1998). Risk factors in the Malaysian stock market. Pacific-Basin Finance Journal, 6, pp. 103–114.
  81. Gwilym, O., a, O., Clare, A. and Thomas, S. (1998). The Bid-Ask Spread on Stock Index Options: An Ordered Probit Analysis. Journal of Futures Markets, 18, pp. 467–485.
  82. Clare, A., Ibrahim, M.S.B. and Thomas, S.H. (1998). The Impact of Settlement Procedures on Day-of-the-week Effects: Evidence from the Kuala Lumpur Stock Exchange. Journal of Business Finance and Accounting, 25(3/4), pp. 401–418. doi:10.1111/1468-5957.00194.
  83. Clare, A., Priestley, R. and Thomas, S. (1997). Is Beta dead? The role of alternative estimation methods. APPLIED ECONOMICS LETTERS, 4(9), pp. 559–562.
  84. Clare, A.D., Smith, P.N. and Thomas, S.H. (1997). UK stock returns and robust tests of mean variance efficiency. Journal of Banking & Finance, 21(5), pp. 641–660. doi:10.1016/s0378-4266(96)00058-1.

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  85. Clare, A., Priestley, R. and Thomas, S.H. (1997). Stock return predictability or mismeasured risk? Applied Financial Economics, 7, pp. 679–688.
  86. Clare, A., Garrett, I. and Jones, G. (1997). Testing for seasonal patterns in conditional return volatility: evidence from Asia-Pacific markets. Applied Financial Economics, 7, pp. 517–524.
  87. Barron, M.J., Clare, A.D. and Thomas, S.H. (1997). The Effect of Bond Rating Changes and New Ratings on UK Stock Returns. Journal of Business Finance and Accounting, 24(3/4), pp. 497–510.
  88. Clare, A., Priestley, R. and Thomas, S. (1997). The Robustness of the APT to Alternative Estimators. Journal of Business Finance and Accounting, 24(5), pp. 645–655. doi:10.1111/1468-5957.00126.
  89. Clare, A. and Priestley, R. (1996). Estimating the cost of capital of the UK's newly privatized utilities. APPLIED ECONOMICS LETTERS, 3(10), pp. 653–657.
  90. Clare, A., OBrien, R., Smith, P.N. and Thomas, S. (1996). Global macroeconomic shocks, time-varying covariances and tests of the international CAPM. APPLIED ECONOMICS LETTERS, 3(2), pp. 109–113.
  91. Clare, A. (1995). THE CAPM, THE APT AND A CONTINGENT CLAIMS MODEL OF A SECURITIES HOUSE. Journal of Business Finance & Accounting, 22(8), pp. 1147–1168. doi:10.1111/j.1468-5957.1995.tb00898.x.

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  92. Clare, A. and Thomas, S. (1995). THE OVERREACTION HYPOTHESIS AND THE UK STOCKMARKET. Journal of Business Finance & Accounting, 22(7), pp. 961–973. doi:10.1111/j.1468-5957.1995.tb00888.x.

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  93. Clare, A.D. (1995). Using the Arbitrage Pricing Theory to Calculate the Probability of Financial Institution Failure: Note. Journal of Money, Credit and Banking, 27(3), pp. 920–920. doi:10.2307/2077760.

    [publisher’s website]

  94. Clare, A.D., Maras, M. and Thomas, S.H. (1995). THE INTEGRATION AND EFFICIENCY OF INTERNATIONAL BOND MARKETS. Journal of Business Finance & Accounting, 22(2), pp. 313–322. doi:10.1111/j.1468-5957.1995.tb00687.x.

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  95. Clare, A. and Miffre, J. (1995). A note on forecasting the CAC 40 and DAX stock index futures. Applied Economic Letters, 2, p. 327.
  96. Clare, A. (1995). An Analysis of Seasonality in the U.K. Equity Market. Economic Journal, 105(429), pp. 398–409.
  97. ANDRADE, I. and CLARE, A. (1994). IS THE UK TREASURY BILL RATE A GOOD PROXY FOR EXPECTED INFLATION IN THE UNITED-KINGDOM. ECONOMICS LETTERS, 45(3), pp. 335–341. doi:10.1016/0165-1765(94)90034-5.
  98. Clare, A.D. and Thomas, S.H. (1994). MACROECONOMIC FACTORS, THE APT AND THE UK STOCKMARKET. Journal of Business Finance & Accounting, 21(3), pp. 309–330. doi:10.1111/j.1468-5957.1994.tb00322.x.

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  99. Clare, A.D., Thomas, S.H. and Wickens, M.R. (1994). Is the Gilt-Equity Yield Ratio Useful for Predicting UK Stock Returns? The Economic Journal, 104(423), pp. 303–303. doi:10.2307/2234751.

    [publisher’s website]

  100. Clare, A. and Thomas, S. (1993). Relative price variability and inflation in an equilibrium price misperceptions' model: Evidence for the UK. Economics Letters, 42, p. 51.
  101. Clare, A., Smith, P.N. and Thomas, S. (1993). Predicting UK stock returns and robust tests of mean variance efficiency. .
  102. Clare, A.D. and Thomas, S.H. (1992). International evidence for the predictability of bond and stock returns. Economics Letters, 40(1), pp. 105–112. doi:10.1016/0165-1765(92)90252-t.

    [publisher’s website]

  103. Andrade, I. and Clare, A. (1992). Is the UK Treasury bill rate a good proxy for expected inflation in the UK? .
  104. Clare, A. and Thomas, S. (1992). Winners and losers: UK evidence for the overreaction hypothesis. .
  105. Clare, A., McKenzie, G.W. and Thomas, S.H. (1991). The regulation of securities firms: some key issues. Rivista Internazionale di Scienze Sociali (Reprinted in Europe 1992 and Monetary Union, Edited by G. Vaciago), 99(1), pp. 119–138.
  106. Caiazza, S., Clare, A. and Pozzolo, A.F. What do foreigners want? Evidence from;targets in bank cross-border
    M&As.     .
  107. Brooks, C., Persand, G. and Clare, A. An EVT Approach to calculating Risk Capital Requirements. .

Reports (14)

  1. Clare, A., Gwilym, O.A., Seaton, J. and Thomas, S. (2010). Gold Stocks, The Gold Price and Market Timing. Cass Business School.
  2. Clare, A. and Motson, N.E. (2010). Comparing The Performance of Retail Unit Trusts and Capital Guaranteed Notes. Cass Business School.
  3. Clare, A. and Motson, N.E. (2010). Do UK Retail Investors Buy At The Top and Sell At The Bottom? Cass Business School.
  4. Clare, A. and Motson, N.E. (2009). Locking In The Profits or Putting It All on Black? An Investigation into the Risk Taking Behaviour of Hedge Fund Managers. Cass Business School.
  5. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2009). Price and Momentum as Robust Tactical Approaches to Global Equity Investing. Cass Business School.
  6. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2008). Consistent Dividend Growth Investment Strategies. Cass Business School.
  7. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2008). Dividends and Momentum. Cass Business School.
  8. Clare, A., ap Gwilym, O., Seaton, J. and Thomas, S. (2008). Dividends Resumption, Future Profitabilty and Stock Returns. Cass Business School.
  9. Clare, A., Brooks, C. and Motson, N. (2007). The Gross Truth About Hedge Fund Performance and Risk: The Impact of Incentive Fees. Cass Business School.
  10. Clare, A., Todorovic, N. and Sapuric, S. (2007). The Impact of Manager Changes on Fund Performance. Cass Business School.
  11. Clare, A. and Coutenay, R. (2001). What can we learn about monetary policy transparency from financial market data ? Frankfurt: Bundesbank.
  12. Clare, A. and Lekkos, I. (2001). Decomposing the relationship between international bond markets. The Bank for International Settlements.
  13. Clare, A., Johnson, M., Proudman, J. and Saporta, V. (2000). The impact of macroeconomic news announcements on the market for gilts, market Liquidity. The Bank for International Settlements.
  14. Clare, A. and Lekkos, I. (2000). An analysis of the relationship between international bond markets. Bank of England.

Working papers (2)

  1. Clare, A. The Performance of Long-Serving Fund Managers. Elsevier BV
  2. Owadally, I., Jang, C. and Clare, A.D. Optimal Investment for a Retirement Plan with Deferred Annuities. Elsevier BV

Education

Course Directorship

- 2006 - 2016, Associate Dean
- 2004 -2006, Investment Management, Director
- 2009 - 2011, Finance & Investment, Director

Subject/Academic Leadership

Associate Dean position is still current.

Professional activities

Consultancy (9)

  1. Invesco Powershares (Private Sector) (Jul – Aug 2016)
    Fallen Angels - the investment opportunity.
  2. Invesco Powershares (Private Sector) (Jan – Sep 2015)
    Smart Beta, Parts I, II, III and IV
  3. BNY Mellon (Private Sector) (Jan – Jun 2013)
    The impact of the RDR on the UK’s market for financial advice: Challenge and opportunity
  4. Aon Consulting (Private Sector) (Jun 2012 – Feb 2013)
    An evaluation of alternative equity indices.
  5. AON Hewitt (Private Sector) (2012 – 2013)
    Channelled through School attracting matching HEFCE funding.
  6. Squire Sanders LLP (Private Sector) (2012)
    Expert Witness Work
  7. Financial Express (Private Sector) (2012)
    Quantitative work.
  8. Bank of New York Mellon (Private Sector) (2011)
    White paper.
  9. Barclays Wealth (Private Sector) (2010)
    Quantitative assessment of investor behaviour.

Events/conferences (16)

  1. Asset Allocation in Uncertain Times Conference. (Conference) Cass Business School (2012). Chair, Session/Day Chair and Organising Committee.
  2. Fund Manager Selection Conference. (Conference) London (2012). Invited speaker.
    Paper: Alternative approaches to Asset Allocation
    Author: Clare A
  3. Hermes Investment Conference. (Public lecture) London (2012). Invited speaker.
    Paper: Politics and the markets
    Author: Clare A
  4. The future of bank regulation. (Conference) Lisbon (2012). Invited speaker.
    Author: Clare A
  5. IFB Family Office Forum. (Conference) London (2012). Invited speaker.
    Paper: Asset allocation for all times
    Author: Clare A
  6. Threadneedle Investment's European Press Day. (Public lecture) London (2011).
    Paper: Has the Euro failed?
    Author: Clare A
  7. PFS National Conference, Birmingham. (Public lecture) Birmingham (2011). Invited speaker.
    Paper: Do fund managers produce alpha?
    Author: Clare A
  8. Investment for Pensions. (Public lecture) London (2011). Invited speaker.
    Paper: Diversified Growth
    Author: Clare A
  9. Investment Conference. (Public lecture) London (2011). Invited speaker.
    Paper: Trend following
    Author: Clare A
  10. Diversified Growth Investing. (Public lecture) Birmingham (2011). Invited speaker.
    Paper: The Benefits of Diversification for DB pension plans
    Author: Clare A
  11. Bank of New York Mellon DC Conference. (Public lecture) London (2011). Invited speaker.
    Paper: LDI for DC Pensions
    Author: Clare A
  12. Aviva Emerging Markets Conference. (Public lecture) Stockholm (2011). Invited speaker.
    Paper: Emerging Market Prospects
    Author: Clare A
  13. Annual PFI Conference. (Public lecture) Birmingham (2011). Invited speaker.
    Paper: Asset Allocation
    Author: Clare A
  14. Aviva Investors Pensions Summit. (Conference) (2011). Invited speaker.
    Paper: Current investment issues for pensions
    Author: Clare A
  15. Leading Lights in Fund Management Research Conference II. (Conference) Cass Business School (2010). Chair, Organising Committee and Session/Day Chair.
  16. Leading Lights in Fund Management Research Conference. (Conference) Cass Business School (2009). Chair, Session/Day Chair and Organising Committee.

Media appearances (30)

  1. Will CFA become new MBA? (2014) Financial Times (newspaper).
  2. Lessons to be learnt from Great Recession. (2014) Financial Times (newspaper).
  3. Studio GB: scimpanze meglio dei broker. (2013) Ansa.it (website).
  4. quando o assunto e acoes, macacos podem investir melhor que hommens. (2013) Dinheiro.bf.
  5. Who's switching jobs. (2012) www.cityam.com (website).
  6. Zrusit eurozonu? (2011) www.novinky.cz (website).
  7. Lifestyle failure. (2011) www.moneymarketing.co.uk (website).
  8. Die europaische Union ist am Ende. (2011) www.ch.e-fundresearch.com (website).
  9. Following trends: the key to tracking market rises but avoiding falls. (2011) www.citywire.co.uk (website).
  10. (2010) Financial Times (newspaper).
  11. (2010) www.telegraph.co.uk (website).
  12. In 10 to 20 years I expect there will be no Euro at all. (2010) www.sina.com (website).
  13. How high will inflation go? (2010) Daily Mail (newspaper).
  14. How can we cut the £1.2 trillion public sector pensions bill? (2010) Daily Mail (newspaper).
  15. New banking rules to prop up government's finances. (2009) www.dailymail.co.uk (website).
  16. Bank extens easing programme by £50bn. (2009) Financial Adviser.
  17. UK Housing is Overvalued: Professor. (2009) www.cnbc.com (website).
  18. Pension funds should ditch alpha and cut fees. (2009) www.guardian.co.uk (website).
  19. Don't get too excited about markets, it's August. (2009) www.yahoo.in (website).
  20. Can you feel it? (2009) Financial Adviser.
  21. Bye, bye Triple A. (2009) www.moneyweb.co.za (website).
  22. Discounting has someway to go. (2009) Financial Adviser.
  23. UK suspicion deters foreign students. (2009) www.islamonline.net (website).
  24. Top Fixed Rates To Tempt The Savers. (2008) www.thisisplymouth.co.uk (website).
  25. Europe aim for global bank rules meets US objection. (2008) www.bloomberg.com (website).
  26. HBOS: The crash landing. (2008) Herald (Glasgow) (newspaper).
  27. Brown bank rescue takes UK beyond Paulson debt plan. (2008) www.bloomberg.com (website).
  28. Fix savings bonds before rates fall. (2007) www.thisisstaffordshire.co.uk (website).
  29. Don't jump the premium gun just yet. (2007) Financial Adviser.
  30. It's not over until the Old Lady sings. (2007) Financial Adviser.