Paul is a co-founder and director of Ricardo Research.

Paul’s career has spanned the private sector, academia and policy-orientated institutions. Starting working life in stockbroking, latterly as a partner in his firm, he then went on to study Economics at the University of York (UK) receiving a BA and D Phil. He was Esmée Fairbairn Lecturer in Finance at York 1970-76, also serving as Specialist Advisor to the House of Lords Committee on the EEC 1975-76. He was at the International Monetary Fund in 1976-83, initially as an Economist and later as an Advisor and then head of the division responsible for the Fund’s borrowing and investment activities.

Returning to the UK, Paul served four years on the board of merchant bank, Baring Brothers. In 1987 he co-founded and was Managing Director of GMO Woolley, the London affiliate of GMO, serving on the GMO board (1998-2003).

Paul returned to academic life in 2007, funding the Paul Woolley Centre for the Study of Capital Market Dysfunctionality at the LSE. He is a Senior Fellow at the LSE and a member of the Centre’s research team. He has co-authored a number of academic papers and books, and writes occasional policy op-eds.

Dimitri is an unremunerated non-executive director of Ricardo Research, with the role of overseeing the academic and technical content of the intellectual capital developed by the firm.

Dimitri is Professor of Finance at the London School of Economics, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. He is a Fellow of the British Academy; a Director and former Managing Editor of the Review of Economic Studies; a Research Fellow at the Centre for Economic Policy Research and a former Director of its Financial Economics program; a Research Associate at the National Bureau of Economic Research; and a former Director of the American Finance Association.

His research, published in leading economics and finance journals, focuses on financial markets, and especially on what drives market liquidity, why asset prices can differ from fundamental value, why bubbles and crises can occur, and what are appropriate regulatory and policy responses. He is a former editor of the blog Greek Economists for Reform, one of the editors of the book “Beyond Austerity: Reforming the Greek Economy”, and one of the authors of the European Safe Bonds (ESBies) proposal.

Phil is a co-founder and unremunerated non-executive director of Ricardo Research.

Phil has 18 years’ experience in the pensions and investment industry. Before co-founding Ricardo Research, Phil was a Partner and Global Director of Strategic Research at Mercer. In that role, Phil had responsibility for developing intellectual capital on strategic and dynamic asset allocation, new asset class ideas and broad themes relating to the economic environment. Phil has worked with large institutional investors in many countries to help them address a wide range of investment challenges.

Phil is a regular speaker at conferences and industry events and is often quoted in the financial press. Phil holds a first class degree in Mathematics from the University of Warwick and is a Fellow of the Institute and Faculty of Actuaries.

Our Latest Idea

Fiduciary duty in dysfunctional markets

Financial markets play a central role in the capitalist economy, allocating new savings to productive investment, acting as a signalling device to corporate management, and providing liquidity to investors. The efficient markets paradigm claims that competition among investors keeps asset prices close to fair value. A new interpretation contends that stock markets have morphed into a contest between two sets of investors: those seeking short-term gain matched against those targeting long-term value. This unending battle corrupts prices, creates macroeconomic instability and costs vast sums in asset management fees.

Tell Me More
View All

of our latest ideas

Our Blog

Giant funds must curb short-termism

Many of the problems of present-day finance have their origins in the horizons set along the investment chain. The key players in this chain are the giant pension, sovereign wealth and endowment funds who appoint external asset managers, who in turn invest in companies. If these funds invest with their eyes set partially or largely on the short term, it sends a clear message down the line and embeds similar standards throughout the capitalist system.

Tell Me More
View All

of our latest blogs