Prof. Amit Goyal

Amit Goyal is Professor of Finance at the University of Lausanne. His research has been published in the top finance journals worldwide and featured in the international press.

Professor Goyal revisits market efficiency at the international level. One of the prime concerns in this field of research is the existence and role of momentum—the tendency for stocks' relative past performance to be a reliable predictor of their future performance. Momentum is a market anomaly primarily documented for US stocks but only barely for international stocks. Testing the classical proxies of momentum on data for 22 non-US developed and 27 emerging markets, Professor Goyal discovers that international markets share many similarities with the US market. Indeed, the fact that information seems to dribble out slowly, as opposed to in discrete chunks, and that investors are typically (over) confident seem to be the main drivers of momentum within international equity markets. Professor Goyal actively participates in SFI Knowledge Exchange activities on bond investment strategies, risk premiums across investments, and opportunities in hedge funds.

• Financial Markets
  • Information and Market Efficiency
• Portfolio Management and Asset Classes
  • Asset Pricing
  • Behavioral Finance and Neurofinance
  • Equities
  • Fixed Income
  • Options and Other Derivatives
  • Portfolio Management
• Financial Institutions
  • Institutional Investors and Funds
  • Pension Funds