Campbell R. Harvey is a professor of finance at the Fuqua School of Business, Duke University, and a research associate at the National Bureau of Economic Research (NBER).
Key contributions in this collection
- Reports of Value’s Death May Be Greatly Exaggerated (2021): with robert-arnott, Kalesnik, and Linnainmaa, analyzed whether the value premium has disappeared. Concluded that value’s post-2007 underperformance is driven by revaluation (widening spreads), not by a structural breakdown, and that extreme value spreads forecast future outperformance. See value.
Intellectual stance
- “…and the Cross-Section of Expected Returns” (2016): with Liu and Zhu, catalogued 316 published factors and developed a multiple testing framework showing that new factors need t > 3.0 to be credible. Argued that “most claimed research findings in financial economics are likely false.” See factor-zoo.
Intellectual stance
Harvey is known for rigorous statistical scrutiny of asset pricing factors, particularly regarding data mining and multiple testing problems. His broader work on evaluating the reliability of published financial anomalies provides important context for assessing claims about factor death.