About Lucio

Lucio Sarno is Professor of Finance and Head of the Finance Group at Cambridge Judge Business School,  and JM Keynes Fellow in Financial Economics at the University of Cambridge. He is also a Professorial Fellow of Girton College, and a Research Fellow of the Centre for Economic Policy Research (CEPR).  Prior to joining the University of Cambridge, Lucio was Professor of Finance at the University of London (Bayes Business School, formerly Cass Business School), where he also served as Deputy Dean and Head of the Faculty of Finance; the Tommie Goh Distinguished Chair Professor of Finance at the Lee Kong Chian School of Business, Singapore Management University (part time); Professor of Finance at the University of Warwick, where he also served as Associate Dean of Research and Head of the Finance Group; the Schröder Fellow in Economics at University College, University of Oxford; a Post-doctoral scholar at Columbia University. 

Lucio’s main research interests are in international finance, empirical asset pricing, and asset management. In particular, he has written extensively on various aspects of currency markets.  He also has broad interests in macroeconomics and its interaction with financial markets, especially the effects of monetary and exchange rate policy on asset prices.  He is the author of over 90 articles, published in top finance journals such as the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies, as well as general and top field journals in economics and management science.  He has authored and edited several books, including the Handbook of Exchange Rates (Wiley, 2012) and the graduate textbook The Economics of Exchange Rates (Cambridge University Press, 2003).  His work is often featured or quoted in the press, including the Financial Times, the Wall Street Journal, and the New York Times.

Lucio's research has received funding from several agencies, including ESRC, Leverhulme and INQUIRE grants, and has been awarded the Best Paper Prize for Investments by the Western Finance Association in 2013, Best Paper Prizes by INQUIRE both in 2010 and 2011, the 2007 CEPR Prize for the Best Central Bank Research Paper, the 2017 CFA Institute Best Paper Prize at the FIRN Annual Conference, and the 2019 Prize and the 2017 Runner-up Prize  by WINNER (Wealth Innovation, Neuro- and Entrepreneurial Results).  In 2011, he was selected by Poets & Quants for their “40 under 40”, a listing of the best 40 business schools professors under the age of 40.

In addition to teaching and doing research, Lucio has been involved in policy advice, training, research and consulting projects for a number of institutions, including the International Monetary Fund, the World Bank, the European Central Bank, the U.S. Federal Reserve Banks of New York and St. Louis, the Bank for International Settlements, the Bank of England, the Bank of Canada, the Central Bank of Norway, the Italian Ministry of Economy and Finance, the European Commission, the Hong Kong Monetary Authority, the Bank of Korea, the Central Bank of Colombia.  He has wide-ranging consulting experience in the finance industry, involving some of the world's leading asset management firms, hedge funds, sovereign wealth funds, investment banks, and their research units, and has held full-time senior positions outside academia, including as Director of Currency Research at AXA Investment Managers.  

Among his current positions, Lucio is a member of the Senior Advisory Board of the Italian Ministry of Finance, and a member of the Council of Advisers of the Hong Kong Institute for Monetary and Financial Research.