Amit Goyal

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

Expertise

Professor Goyal is revisiting 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 that has been largely documented for US stocks but only barely for international stocks. Testing the classical proxies of momentum on data for 22 non-US developed markets and 27 emerging markets, he 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 the fact 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 that focus on portfolio management and asset allocation in a low interest rate environment.