Loughborough University
Leicestershire, UK
LE11 3TU
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Loughborough University

School of Business and Economics

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Photo of Professor Freeman, Mark

Professor Mark Freeman PhD Warwick, BSc(Hons) Nottingham

Professor of Finance

Co-Director: Centre for Post-Crisis Finance

University Research Challenge Leader: Secure & Resilient Societies

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Mark is Professor of Finance, the Academic Leader for the University research challenge of "Secure & Resilient Societies", and Co-Director of the Centre for Post-Crisis Finance.

Mark’s research focusses on long-term problems in capital budgeting and financial market investment.  Currently he is working extensively on the term structure of corporate and social discount rates, and the long-run investment outlook for pension funds and other well diversified portfolios.  In recent years, his work has been published in the American Economic Review (Papers & Proceedings); Economic Journal; Philosophical Transactions of the Royal Society A; Journal of Financial Research; Journal of Environmental Economics and Management; Accounting, Auditing and Accountability Journal; and other well recognised journals in the field. Mark is currently writing a book, ‘Investing Against Disaster’, which is under contract with Columbia University Press.

Mark teaches across a wide range of finance topics, primarily at MSc, MBA, doctoral and executive levels, and has won a number of teaching awards during his career. He has also held a variety of academic administrative roles spanning research, teaching and enterprise activities.  These include acting as the Director of Executive Education at Loughborough and the Director of the Accounting, Finance & Economics Division at Bradford.

Mark joined Loughborough in 2012 following full-time academic appointments at the Universities of Bradford, Exeter and Warwick.  He has also held visiting positions at Northwestern University, the University of California, Irvine, the University of Technology, Sydney, and the University of Leeds.   Before becoming an academic, Mark worked as an equity research analyst specialising in the brewing and distilling industries for stockbrokers Savory Milln and James Capel in London. He has also worked on a major project appraisal for the bottling division of United Distillers in Scotland. He holds a first class degree in Mathematics from Nottingham University and a PhD in Finance from Warwick Business School.

Much of Mark’s current research focuses on intergenerational cost-benefit analysis, with specific interest in the term structure of discount rates.  This has significant relevance for valuing infrastructure projects, biodiversity, and environmental damage.  He has provided guidance on this topic to the UK Treasury and Home Office, the Ministry of Finance (Netherlands), and the OECD.  His research has also been cited in Science, Norwegian government policy, and used in guidance given to the US Environmental Protection Agency.  

Mark is also interested in the long-run investment outlook for well-diversified portfolios.  His work in this area has been funded by the Rotman International Centre for Pension Management and the Institute of Actuaries.  He has presented this work at the World Bank, and provided related advice for the Financial Conduct Authority.

Mark has published papers in a number of other areas, including optimal dividend policy at the portfolio level, the statistical power of asset pricing tests, and incomplete market asset pricing theory.

Mark is currently writing a book, ‘Investing Against Disaster’, which is under contract with Columbia University Press.

Freeman, M.C., B. Groom, E. Panopoulou and T. Pantelidis (2015), “Declining discount rates and the Fisher Effect: Inflated past, discounted future?” Journal of Environmental Economics and Management, 73, 32-49 (doi: 10.1016/j.jeem.2015.06.003)

Freeman, M.C., G. Wagner and R.J. Zeckhauser (2015), "Climate sensitivity uncertainty: When is good news bad?”  Philosophical Transactions of the Royal Society A, 373 (2055), (doi: 10.1098/rsta.2015.0092)

Freeman, M.C. and B. Groom (2015), “Positively gamma discounting:  Combining the opinions of experts on the Social Discount Rate”.  The Economic Journal, 125, 1015–1024 (doi: 10.1111/ecoj.12129)

Cropper, M.L., M.C. Freeman, B. Groom and W.A. Pizer  (2014), “Declining discount rates”, American Economic Review (Papers and Proceedings), 104(5), 538–543 (doi: 10.1257/aer.104.5.538)

Freeman, M.C. (2011), “The time-varying equity premium and the S&P500 in the twentieth century”.  Journal of Financial Research, 34, 179 – 215 (doi: 10.1111/j.1475-6803.2011.01288.x)


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