Christian Lundblad

Director, Senior Fellow, IPC; Edward M. O’Herron Distinguished Scholar and Professor of Finance, University of North Carolina, Kenan-Flagler Business School
Email: lundblac@kenan-flagler.unc.edu

Christian Lundblad’s research spans asset pricing, investment management, and international finance, with a specialization in emerging market development.

He teaches courses on macroeconomics for managers, investment management, including mutual and hedge fund analysis, and global financial markets, including emerging market finance and development.

Dr. Lundblad serves as associate dean of the PhD Program, director of research at the Frank Hawkins Kenan Institute of Private Enterprise and director of the Center for Excellence in Investment Management. He holds a courtesy appointment as a special-term professor at the People’s Bank of China School of Finance, Tsinghua University in Beijing.

His research has been published in top academic journals such as the Journal of Finance, Review of Financial Studies and Journal of Financial Economics. He is associate editor at the Journal of Banking and Finance and Financial Management and previously served as an associate editor for the Journal of Finance.

He also served as a financial economist at the Federal Reserve Board in Washington, D.C., where he advised the Board of Governors on international financial market developments.

Dr. Lundblad is the recipient of the Executive MBA and OneMBA Teaching Excellence awards.

He received a PhD in financial economics and a master’s degree in economics from Duke University. He earned his BA in economics and English literature with highest honors from Washington University in St. Louis.

Related Publications

What Do We Know About Institutional-Quality Hedge Funds?

Using publicly available sources such as trade press and Form ADV filings, we compile a list of 561 “institutional-quality” hedge fund managers that each have at least 1 billion USD in primary hedge fund assets under management.


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Performance Analysis and Attribution with Alternative Investments

This white paper provides a summary of existing methods and current research on performance analysis and attribution for complex portfolios that include investments such as hedge funds and private investment funds. We summarize the main challenges of analyzing portfolios with illiquid assets and provide updated analysis for several important asset classes.
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How Do Financial Expertise and Networks Affect Investing? Evidence from University Endowments

We examine the links between human capital and endowment investing. Harnessing detailed information on university endowments, we find that higher asset allocations to alternative assets accompany higher levels of human capital in the endowment’s investment process. Moreover, high levels of human capital are linked to larger returns, even on a risk-adjusted basis.
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Dancing to the Same Tune: Commonality in Securities Lending Fees

We document that there is commonality in the loan fees that short sellers pay, and the common component of loan fees explains a significant amount of their variation. The time series of the loan fee common component is highly correlated with several well-documented asset pricing and macro factors, suggesting that loan fee commonality is associated with states of the world that are consequential to investors.
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Crowded Trades and Tail Risk

A growing body of research examines the implications of common holdings for asset price determination; however, far less is known about the impact of hedge fund ownership concentration on risk and return. Yet, hedge fund positions are an important component of the degree of crowdedness because these investment vehicles tend to be particularly active in their pursuit of out performance, they often take highly concentrated positions, and they utilize leverage and short sales. Using a large database of U.S. equity position-level holdings for hedge funds, we measure the degree of security level crowdedness.
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Business and Economic Impact of COVID-19

To help separate fact from fiction and legitimate concern from panic, the Kenan Institute of Private Enterprise and UNC Kenan-Flagler Business School convened six top faculty researchers to discuss the likely effects of the pandemic on business and the economy.
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