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Professor Mark Freeman
Dean of The York Management School



Mark Freeman is Dean and Professor of Finance at The York Management School, University of York.  He has previously held professorial positions at the Universities of Loughborough and Bradford, and non-professorial full-time academic appointments at the Universities of 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. 

Mark has held a variety of academic leadership roles during his career across research, teaching and engagement.  At Loughborough, he was the Academic Leader for the University Research Challenge of “Secure and Resilient Societies”, and also acted as its Director of Executive Education.  At Bradford, he was the Director of the Accounting, Finance & Economics Division, and was responsible for the design, launch and running of its M.Sc. in Finance.

Mark’s research interests focus on very long-term, often intergenerational, problems in cost-benefit analysis and portfolio management.  He teaches across a wide range of finance topics, mainly at the postgraduate and executive levels, including corporate finance, derivatives, investment management, asset pricing, and international finance.  He has won awards for both his teaching and research.

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.

Subject Group

Accounting and Finance



Mark’s research interests lie in long-term financial problems. Much of his recent research focuses on the term structure of discount rates for use in intergenerational cost-benefit analysis.  This has significant relevance for valuing infrastructure projects, counter-terrorism, biodiversity, and environmental damage.  He has provided guidance on this topic to the UK Treasury & Home Office, Ministry of Finance (Netherlands), the UK Office for National Statistics, and the OECD.   His research has also been cited in Science, Norwegian government policy, and by the US Environmental Protection Agency.  Mark is currently writing a book, under contract with Columbia University Press, titled “Investing Against Disaster”.

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 through the Institute and Faculty of Actuaries.  He has presented this work at the World Bank, and provided related advice for the Financial Conduct Authority.  Mark received the Dean’s Award at Loughborough University’s School of Business and Economics for Researcher of the Year in 2015-16.


Selected publications

Drupp, M.A., M.C. Freeman, B. Groom and F. Nesje (Forthcoming), “Discounting disentangled”, American Economic Journal: Economic Policy

Freeman, M.C. and B. Groom (Published online), “How certain are we about the certainty-equivalent long term social discount rate?”  Journal of Environmental Economics and Management

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

Freeman, M.C., G. Wagner and R.J. Zeckhauser (2015), "Climate sensitivity uncertainty: When is good news bad?”  Philosophical Transactions of the Royal Society A373 (2055)

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

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

 ‌‌Picture of Mark Freeman

The York Management School
University of York
Freboys Lane
York YO10 5GD

Telephone: +44 (0) 1904 325060
Room: LMB/102d