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Professor of Finance, London School of Economics

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New: The CME has introduced CVOL , a cross-asset class family of implied volatility indices based on the methodology of Simple Variance Swaps and What is the Expected Return on the Market?

Working Papers

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Market Efficiency in the Age of Big Data (with Stefan Nagel ), Journal of Financial Economics (2022), 145:1:154‒177 Slides Modern investors face a high-dimensional prediction problem: thousands of observable variables are potentially relevant for forecasting. We reassess the conventional wisdom on market efficiency in light of this fact. In our equilibrium model, N assets have cash flows that are linear in J characteristics, with unknown coefficients. Risk-neutral Bayesian investors learn these coefficients and determine market prices. If J and N are comparable in size, returns are cross-sectionally predictable ex post. In-sample tests of market efficiency reject the no-predictability null with high probability, even though investors use information optimally in real time. In contrast, out-of-sample tests retain their economic meaning.

Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment (with Can Gao ), Journal of Finance (2021), 76:6:3211‒3254 Slides We define a sentiment indicator based on option prices, valuation ratios and interest rates. The indicator can be interpreted as a lower bound on the expected growth in fundamentals that a rational investor would have to perceive in order to be happy to hold the market. The lower bound was unusually high in the late 1990s, reflecting dividend growth expectations that in our view were unreasonably optimistic. Our approach exploits two key ingredients. First, we derive a new valuation ratio decomposition that is related to the Campbell‒Shiller loglinearization but that resembles the Gordon growth model more closely and has certain other advantages. Second, we introduce a volatility index that provides a lower bound on the market’s expected log return.

Implied Dividend Volatility and Expected Growth (with Niels Gormsen and Ralph Koijen ), AEA Papers and Proceedings (2021), 111:361‒365 Online Appendix We study the behavior of implied dividend volatility, constructed from the prices of options on index-level dividends, during the Covid-19 pandemic. We use these data to construct a lower bound on expected excess returns on dividend claims and find that the bound moves significantly over time. However, most of the variation in dividend futures prices reflects changes in growth expectations rather than expected excess returns, making them valuable assets to uncover growth expectations. We conclude that the short-term economic outlook is uncertain and not expected to recover in the near term.

On the Autocorrelation of the Stock Market , Journal of Financial Econometrics (2021), 19:1:39‒52 I introduce an index of market return autocorrelation based on the prices of index options and of forward-start index options, and implement it empirically at a six-month horizon. The results suggest that the autocorrelation of the S&P 500 index was close to zero before the subprime crisis but was negative in its aftermath, attaining values around −20% to −30%. I speculate that this may reflect market perceptions about the likely reaction, via quantitative easing, of policymakers to future market moves.

What is the Expected Return on a Stock? (with Christian Wagner ), Journal of Finance (2019), 74:4:1887‒1929 Slides Dimensional Fund Advisors Distinguished Paper Prize 2019 The Wharton School‒WRDS Best Paper Award in Empirical Finance, WFA 2017 Honorable Mention, AQR Insight Award 2017 We derive a formula for the expected return on a stock in terms of the risk-neutral variance of the market and the stock’s excess risk-neutral variance relative to the average stock. These quantities can be computed from index and stock option prices; the formula has no free parameters. The theory performs well empirically both in and out of sample. Our results suggest that there is considerably more variation in expected returns, over time and across stocks, than has previously been acknowledged.

The Quanto Theory of Exchange Rates (with Lukas Kremens ), American Economic Review (2019), 109:3:810‒843 Online Appendix Slides Erratum Best Paper Award, IF2017 Annual Conference in International Finance SIX Best Paper Award 2018 We present a new identity that relates expected exchange rate appreciation to a risk-neutral covariance term, and use it to motivate a currency forecasting variable based on the prices of quanto index contracts. We show via panel regressions that the quanto forecast variable is an economically and statistically significant predictor of currency appreciation and of excess returns on currency trades. Out of sample, the quanto variable outperforms predictions based on uncovered interest parity, on purchasing power parity, and on a random walk as a forecaster of differential (dollar-neutral) currency appreciation.

Notes on the Yield Curve (with Steve Ross ), Journal of Financial Economics (2019), 134:689‒702 We study the properties of the yield curve under the assumptions that (i) the fixed-income market is complete and (ii) the state vector that drives interest rates follows a finite discrete-time Markov chain. We focus in particular on the relationship between the behavior of the long end of the yield curve and the recovered time discount factor and marginal utilities of a pseudo-representative agent; and on the relationship between the “trappedness” of an economy and the convergence of yields at the long end.

Consumption-Based Asset Pricing with Higher Cumulants , Review of Economic Studies (2013), 80:2:745‒773 Online Appendix I extend the Epstein–Zin-lognormal consumption-based asset-pricing model to allow for general i.i.d. consumption growth. Information about the higher moments—equivalently, cumulants—of consumption growth is encoded in the cumulant-generating function . I use the framework to analyze economies with rare disasters, and argue that the importance of such disasters is a double-edged sword: parameters that govern the frequency and sizes of rare disasters are critically important for asset pricing, but extremely hard to calibrate. I show how to sidestep this issue by using observable asset prices to make inferences without having to estimate higher moments of the underlying consumption process. Extensions of the model allow consumption to diverge from dividends, and for non-i.i.d. consumption growth.

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An assessment of how mass school closures during the Covid pandemic have affected children's educational progress suggests that, without action, GCSE results will steadily worsen until 2030.

Old problems, new (behavioral economics) solutions Wednesday 29 May

Jens Ludwig uses behavioural science to examine the causes of violence and present a new approach to solving the issue.

Wellbeing symposium 2024 Monday 10 June, 10:00 - 19:00

Discussing the impact of government spending on both national income and wellbeing, including the relation between wellbeing and the performance of the welfare state.

To fight inequality, America needs to rethink its economic model

Daniel Chandler writes that to address the vast inequalities in the United States, a fundamental rethink of economic institutions and the values that guide them is needed. ... Read more...

14 May 2024

A new educational dawn should focus on pupils' wellbeing

Lee Elliot Major outlines how the learning loss suffered by pupils during Covid-19 and the resulting decline in social mobility could be the most enduring legacy of the pandemic, explaining why policies that help level t... Read more...

24 April 2024

The Guardian

Pupils in england 'facing worst exam results in decades' after covid closures.

Lee Elliot Major's research predicts a steady decline in GCSE results of key subjects until 2030, attributing it to the failure to address the academic and social legacies of school closures during the pandemic. ... Read more...

The Telegraph

Britons are happier than germans for the first time in seven years.

The World Happiness Report 2024 reveals that those in the UK feel they have a greater sense of freedom than Germans and believe there is less corruption in the country. When looking at age demographics, the largest gap b... Read more...

20 March 2024

World Happiness Report sounds alarm about the welfare of young people

The 2024 World Happiness Report found that lack of education, training and housing is behind loss of gen Z's traditionally positive outlook. Richard Layard, one of the  report's authors, is clear that more effort is... Read more...

Evening Standard

Sadiq khan warns rising cost of living is fuelling crime in london.

Sadiq Khan highlights modelling from the London School of Economics showing that a 10% rise in Londoners' living costs is accompanied by an eight per cent overall increase in violence, robberies, shoplifting, burglary an... Read more...

14 March 2024

The Observer

It’s not the economy, stupid: wellbeing is the real vote-winner.

Richard Layard discusses why happiness should be the fundamental goal of government and how policy can be shaped to prioritise people's wellbeing.  ... Read more...

10 March 2024

Tax and spending cuts will backfire, economists warn Jeremy Hunt

In a statement to the Observer, Anna Valero, a former member of the chancellor’s economic advisory council, and Dimitri Zenghelis, a former head of economic forecasting at the Treasury, said the country needed to b... Read more...

02 March 2024

New Statesman

Labour's "good jobs" agenda could be transformative.

Daniel Chandler discusses how the Labour party can develop a "good jobs" policy where work would provide dignity and respect for everyone, and be a key source of people’s meaning and wellbeing.  ... Read more...

19 February 2024

Financial Times

Four years on and brexit still isn’t 'done'.

Thomas Sampson discusses how UK growth in goods exports and imports has been "the weakest in the G7", which has "contributed to the ongoing stagnation of the UK economy".  ... Read more...

01 February 2024

How can economists combat crime?

How can economists help police forces to better assign their police officers onto the streets, thereby providing a better service to the public? In the Policing and Crime Research Group at the London School of Economics ... Read more...

25 January 2024

UK should invest in green economy instead of tax giveaways, study shows

Dimitri Zenghelis, Esin Serin, Anna Valero, John Van Reenen and Bob Ward - authors of the LSE paper titled Boosting Growth and Productivity in the UK Through Investments in the Sustainable Economy - examine the fitness o... Read more...

22 January 2024

Labour should make UK leader in wellbeing-informed policy, says peer

A Labour government should make the UK the world's first country to make policy based on its impact on wellbeing as well as the economy, says Richard Layard.  ... Read more...

31 December 2023

Why don’t politicians care about happiness? With Richard Layard and Armando Iannucci

In this episode of Westminster Reimagined, Richard Layard discusses how it is possible to measure individual wellbeing and why it is so important for the government to place happiness at the heart of its policymaking.&nb... Read more...

11 December 2023

Britain's stagnant economy is costing workers £10k a year, says think tank

Britain’s stagnant economy has cost workers more than £10,000 a year in lost wages, according to a think tank that warned the UK will remain stuck in a low growth trap without radical reform. The Resolution F... Read more...

04 December 2023

UK has lacked coherent economic strategy for years, thinktank finds

Trade has been hit by Brexit, while the number in poverty has risen sharply in a country ill-prepared for the future. A new report, "Ending Stagnation", pieced together from original research by the Resolution Foundation... Read more...

Labour leaves open prospect of cuts to public sector after UK election

Keir Starmer says the party ‘always invests in public services’ but declines to rule out real-terms reductions in spending ... Read more...

UK urged to use 'superpower' strength in services sectors to boost living standards

Radical shift in policy is needed to close gap with peer countries, says research by two think-tanks. ... Read more...

Britain's productivity a living standards 'disaster'

Poor productivity growth has resulted in the UK becoming the most unequal country among rich European societies, according to a report produced by the Resolution Foundation, the Nuffield Foundation and the Centre for Eco... Read more...

Economy 2030

The economy 2030 inquiry: the final six months.

The Economy 2030 Inquiry has been examining the scale and impact of recent economic change in the UK, and will set out a new economy strategy to tackle the twin challenges of low growth and high inequality in its final r... Read more...

20 November 2023

Economics Observatory

Crime story.

As more data on crime and policing become available, economists are getting deeper insights into the causes and effects of criminal behaviour, and a greater understanding of how the criminal justice system works. Tom Kir... Read more...

02 November 2023

Rationing access to apprenticeships is increasing the UK's skills deficit

Places for vocational training should be funded in the same way as degrees and match demand from young learners, says Richard Layard. ... Read more...

26 October 2023

Freakonomics

How to succeed at failing, part 2: life and death.

In medicine, failure can be catastrophic. It can also produce discoveries that save millions of lives. On this episode of Freakonomics, John Van Reenen, Amy Edmondson, Carole Hemmelgarn, Gary Klein and Robert Langer shar... Read more...

18 October 2023

How to succeed at failing, part 1: the chain of events

We tend to think of tragedies as a single terrible moment, rather than the result of multiple bad decisions. On this episode of Freakonomics, John Van Reenen, Amy Edmondson, Helen Fisher, Ed Galea, Gary Klein, David Ried... Read more...

11 October 2023

Warning over unconscious bias against working-class pupils in English schools

Schools in England must do more to challenge unconscious bias in the classroom against children from working-class backgrounds - Lee Elliot Major discusses practical recommendations schools and policymakers can take to h... Read more...

03 October 2023

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CEP discussion papers

Tax simplicity or simplicity of evasion evidence from self-employment taxes in france.

We use individual panel data and the introduction of simpler tax regimes for the self-employed in France to assess the extent to which individuals' shift towards the simpler tax regimes is driven by tax simplicity and by... Read more...

Philippe Aghion, Maxime Gravoueille, Matthieu Lequien and Stefanie Stantcheva

16 May 2024

Five facts about MPCs: Evidence from a randomized experiment

We present experimental evidence on the marginal propensity to consume (MPC) out of transitory transfers, distributing prepaid debit cards with different features. The one-month MPC is substantially higher with a card ex... Read more...

Johannes Boehm, Etienne Fize and Xavier Jaravel

10 May 2024

Minimum wage for South African farm workers: study shows 2013 hike helped reduce poverty even though compliance was poor

Minimum wage policies are typically aimed at reducing poverty. Yet there is little direct evidence of this effect, especially in developing countries. And none for South Africa, write Ihsaan Bassier and Vimal Ranchhod.... Read more...

Ihsaan Bassier and Vimal Ranchhod

07 May 2024

City Talks: Sharing the benefits of a high-tech economy (podcast)

Centre for Cities chief executive Andrew Carter is joined by Professor Neil Lee, professor of economic geography at the London School of Economics and author of Innovation for the Masses: How to Share the Benefits of the... Read more...

With great power comes great responsibility (for evaluation?)

Last week saw the final local government elections before the next general election. Amongst councillors changing places - or staying put - across the country, these elections ushered in two new metro mayors: one for Yor... Read more...

Will Brett-Harding

06 May 2024

Journal article

Where does money matter more.

There is much still to learn about the relationship between income and well-being, and in particular how this may depend on the economic and social context. We use Russian data to estimate individual Welfare Functions of... Read more...

Andrew E. Clark, Tinna Laufey Asgeirsdottir, Gunnar Stefansson and Gudrun Svavarsdottir

01 May 2024

Accounting for the evolution of China's production and trade patterns

This paper studies the evolution of China's production and trade patterns during its integration into the global economy. We document and explain new facts concerning changes in production and exports at the industry and... Read more...

Hanwei Huang, Jiandong Ju and Vivian Z. Yue

The UK needs a new institution for growth and productivity

As the UK gears up for a General Election, there is no lack of advice on what any new government’s priorities need to be. While the margins for policy manoeuvre are perceived to be rather narrow, we can be certain that... Read more...

Anna Valero, Andy Westwood and Bart van Ark

30 April 2024

How and why work-from-home rates differ across countries and people

The COVID-19 pandemic significantly accelerated the shift to work from home around the world, but with significant cross-country variations. This column explores how factors such as lockdown stringency, population densit... Read more...

Cevat Giray Aksoy, Jose Maria Barrero, Nicholas Bloom, Steven J. Davis, Mathias Dolls and Pablo Zarate

Business groups, strategic acquisitions and innovation

We build a novel worldwide database merging information on patent-citations of firms paired with information on firms' affiliation to Business Groups (BGs). We exploit these data to document how BGs appropriate knowledge... Read more...

Carlo Altomonte, Nevine El-Mallakh and Tommaso Sonno

Teacher value-added and gender gaps in educational outcomes

This paper uses rich administrative data from Chile to estimate teacher value added (TVA) on test scores and on an educational attainment index. We allow each teacher to have a different TVA for male and female students ... Read more...

Andrés Barrios Fernández and Marc Riudavets-Barcons

29 April 2024

Mark-ups in the digital era

Relying on a novel dataset which combines balance sheet data on firms, patents, and industry-level proxies of technology for 25 countries in the period 2001-2014, we document an increase in mark-ups over time, mainly dri... Read more...

Sara Calligaris, Chiara Criscuolo and Luca Marcolin

The impact of higher interest rates on UK firms

Firms across many advanced economies have faced a significant increase in the interest rates paid on borrowing and received on deposits since 2021. Krishan Shah, Nick Bloom, Philip Bunn, Paul Mizen, Gregory Thwaites and ... Read more...

Nicholas Bloom, Philip Bunn, Paul Mizen, Krishan Shah, Gregory Thwaites and Ivan Yotzov

26 April 2024

The increasing complexity of digitalisation may hurt manual workers' health

Some of the effects of workplace digitalisation are well studied, such as changes in workers' wages and increased economic inequality. But how does technological progress affect workers' health? Melanie Arntz, Sebastian ... Read more...

Melanie Arntz, Sebastian Findeisen, Stephan Maurer and Oliver Schlenker

Personnel Management and School Productivity: Evidence from India

This paper uses new data to study school management and productivity in India. We report five main results. First, management quality in public schools is low, and -2 standard deviations below high-income countries with ... Read more...

Renata Lemos, Karthik Muralidharan and Daniela Scur

25 April 2024

Government contracting and living wages > minimum wages

Government procurement accounts for a significant share of GDP, and environmental, social and corporate governance (ESG) clauses in government contracts have become common across developed economies. This paper studies o... Read more...

Nikhil Datta and Stephen Machin

Consumers' green conscience fosters clean innovation

Alexandra Roulet and Philippe Aghion explain how consumers' green conscience can foster clean innovation and provide tips for how companies can reach green goals in a highly competitive market.... Read more...

Philippe Aghion and Alexandra Roulet

Cool cities: The value of urban trees

Cities are warming faster than their rural surroundings. But the ecosystem support provided by urban forestry is often omitted from climate policies due to the difficulty in assigning to it a credible monetary sum. Lu Ha... Read more...

Lu Han, Stephan Heblich, Christopher Timmins and Yanos Zylberberg

Noncompete agreements in a rigid labor market: the case of Italy

Noncompete agreements limiting the mobility of workers have been found to be widespread in the United States, a flexible and lightly regulated labor market. We explore the use of noncompete agreements in a rigid and high... Read more...

Tito Boeri, Andrea Garnero and Lorenzo G. Luisetto

A generation at risk: rebalancing education in the post-pandemic era

We present for the first time a model of children's evolving socio-emotional and cognitive skills to assess how the educational and lifetime prospects of children of different ages, genders and socio-economic backgrounds... Read more...

Lee Elliot Major, Andrew Eyles, Esme Lillywhite and Stephen Machin

Labour Economics: Thinking through Labour's economic agenda

With the Labour Party having vowed to achieve the fastest growth in the G7, the Social Market Foundation has brought together leading economic experts to provide independent analysis of the party's proposed approach - an... Read more...

Timothy Besley, Aveek Bhattacharya, Jagjit Chadha, Paul Cheshire, Neil Lee, Alan Manning, Andrew McNeil, Margarida Bandeira Morais, Henry G. Overman, David Soskice, Anna Valero, Giles Wilkes and Alison Wolf

22 April 2024

Leaving the global playing field through optimal non-discriminatory corporate taxes and subsidies

Due to markup distortions, in international trade models with monopolistic competition and heterogeneous firms the market equilibrium is inefficient unless demand exhibits constant elasticity of substitution. When it doe... Read more...

Antonella Nocco, Gianmarco I. P. Ottaviano, Matteo Salto and Atsushi Tadokoro

17 April 2024

Do plural ownership policies matter for local economies?

Anamaria Tibocha-Nino outlines how a new evidence briefing published by the What Works Centre for Local Economic Growth provides guidance for local policymakers on how to think through some of the local economic impacts ... Read more...

Anamaria Tibocha-Nino

16 April 2024

A class apart: prime ministers' origins profoundly impact their political worldviews

The background of our Prime Ministers hugely influences the judgements they make. Yet our leaders are drawn from an astonishingly narrow slice of society: every PM who attended an English university since WW2 went to Oxf... Read more...

Lee Elliot Major

Higher workload for police officers correlates with victims withdrawing statements

In the UK, partners or family members are responsible for nearly half of all female homicides. But there is an increasing rate of statement withdrawal from victims in high-risk domestic abuse cases. Tom Kirchmaier and Ek... Read more...

Tom Kirchmaier and Ekaterina Oparina

15 April 2024

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CEP/STICERD Applications Seminars

Beyond the war: public service and the transmission of gender norms.

This paper combines personnel records of the U.S. federal government with census data to study how shocks to the gender composition of an organization can persistently shift the gender norms. We exploit city-by-departme... Read more...

Guo Xu (University of California, Berkeley)

Monday 20 May 2024 12:00 - 13:30

Labour Markets Workshops

Institutional investors and the erosion of homeownership.

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Adam Soliman (CEP)

Tuesday 21 May 2024 12:55 - 14:00

International Economics Workshops

Home production in the city.

Caterina Soto Vieira (LSE)

Wednesday 22 May 2024 11:00 - 12:00

CEP/LSE International Economics Seminars

Joint with the urban and regional seminar, anticipating climate change across the united states.

Esteban Rossi-Hansberg (University of Chicago)

Wednesday 22 May 2024 12:30 - 14:00

CEP/Geography Urban and Regional Economics Seminars

Joint with the international economics seminar, policing and crime workshop, co-hosted with clean - bocconi university, the long shadow of the spanish civil war.

Felipe Valencia-Caicedo (Vancouver School of Economics)

Wednesday 22 May 2024 15:00 - 16:00

CEP Public Events

Co-hosted with goodgym, volunteering, exercise, and wellbeing: causal connections.

Showing the causal effects of participating in volunteering on wellbeing... Read more...

Various speakers

Thursday 23 May 2024 09:00 - 10:00

Workshop on the economics of crime for junior scholars

Bringing together graduate students and junior researchers working in the economics of crime and criminal justice.... Read more...

Wednesday 29 May 2024 - Thursday 30 May 2024

High-Frequency Gravity

Dennis Novy (University of Warwick and LSE)

Wednesday 29 May 2024 11:00 - 12:00

Old problems, new (behavioral economics) solutions

Using behavioural science to examine the causes of violence and presenting a novel approach for solving the problem.... Read more...

Jens Ludwig (University of Chicago)

Wednesday 29 May 2024 18:30 - 20:00

Wellbeing Seminars

Speaker in-person, the high price of doing nothing: how can government reduce the fiscal and wellbeing costs of inactivity.

David Frayman (LSE, CEP), Alex Mace (Department for Education)

Thursday 30 May 2024 16:00 - 17:00

Hosted with the Becker Friedman Institute for Economics at the University of Chicago

Conference on the economics of crime and justice, 2024.

A two day conference discussing recent work on the economics of crime and the criminal justice system.... Read more...

Friday 31 May 2024 - Saturday 01 June 2024

TBC... Read more...

Sam Asher (Imperial)

Friday 31 May 2024 12:00 - 13:30

Right-to-counsel and rental housing markets

Winnie van Dijk (Yale University)

Friday 31 May 2024 13:00 - 14:30

Zoe Cullen (Harvard Business School)

Monday 03 June 2024 12:00 - 13:30

Ronja Helensdotter (Gothenburg University)

Wednesday 05 June 2024 15:00 - 16:00

Co-hosted with the LSE Department of Social Policy

The economics of teaching: from traditional to transformational.

Leading researchers and stakeholders discuss the practical application of artificial intelligence and technology to find collaborative strategies for bridging the gap in educational quality and access.... Read more...

Thursday 06 June 2024 09:00 - 19:00

The Road to Wellbeing? Evaluating Transport Projects

Sara MacLennan (CEP), John Nellthorp (Institute for Transport Studies)

Thursday 06 June 2024 16:00 - 17:00

The economics of teaching: from traditional to transformational (Public Roundtable)

Discussing innovative strategies and policies driving educational advancements globally.... Read more...

Amy Ellis-Thompson (Education Endowment Foundation), Lucy Heller (ARK Schools), David Cervera (Madrid Regional Ministry of Education), Luz Rello (IE University)

Thursday 06 June 2024 17:00 - 19:00

Co-hosted with the LSE Festival 2024: Power and politics

Wellbeing symposium 2024.

Discussing the impact of government spending on both national income and wellbeing... Read more...

Monday 10 June 2024 10:00 - 19:00

Arun Chandrasekhar (Stanford University)

Monday 10 June 2024 12:00 - 13:30

Economics and wellbeing

What does economics tell us about current economic problems as well as longer-term challenges – and their impact on human wellbeing?... Read more...

Olivier Blanchard (International Monetary Fund)

Monday 10 June 2024 17:00 - 18:00

Top Flight: How responsive are top earners to tax rates?

Arun Advani (Warwick University), joint with Cesar Poux and Andy Summers

Tuesday 11 June 2024 12:55 - 14:00

Sidharth Moktan (LSE)

Wednesday 12 June 2024 11:00 - 12:00

Gustavo Bobonis (University of Toronto)

Wednesday 12 June 2024 15:00 - 16:00

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LSE ranked top university in London

It is the great work our community does that maintains the School’s reputation and makes it the exciting and intellectually challenging place it is.

LSE has once again been ranked as the top London university in the Complete University Guide 2025 , retaining this ranking for the thirteenth consecutive year.  

The School also held its status as the third best overall university out of the 130 universities assessed in the UK.  

Universities are evaluated on ten key measures: entry standards, student satisfaction, research quality, research intensity, academic services spend, spending on student facilities, continuation, student-staff ratio, and graduate prospects 

LSE President and Vice Chancellor, Professor Larry Kramer, said of the news ,  “LSE continues to attract top talent from around the world—a testament to our dedicated community of faculty, staff, students, and alumni. It is the great work they all do that maintains the School’s reputation and makes it the exciting and intellectually challenging place it is.”   

The Complete University Guide ranking comes soon after LSE was ranked the top university in London and sixth in the world for Social Science and Management subjects in the QS World University Rankings by Subject 2024 .  

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