could not be applied to many developing countries. His 1995 Journal of Finance paper with Geert Bekaert proposed a way of dealing with the special challenges of emerging markets. In multiple research papers authored with Bekaert, Harvey studies the relationship between the real economy and finance. His 2005 paper with Bekaert and Christian Lundblad shows opening financial markets to foreign investors reduces the cost of financing while increasing investment and GDP for developing countries. Survey work in finance Harvey is the founding director of the Duke University/CFO Magazine Global Business Outlook Survey. In work with John Graham, he linked the theory and practice of finance. That is, many research papers make assumptions about how managers behave. Harvey's research asks the managers directly about these assumptions. The survey has been conducted every quarter since 1996 and has generated numerous research papers, including a paper published in the Journal of Financial Economics in 2001. His paper with John Graham and Shiva Rajgopal in the Journal of Accounting and Economics in 2005 shows that 78% of Chief Financial Officers admit to destroying value by trying to hit quarterly earnings targets. Risk management Harvey has been a strong proponent of modifying the view of risk. Much risk modeling focuses on volatility or standard deviation. In his 2000 paper in the Journal of Finance with Siddique, Harvey presents a two-part argument in favor of incorporating skewness. First, asset returns are not normally distributed. Second, investors like positive skew (big profits) and dislike negative skew (big losses); Harvey argues these preferences need to be taken into account in both portfolio management and risk management. Harvey also asserts estimates are imprecise and this uncertainty needs to be taken into account when making investment decisions. Luck versus skill In a paper in the Review of Financial Studies in 2016, written with Yan Liu and Heqing Zhu, Harvey shows that over half of the published asset pricing factors are likely false. In a paper published in the Review of Financial Studies in 2018 with Yan Liu, Harvey shows how to improve the ability to detect skilled and unskilled managers with a method designed to reduce the noise in past performance. Harvey's Presidential Address to the American Finance Association, published in the Journal of Finance in 2017, challenges the way that research is conducted in empirical finance and points out some basic misunderstandings of statistics. Finally, Harvey's latest work with