Professor Aneel Keswani

Professor in Investment Management

Bayes Business School, Faculty of Finance

Contact

Visit Aneel Keswani

Room BR5055, Bunhill Row

Postal address

Bayes Business School
106 Bunhill Row
London
EC1Y 8TZ
United Kingdom

About

Overview

Aneel Keswani joined Bayes Business School (formerly Cass Business School) in 2002, after completing his PhD from London Business School and following teaching spells at the London School of Economics and Lancaster University. He is the Director and Founder of the Centre for Asset Management Research (CAMR) at Bayes Business School and the Director of the MSc programme in Investment Management.

Aneel’s research expertise focuses on fund management particularly corporate governance and he actively supports the development of policy in the asset management space, including as an adviser on mutual fund policy to the UK regulator, the Financial Conduct Authority (FCA) and the Bank of England.

Aneel has presented his work at nearly 50 seminars and international conferences around the world and his work has been discussed in leading media outlets such as the Financial Times, the Times, Le Monde and the BBC. Aneel has received both the City University and Bayes prizes for excellence in research. He has published in world leading journals in finance including the Journal of Finance, Management Science and the Review of Finance.

Aneel has organised a number of joint academic-industry conferences on fund management under the auspices of the CAMR. The latest in 2020 examined the role of institutional investors in influencing climate change policy and featured Global Heads of ESG from leading asset management houses, representatives of the Norwegian sovereign wealth fund and the UN principles for responsible investment (PRI) policy body.

Aneel teaches asset management for the PhD, MSc, Undergraduate and Executive education programmes. In recognition of his teaching, he has been appointed as a fellow of the Higher Education Academy and has received Business School teaching prizes for both undergraduate and postgraduate levels.

Qualifications

  • PhD (Finance), London Business School, unknown
  • MSc (Economics), London School of Economics, unknown
  • MA (Economics), Cambridge, unknown

Expertise

Primary topics

  • Bond Markets
  • Fixed-Income Investments
  • Fund Management

Research

Research topics

Mutual Fund Performance and Flows

Credit risk in bond markets

Research students

ZAGANOV MAXIM

Attendance: Sep 2008 – present, full-time

Thesis title: Risk exposures of financial institutions

Role: 2nd Supervisor

Attendance: Nov 2001 – May 2010, full-time

Role: 1st Supervisor

Attendance: Sep 2000 – Jun 2004, full-time

Role: 2nd Supervisor

Publications

Conference papers and proceedings (36)

  1. Keswani, , D, and Stolin, (2011). How well do mutual funds invest in their own backyard? Reading University.
  2. Keswani, A., Miguel Ferreira, S.R. and Miguel, A.F. (2010). The flow-performance relationship around the world. European Finance Association Frankfurt.
  3. Keswani, A., Miguel Ferreira, S.R. and Miguel, A.F. (2010). The flow-performance relationship around the world. LMU Munich Seminar Series Munich.
  4. Keswani, A. and Stolin, D. (2010). How well do mutual funds invest in their own backyard? Lancaster University Finance Seminar Series Lancaster University.
  5. Keswani, A. and Stolin, D. (2010). How well do mutual funds invest in their own backyard? Leading Lights in Fund Management research II London.
  6. Keswani, A., Miguel Ferreira, A.F.M. and Ramos, S. (2009). The flow-performance relationship around the world. Leading lights in Fund Management Research conference.
  7. Keswani, A., Miguel Ferreira, A.F.M. and Ramos, S. (2009). The flow-performance relationship around the world. Cranfield University.
  8. Keswani, A., Miguel Ferreira, A.F.M. and Ramos, S. (2009). The flow-performance relationship around the world. Leeds University Business School.
  9. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Essex University.
  10. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Georgia State.
  11. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. University of Illinois at Urbana-Champaign.
  12. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Washington University at St Louis.
  13. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. XFI, Exeter University.
  14. Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. Bologna University.
  15. Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. Manchester Business School.
  16. Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. Toulouse Business School.
  17. Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. University of Lausanne.
  18. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. . European Finance Association (Athens) Athens.
  19. Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Inquire UK Annual Conference.
  20. Keswani, A. and Stolin, D. (2007). Mutual fund distribution channels and investor reaction to past performance. Norwegian School of Economics and Business.
  21. Keswani, A. and Stolin, D. (2007). Mutual fund distribution channels and investor reaction to past performance. Swiss Banking Institute, Zurich.
  22. Keswani, A. and Gemmill, G. (2007). Idiosyncratic Downside Risk and the Credit spread Puzzle. Bristol University.
  23. Keswani, A. and Gemmill, G. (2007). Idiosyncratic Downside Risk and the Credit spread Puzzle. ISCTE, Lisbon.
  24. Hwang, S., Shackleton, M. and Keswani, A. (2006). Stock splits: What Does the Market Tell Us Ex Ante? Inquire UK.
  25. Stolin, D. and Keswani, A. (2006). Which money is smart? Mutual fund buys and sells of individual and institutional investors. Portuguese Finance Association Porto.
  26. Stolin, D. and Keswani, A. (2006). Which money is smart? Mutual fund buys and sells of individual and institutional investors. Western Finance Association Denver.
  27. Hwang, S., Shackleton, M. and Keswani, A. (2005). Stock Splits: What Does the Market Tell Us Ex Ante? Finance Seminar Series, Lancaster University.
  28. Hwang, S., Shackleton, M. and Keswani, A. (2005). Stock Splits: What Does the Market Tell Us Ex Ante? Financial Markets Group Seminar Series, London School of Economics.
  29. Stolin, D. and Keswani, A. (2004). The Determinants of Mutual Fund Flows. Finance Research Seminar Series Warwick Business School.
  30. Stolin, D. and Keswani, A. (2004). The Determinants of Mutual Fund Flows. Finance Seminar Series Said Business School, University of Oxford.
  31. Wang, J., Taylor, S. and Keswani, A. (2004). Can Sentiment Forecast Either Returns or Volatility? European Financial Management Association Basel.
  32. Stolin, D. and Keswani, A. (2004). Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis. Faculty of Economics Seminar Series University of Porto.
  33. Keswani, A. (2003). Relationship Rating: How do Bond Rating Agencies Process Information? A. Butler & K.Rogers. European Finance Association (Discussant) Glasgow.
  34. Stolin, D. and Keswani, A. (2003). Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis. Financial Management Association Denver.
  35. Keswani, A. (2002). Time variation in the pricing of catastrophe reinsurance. Financial Markets Group Seminar Series London School of Economics.
  36. Keswani, A. (2000). Estimating a Risky Term Structure of Brady Bonds. American Finance Association Boston.

Journal articles (22)

  1. Keswani, A., Tran, A. and Volpin, P. (2021). Institutional Debtholder Governance. Journal of Financial and Quantitative Analysis, 56(6), pp. 2103–2135. doi:10.1017/s0022109020000630.

    [publisher’s website]

  2. Vakratsas, D., Keswani, A. and Stolin, D. (2021). Advertising persuasion in dual markets. Managerial and Decision Economics, 42(1), pp. 239–245. doi:10.1002/mde.3229.

    [publisher’s website]

  3. Keswani, A., Medhat, M., Miguel, A.F. and Ramos, S.B. (2020). Uncertainty avoidance and mutual funds. Journal of Corporate Finance, 65, pp. 101748–101748. doi:10.1016/j.jcorpfin.2020.101748.

    [publisher’s website]

  4. Ferreira, M.A., Keswani, A., Miguel, A.F. and Ramos, S.B. (2019). What determines fund performance persistence? International evidence. Financial Review, 54(4), pp. 679–708. doi:10.1111/fire.12202.

    [publisher’s website]

  5. Hanke, B., Keswani, A., Quigley, G., Stolin, D. and Zagonov, M. (2019). The equal-weight tilt in managed portfolios. Economics Letters, 182, pp. 59–63. doi:10.1016/j.econlet.2019.06.003.
  6. Hanke, B., Keswani, A., Quigley, G. and Zagonov, M. (2018). Survivorship bias and comparability of UK open-ended fund databases. Economics Letters, 172, pp. 110–114. doi:10.1016/j.econlet.2018.08.027.

    [publisher’s website]

  7. Keswani, A., Stolin, D. and Tran, A.L. (2017). Frenemies: how do financial firms vote on their own kind? Management Science, 63(3), pp. 587–900. doi:10.1287/mnsc.2015.2314.
  8. Keswani, A. and Stolin, D. (2015). Squandering home field advantage? Financial institutions’ investing in their own industries. Journal of Financial Perspectives, 3(2), pp. 175–187.
  9. Ferreira, M.A., Keswani, A., Miguel, A.F. and Ramos, S.B. (2013). The Determinants of mutual fund performance: A cross-country study. Review of Finance, 17(2), pp. 483–525. doi:10.1093/rof/rfs013.
  10. Keswani, A. and Stolin, D. (2012). Investor reaction to mutual fund performance: Evidence from uk distribution channels. Journal of Financial Research, 35(3), pp. 425–450. doi:10.1111/j.1475-6803.2012.01323.x.
  11. Ferreira, M.A., Keswani, A., Miguel, A.F. and Ramos, S.B. (2012). The flow-performance relationship around the world. Journal of Banking and Finance, 36(6), pp. 1759–1780. doi:10.1016/j.jbankfin.2012.01.019.
  12. Gemmill, G. and Keswani, A. (2011). Downside risk and the size of credit spreads. Journal of Banking and Finance, 35(8), pp. 2021–2036. doi:10.1016/j.jbankfin.2011.01.019.
  13. Keswani, A. and Stolin, D. (2009). Dollar-Weighted Returns to Stock Investors: A New Look at the Evidence. CFA Digest, 39(2), pp. 228–235.
  14. Keswani, A. and Stolin, D. (2008). Dollar-weighted returns to stock investors: A new look at the evidence. Finance Research Letters, 5(4), pp. 228–235. doi:10.1016/j.frl.2008.08.001.
  15. Keswani, A. and Stolin, D. (2008). Which Money Is Smart? Mutual Fund Buys and Sells of Individual and Institutional Investors. CFA Digest, 38(3), pp. 71–72.
  16. Hwang, S., Keswani, A. and Shackleton, M.B. (2008). Surprise vs anticipated information announcements: Are prices affected differently? An investigation in the context of stock splits. Journal of Banking and Finance, 32(5), pp. 643–653. doi:10.1016/j.jbankfin.2007.04.028.
  17. Keswani, A. and Stolin, D. (2008). Which money is smart? Mutual fund buys and sells of individual and institutional investors. Journal of Finance, 63(1), pp. 85–118. doi:10.1111/j.1540-6261.2008.01311.x.
  18. Keswani, A., Yang, J. and Young, S. (2007). Do share buybacks provide price support? evidence from mandatory non-trading periods. Journal of Business Finance and Accounting, 34(5-6), pp. 840–860. doi:10.1111/j.1468-5957.2007.02009.x.
  19. Keswani, A. and Stolin, D. (2006). Mutual fund performance persistence and competition: A cross-sector analysis. Journal of Financial Research, 29(3), pp. 349–366. doi:10.1111/j.1475-6803.2006.00182.x.
  20. Keswani, A. and Shackleton, M.B. (2006). How real option disinvestment flexibility augments project NPV. European Journal of Operational Research, 168(1), pp. 240–252. doi:10.1016/j.ejor.2004.02.028.
  21. Wang, Y.H., Keswani, A. and Taylor, S.J. (2006). The relationships between sentiment, returns and volatility. International Journal of Forecasting, 22(1), pp. 109–123. doi:10.1016/j.ijforecast.2005.04.019.
  22. Keswani, A. (2005). Estimating a risky term structure of brady bonds. Manchester School, 73(SUPPL.), pp. 99–127. doi:10.1111/j.1467-9957.2005.00463.x.

Working paper

  1. Keswani, A., Tran, A.L. and Volpin, P.F. Institutional Debt Holdings and Governance. Elsevier BV

Professional activities

Editorial activity (7)

  1. Financial Review, Referee, 2008 – present.
  2. Journal of Banking and Finance, Referee, 2008 – present.
  3. Journal of Financial Research, Referee, 2008 – present.
  4. Journal of International Money and Finance, Referee, 2008 – present.
  5. Journal Business Finance and Accounting, Referee, 2006 – present.
  6. International Journal of Forecasting, Referee, 2005 – present.
  7. Journal of Finance, Referee, 2002 – present.

Events/conferences (43)

  1. FMA 2011 European conference. (Conference) Porto (2011). Organising Committee.
  2. (Seminar) Reading University (2011). Invited speaker.
    Paper: How well do mutual funds invest in their own backyard?
    Author: Keswani D
    Co-authors: Stolin
  3. Leading Lights in Fund Management research conference II. (Conference) Cass (2010). Chair.
  4. LMU Munich Seminar Series. (Seminar) Munich (2010). Invited speaker.
    Paper: The flow-performance relationship around the world
    Author: Keswani A
    Co-authors: Miguel Ferreira (Nova, Lisbon), Sofia Ramos (ISCTE, Lisbon) and Antonio Freitas Miguel (ISCTE, Lisbon)
  5. Lancaster University Finance Seminar Series. (Seminar) Lancaster University (2010). Invited speaker.
    Paper: How well do mutual funds invest in their own backyard?
    Author: Keswani A
    Co-authors: David Stolin (Toulouse Business School)
  6. Leading Lights in Fund Management research II. (Conference) London (2010). Invited speaker.
    Paper: How well do mutual funds invest in their own backyard?
    Author: Keswani A
    Co-authors: David Stolin (Toulouse Business School)
  7. European Finance Association. (Conference) Frankfurt (2010). Invited speaker.
    Paper: The flow-performance relationship around the world
    Author: Keswani A
    Co-authors: Miguel Ferreira (Nova, Lisbon), Sofia Ramos (ISCTE, Lisbon) and Antonio Freitas Miguel (ISCTE, Lisbon)
  8. European Finance Association Meeting. (Conference) Norway (2009). Organising Committee.
  9. Leading Lights in Fund Management research conference. (Conference) Cass (2009). Chair.
  10. (Seminar) Cranfield University (2009). Invited speaker.
    Paper: The flow-performance relationship around the world
    Author: Keswani A
    Co-authors: Miguel Ferreira (Nova, Lisbon), Antonio Freitas Miguel (ISCTE, Lisbon) and Sofia Ramos (ISCTE, Lisbon)
  11. (Seminar) Leeds University Business School (2009). Invited speaker.
    Paper: The flow-performance relationship around the world
    Author: Keswani A
    Co-authors: Miguel Ferreira (Nova, Lisbon), Antonio Freitas Miguel (ISCTE, Lisbon) and Sofia Ramos (ISCTE, Lisbon)
  12. Leading lights in Fund Management Research conference. (Conference) (2009). Invited speaker.
    Paper: The flow-performance relationship around the world
    Author: Keswani A
    Co-authors: Miguel Ferreira (Nova, Lisbon), Antonio Freitas Miguel (ISCTE, Lisbon) and Sofia Ramos (ISCTE, Lisbon)
  13. Portuguese Finance Network conference. (Conference) Coimbra (2008). Organising Committee.
  14. (Seminar) Manchester Business School (2008). Invited speaker.
    Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
    Author: Keswani A
    Co-authors: Gordon Gemmill
  15. (Seminar) Georgia State (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  16. (Seminar) University of Lausanne (2008). Invited speaker.
    Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
    Author: Keswani A
    Co-authors: Gordon Gemmill
  17. (Seminar) University of Illinois at Urbana-Champaign (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  18. (Seminar) Toulouse Business School (2008). Invited speaker.
    Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
    Author: Keswani A
    Co-authors: Gordon Gemmill
  19. (Seminar) Washington University at St Louis (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  20. Inquire UK Annual Conference. (Seminar) (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  21. European Finance Association (Athens). (Conference) Athens (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  22. (Seminar) XFI, Exeter University (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  23. (Seminar) Essex University (2008). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  24. (Seminar) Bologna University (2008). Invited speaker.
    Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
    Author: Keswani A
    Co-authors: Gordon Gemmill
  25. (Seminar) ISCTE, Lisbon (2007). Invited speaker.
    Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
    Author: Keswani A
    Co-authors: Gordon Gemmill
  26. (Seminar) Swiss Banking Institute, Zurich (2007). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  27. (Seminar) Bristol University (2007). Invited speaker.
    Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
    Author: Keswani A
    Co-authors: Gordon Gemmill
  28. (Seminar) Norwegian School of Economics and Business (2007). Invited speaker.
    Paper: Mutual fund distribution channels and investor reaction to past performance
    Author: Keswani A
    Co-authors: David Stolin
  29. Portuguese Finance Network conference. (Conference) Porto (2006). Organising Committee.
  30. Western Finance Association. Denver (2006).
    Paper: Which money is smart? Mutual fund buys and sells of individual and institutional investors
    Co-authors: David Stolin
  31. Portuguese Finance Association. Porto (2006).
    Paper: Which money is smart? Mutual fund buys and sells of individual and institutional investors
    Co-authors: David Stolin
  32. Inquire UK. (2006).
    Paper: Stock splits: What Does the Market Tell Us Ex Ante?
    Co-authors: Soosung Hwang and Mark Shackleton
  33. The Way Forward for the Fund Management Industry. (Conference) Cass (2005). Organising Committee.
  34. Financial Markets Group Seminar Series, London School of Economics. (Seminar) (2005).
    Paper: Stock Splits: What Does the Market Tell Us Ex Ante?
    Co-authors: Soosung Hwang and Mark Shackleton
  35. Finance Seminar Series, Lancaster University. (Seminar) (2005).
    Paper: Stock Splits: What Does the Market Tell Us Ex Ante?
    Co-authors: Soosung Hwang and Mark Shackleton
  36. Finance Seminar Series. (Seminar) Said Business School, University of Oxford (2004).
    Paper: The Determinants of Mutual Fund Flows
    Co-authors: David Stolin (Toulouse Business School)
  37. Finance Research Seminar Series. (Seminar) Warwick Business School (2004).
    Paper: The Determinants of Mutual Fund Flows
    Co-authors: David Stolin (Toulouse Business School)
  38. European Financial Management Association. Basel (2004).
    Paper: Can Sentiment Forecast Either Returns or Volatility?
    Author: Jeffrey Wang & Stephen Taylor
  39. Faculty of Economics Seminar Series. (Seminar) University of Porto (2004).
    Paper: Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis
    Co-authors: David Stolin (Toulouse Business School)
  40. Financial Management Association. Denver (2003).
    Paper: Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis
    Co-authors: David Stolin (Toulouse Business School)
  41. European Finance Association (Discussant). Glasgow (2003).
    Paper: Relationship Rating: How do Bond Rating Agencies Process Information? A. Butler & K.Rogers
  42. Financial Markets Group Seminar Series. (Seminar) London School of Economics (2002).
    Paper: Time variation in the pricing of catastrophe reinsurance
  43. American Finance Association. Boston (2000).
    Paper: Estimating a Risky Term Structure of Brady Bonds

Media appearances (9)

  1. The truth behind buying and selling shares. (2012) www.ftadviser.com (website).
  2. Fondsmanager verspielen ihren Heimvorteil. (2012) www.ititpro.com (website).
  3. Fondsmanager verspielen ihren Heimvorteil. (2012) www.pt-magazin.de (website).
  4. No home-field advantage for financial institutions. (2012) Financial Adviser.
  5. Managers 'slipping on home turf'. (2012) Financial Times (newspaper).
  6. 'Smart Money' Identifies Superior Mutual Funds. (2008) www.physorg.org.
  7. ""Smart Money"" Identifies Superior Mututal Funds. (2008) www.blackwellpublishing.com.
  8. An apology to all you mutual fund investors. (2006) Financial Times (newspaper).
  9. Make your mind up small investors. (2006) Times (newspaper).