UK fund returns and sector diversification

2016, Economics Bulletin (A. Keswani, D. Stolin, and M. Zagonov)


  • A simple strategy of holding all equity sectors in equal proportions has outperformed almost all active equity funds.
  • Discussed in The Evidence-Based Investor

Squandering home field advantage?
Financial institutions' investing in their own industries

2015, Journal of Financial Perspectives (A. Keswani and D. Stolin)


Investor reaction to mutual fund performance:
Evidence from UK distribution channels

2012, Journal of Financial Research (A. Keswani and D. Stolin)


  • Investors in funds react to past performance very differently depending on the distribution channel they use.

Dollar-weighted returns to stock investors:
A new look at the evidence

 2008, Finance Research Letters (A. Keswani and D. Stolin)


  • Prior high-profile evidence on investor losses due to market timing is flawed.
  • Discussed in CFA Digest

Which money is smart?
Mutual fund buys and sells of individual and institutional investors

2008, Journal of Finance (A. Keswani and D. Stolin)