
Contact
- +44 (0)20 7040 8763
- a.keswani@citystgeorges.ac.uk
Postal address
Northampton Square
London
EC1V 0HB
United Kingdom
About
Overview
Aneel Keswani joined Bayes Business School after completing his PhD from London Business School. He is the Director and Founder of the Centre for Asset Management Research (CAMR) at Bayes Business School and has organised six international conferences under the auspices of the centre. He is also the Director of the MSc programme in Investment Management.
Aneel’s research expertise focuses on fund management and asset pricing 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, Journal of Financial and Quantitative Analysis, Review of Finance and Management Science.
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, United Kingdom, 1994 – 2000
- MSc (Economics), London School of Economics, United Kingdom, 1992 – 1993
- MA (Economics), Cambridge, United Kingdom, 1988 – 1991
Employment
- Course Director MSc Investment Management, Bayes Business School, 2017 – 2026
Expertise
Primary topics
- Fund Management
Additional topics
- Asset Pricing
- Fixed-Income Investments
Industries
- Pension fund management
Research
Research topics
Mutual Fund Performance and Flows
Credit risk in bond markets
Research students
1st supervisor
- Yue Zhang, Research Student
Zhuohua Lyu
Attendance: Sep 2024 – present, full-time
Thesis title: Asset Management
Role: 1st Supervisor
Yue Zhang
Attendance: Sep 2023 – present, full-time
Thesis title: Exchange traded funds
Role: 1st Supervisor
Liying Wang Lecturer University of Liverpool Management School
Attendance: Sep 2018 – Jun 2023, full-time
Thesis title: Trust and mutual funds
Role: 1st Supervisor
Liangrong Chunyu Lecturer Essex Business School
Attendance: Sep 2016 – Jun 2019, full-time
Thesis title: State labour layoff laws and acquisitions
Role: 2nd Supervisor
Maxim Zagonov Toulouse Business School Associate Professor
Attendance: Sep 2008 – Jun 2011, full-time
Thesis title: Risk exposures of financial institutions
Role: 1st Supervisor
Yaw-Huei Wang National Taiwan University Professor of Finance
Attendance: Sep 2001 – Jun 2004, full-time
Thesis title: Sentiment and volatility
Role: 2nd Supervisor
Publications
Conference papers and proceedings (54)
- Keswani, A. (2025). Decoding Derivative Use in Exchange-traded Funds. Nottingham University business school seminar 19 February.
- Keswani, A. (2025). Institutional debtholder governance. Richard Ivey Seminar Series, Canada 11 February.
- Keswani, A. (2024). Decoding Derivative Use in Exchange-traded Funds. Catolica Porto Business School Seminar 20 November.
- Keswani, A. (2024). Decoding Derivative Use in Exchange-traded Funds. Bristol University seminar 5 November.
- Keswani, A. (2024). Variation in Mutual Fund Industries and Real Effects Across Countries. Georgia State University seminar 22 May.
- Keswani, A. (2023). Undervaluation Induced LBOs. University of Leicester seminar.
- Keswani, A. (2022). Variation in Mutual Fund Industries and Real Effects Across Countries. University of Liverpool Management School seminar series 7 June.
- Keswani, A. (2022). Variation in Mutual Fund Industries and Real Effects Across Countries. University of Strathclyde seminar series 4 May.
- Keswani, A. (2019). Institutional Debtholder Governance. Cork University seminar series 8 May.
- Keswani, A. (2019). Institutional debtholder governance. ESMT Berlin Debt in Corporate Governance conference 5 March, Berlin.
- Keswani, A. (2019). Institutional debtholder governance. Rotman Business School University of Toronto seminar series 6 February.
- Keswani, A. (2018). Institutional debtholder governance. University College Dublin Seminar Series 5 June.
- Keswani, A. (2018). Institutional debtholder governance. Queens University Management School seminar series 4 April.
- Keswani, A. (2013). Frenemies: How do financial firms vote on their own kind? ETH Zurich Seminar.
- Keswani, A. (2013). Frenemies: How do financial firms vote on their own kind? University of Surrey seminar.
- Keswani, A. (2012). Squandering home field advantage? Financial institutions’ investing in their own industries. Swansea University Seminar 5 September.
- Keswani, A. (2012). Squandering home field advantage? Financial institutions’ investing in their own industries. ESSEC University seminar.
- Keswani, A. (2011). Investor reaction to mutual fund performance: Evidence from UK distribution channels. Imperial College Seminar 2 June.
- Keswani, , D, and Stolin, (2011). How well do mutual funds invest in their own backyard? Reading University.
- Keswani, A., Miguel Ferreira, S.R. and Miguel, A.F. (2010). The flow-performance relationship around the world. European Finance Association Frankfurt.
- Keswani, A., Miguel Ferreira, S.R. and Miguel, A.F. (2010). The flow-performance relationship around the world. LMU Munich Seminar Series Munich.
- Keswani, A. and Stolin, D. (2010). How well do mutual funds invest in their own backyard? Lancaster University Finance Seminar Series Lancaster University.
- Keswani, A. and Stolin, D. (2010). How well do mutual funds invest in their own backyard? Leading Lights in Fund Management research II London.
- 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.
- Keswani, A., Miguel Ferreira, A.F.M. and Ramos, S. (2009). The flow-performance relationship around the world. Cranfield University.
- Keswani, A., Miguel Ferreira, A.F.M. and Ramos, S. (2009). The flow-performance relationship around the world. Leeds University Business School.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Essex University.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Georgia State.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. University of Illinois at Urbana-Champaign.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Washington University at St Louis.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. XFI, Exeter University.
- Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. Bologna University.
- Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. Manchester Business School.
- Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. Toulouse Business School.
- Keswani, A. and Gemmill, G. (2008). Idiosyncratic Downside Risk and the Credit spread Puzzle. University of Lausanne.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. . European Finance Association (Athens) Athens.
- Keswani, A. and Stolin, D. (2008). Mutual fund distribution channels and investor reaction to past performance. Inquire UK Annual Conference.
- Keswani, A. and Stolin, D. (2007). Mutual fund distribution channels and investor reaction to past performance. Norwegian School of Economics and Business.
- Keswani, A. and Stolin, D. (2007). Mutual fund distribution channels and investor reaction to past performance. Swiss Banking Institute, Zurich.
- Keswani, A. and Gemmill, G. (2007). Idiosyncratic Downside Risk and the Credit spread Puzzle. Bristol University.
- Keswani, A. and Gemmill, G. (2007). Idiosyncratic Downside Risk and the Credit spread Puzzle. ISCTE, Lisbon.
- Hwang, S., Shackleton, M. and Keswani, A. (2006). Stock splits: What Does the Market Tell Us Ex Ante? Inquire UK.
- Stolin, D. and Keswani, A. (2006). Which money is smart? Mutual fund buys and sells of individual and institutional investors. Portuguese Finance Association Porto.
- Stolin, D. and Keswani, A. (2006). Which money is smart? Mutual fund buys and sells of individual and institutional investors. Western Finance Association Denver.
- Hwang, S., Shackleton, M. and Keswani, A. (2005). Stock Splits: What Does the Market Tell Us Ex Ante? Finance Seminar Series, Lancaster University.
- 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.
- Stolin, D. and Keswani, A. (2004). The Determinants of Mutual Fund Flows. Finance Research Seminar Series Warwick Business School.
- Stolin, D. and Keswani, A. (2004). The Determinants of Mutual Fund Flows. Finance Seminar Series Said Business School, University of Oxford.
- Wang, J., Taylor, S. and Keswani, A. (2004). Can Sentiment Forecast Either Returns or Volatility? European Financial Management Association Basel.
- Stolin, D. and Keswani, A. (2004). Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis. Faculty of Economics Seminar Series University of Porto.
- Keswani, A. (2003). Relationship Rating: How do Bond Rating Agencies Process Information? A. Butler & K.Rogers. European Finance Association (Discussant) Glasgow.
- Stolin, D. and Keswani, A. (2003). Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis. Financial Management Association Denver.
- Keswani, A. (2002). Time variation in the pricing of catastrophe reinsurance. Financial Markets Group Seminar Series London School of Economics.
- Keswani, A. (2000). Estimating a Risky Term Structure of Brady Bonds. American Finance Association Boston.
Journal articles (23)
- Clare, A., Keswani, A. and Motson, N. (2024). The Case for Integrating ESG into Fixed-Income Portfolios. The Journal of Portfolio Management, 50(9), pp. 152–163. doi:10.3905/jpm.2024.1.620.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- Zhang, Y., Keswani, A. and Xiao, X. Decoding Derivative Use in Exchange-traded Funds.
Professional activities
Editorial activity (7)
- Financial Review, Referee, 2008 – present.
- Journal of Banking and Finance, Referee, 2008 – present.
- Journal of Financial Research, Referee, 2008 – present.
- Journal of International Money and Finance, Referee, 2008 – present.
- Journal Business Finance and Accounting, Referee, 2006 – present.
- International Journal of Forecasting, Referee, 2005 – present.
- Journal of Finance, Referee, 2002 – present.
Events/conferences (43)
- FMA 2011 European conference. (Conference) Porto (2011). Organising Committee.
- (Seminar) Reading University (2011). Invited speaker.
Paper: How well do mutual funds invest in their own backyard?
Author: Keswani D
Co-authors: Stolin - Leading Lights in Fund Management research conference II. (Conference) Cass (2010). Chair.
- 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) - 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) - 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) - 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) - European Finance Association Meeting. (Conference) Norway (2009). Organising Committee.
- Leading Lights in Fund Management research conference. (Conference) Cass (2009). Chair.
- (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) - (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) - 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) - Portuguese Finance Network conference. (Conference) Coimbra (2008). Organising Committee.
- (Seminar) University of Lausanne (2008). Invited speaker.
Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
Author: Keswani A
Co-authors: Gordon Gemmill - (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 - (Seminar) Toulouse Business School (2008). Invited speaker.
Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
Author: Keswani A
Co-authors: Gordon Gemmill - (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 - 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 - 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 - (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 - (Seminar) Essex University (2008). Invited speaker.
Paper: Mutual fund distribution channels and investor reaction to past performance
Author: Keswani A
Co-authors: David Stolin - (Seminar) Bologna University (2008). Invited speaker.
Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
Author: Keswani A
Co-authors: Gordon Gemmill - (Seminar) Manchester Business School (2008). Invited speaker.
Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
Author: Keswani A
Co-authors: Gordon Gemmill - (Seminar) Georgia State (2008). Invited speaker.
Paper: Mutual fund distribution channels and investor reaction to past performance
Author: Keswani A
Co-authors: David Stolin - (Seminar) ISCTE, Lisbon (2007). Invited speaker.
Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
Author: Keswani A
Co-authors: Gordon Gemmill - (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 - (Seminar) Bristol University (2007). Invited speaker.
Paper: Idiosyncratic Downside Risk and the Credit spread Puzzle
Author: Keswani A
Co-authors: Gordon Gemmill - (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 - Portuguese Finance Network conference. (Conference) Porto (2006). Organising Committee.
- Western Finance Association. Denver (2006).
Paper: Which money is smart? Mutual fund buys and sells of individual and institutional investors
Co-authors: David Stolin - Portuguese Finance Association. Porto (2006).
Paper: Which money is smart? Mutual fund buys and sells of individual and institutional investors
Co-authors: David Stolin - Inquire UK. (2006).
Paper: Stock splits: What Does the Market Tell Us Ex Ante?
Co-authors: Soosung Hwang and Mark Shackleton - The Way Forward for the Fund Management Industry. (Conference) Cass (2005). Organising Committee.
- 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 - 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 - 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) - Finance Research Seminar Series. (Seminar) Warwick Business School (2004).
Paper: The Determinants of Mutual Fund Flows
Co-authors: David Stolin (Toulouse Business School) - European Financial Management Association. Basel (2004).
Paper: Can Sentiment Forecast Either Returns or Volatility?
Author: Jeffrey Wang & Stephen Taylor - 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) - Financial Management Association. Denver (2003).
Paper: Determinants of Mutual Fund Performance Persistence: A Cross-Sector Analysis
Co-authors: David Stolin (Toulouse Business School) - European Finance Association (Discussant). Glasgow (2003).
Paper: Relationship Rating: How do Bond Rating Agencies Process Information? A. Butler & K.Rogers - Financial Markets Group Seminar Series. (Seminar) London School of Economics (2002).
Paper: Time variation in the pricing of catastrophe reinsurance - American Finance Association. Boston (2000).
Paper: Estimating a Risky Term Structure of Brady Bonds
Media appearances (9)
- The truth behind buying and selling shares. (2012) www.ftadviser.com (website).
- Fondsmanager verspielen ihren Heimvorteil. (2012) www.ititpro.com (website).
- Fondsmanager verspielen ihren Heimvorteil. (2012) www.pt-magazin.de (website).
- No home-field advantage for financial institutions. (2012) Financial Adviser.
- Managers 'slipping on home turf'. (2012) Financial Times (newspaper).
- 'Smart Money' Identifies Superior Mutual Funds. (2008) www.physorg.org.
- ""Smart Money"" Identifies Superior Mututal Funds. (2008) www.blackwellpublishing.com.
- An apology to all you mutual fund investors. (2006) Financial Times (newspaper).
- Make your mind up small investors. (2006) Times (newspaper).