Research Interests

My research interests lie primarily in the area of Mutual Funds, Asset Pricing, Portfolios Management and LLMs.

GiHub: Download and analysis of EDGAR filings and traffic log filesLink opens in a new window

Education

• 2020 - present: PhD in Finance and Econometrics, Warwick Business School, University of Warwick
• 2018 - 2019: MSc Risk Management and Financial Engineering (Distinction), Imperial College Business School, Imperial College London
• 2016 - 2018: BSc Mathematics with Business Management (First Class Honours), School of Mathematics, University of Birmingham
• 2014 - 2016: BSc Economics, School of Economics, Huazhong University of Science and Technology

Supervisors

Constantinos AntoniouLink opens in a new window and Roman KozhanLink opens in a new window

Current Research

• “Mutual Fund Strategy Changes and Performance”  2023 SSRNLink opens in a new window

  I introduce a new active portfolio management measure, Strategy Shifting, which represents the divergence of the actual weights from the expected weights that a fund should assign to stocks if it follows previous stock characteristics based trading strategies. The measure assesses changes in trading strategies in response to shifts in fundamental information and is free from the benchmark mismatch problem. I show that mutual funds actively altering strategies contribute to improved fund performance. The finding remains robust after controlling for other active management measures and fund characteristics. 

  Keywords: Mutual Fund Performance, Active Management, Portfolio Management

• "Retail Investor Attention and Mutual Fund Performance: Evidence from EDGAR Log Files" 2024

  I develop a measure of retail investor attention to mutual funds, Total Views, by distinguishing between retail and sophisticated investors’ access to fund shareholder reports (N-CSR) via EDGAR. Total Views positively predicts retail fund flows and performance, with a 0.28% rise in future flows and a 0.02% improvement in alpha. An equal-weighted high-minus-low portfolio based on abnormal Total Views yields positive returns. Total Views affects the flow-performance relationship by causing funds to attract less performance-driven flows. It reduces inflows to outperforming funds and increases outflows from underperforming funds. Further analyses show that fund shareholder reports offer valuable, non-time-sensitive information throughout the year.

  Keywords: Retail Investor Attention, EDGAR, Mutual Fund, Shareholder Reports

• “Readability and Sentiment in Mutual fund Shareholder Reports and Performance” 2024 SSRN

  I use large language models (LLMs) fine-tuned on financial texts to assess the readability and neutrality of mutual fund shareholder reports. A neutral tone typically predicts increased fund inflows, but this effect lessens with higher readability. When reports are highly readable, neutrality leads to outflows for outperforming funds and doesn't boost inflows for underperforming ones. Retail investors respond minimally to neutrality unless reports are highly readable, and their reactions are less pronounced than those of institutional investors. Limited access to shareholder reports restricts retail investors' information acquisition. These findings support the adoption of the Tailored Shareholder Report Rule.

  Keywords: Mutual Fund Performance, Shareholder Letters, Textual Analysis, Large Language Models

Professional Experience

• 2022 - present: Teaching Fellow, Queen Mary University of London
• 2021 - present: Senior Graduate Teaching Assistant, University of Warwick

I have been proudly volunteering as a Registered Marshal with Motorsport UK since 2022.