Javier Gil-Bazo
Javier Gil-Bazo

Published Research


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Fields of Expertise:  institutional investors; investor behavior; asset managementasset pricing; financial markets; information frictions; social media



 Featured in:
"Concentration risk: don't distract the best PMs," CityWire, January 13, 2017.
"'Peter Principle' Alive and Well in Fund Management" Reuters, November 30, 2016.
"Scale's Effect On Acctive Performance," ETF.com, January 18, 2017.
"The impact of Scale on the Performance of Active Managers," BAM Intelligence, February 6, 2017.
"New Evidence that Challenges Active Management," Advisor Perspectives, December 21, 2016.


  • Machine Learning and Fund Characteristics Help to Select Mutual Funds with Positive Alpha," with Victor DeMiguel, Francisco J. Nogales, and André A.P. Santos, Journal of Financial Economics, 150 (3), 103737, 2023.[web] [code]


  • Information Demand during the COVID-19 Pandemic,” with Hang Dong and Raluca Ratiu, Journal of Accounting and Public Policy, 40 (6), 106917, 2021.  [web]  [pdf]



  • Mutual Funding,” with Peter Hoffmann and Sergio Mayordomo, Review of Financial Studies, 33, 4883-4915, 2020. [web] [pdf] 


  • Market Frictions, Investor Sophistication, and Persistence in Mutual Fund Performance,” with Ariadna Dumitrescu, Journal of Financial Markets, 40, 40-59, 2018. [web] [pdf] 


  • Information and Investment under Uncertainty," with Ariadna Dumitrescu, Economics Letters, 148, 17-22, 2016. [web] [pdf]


  • Conditional Beta Pricing Models: A Nonparametric Approach,” with Eva Ferreira and Susan Orbe, Journal of Banking and Finance35 (12), 3362–3382, 2011[web] [pdf]


  • The Performance of Socially Responsible Mutual Funds: The Role of Fees and Management Companies,” with Pablo Ruiz-Verdú and Andre A. P. Santos, Journal of Business Ethics, 94 (2), 243-263, 2010. [web] [pdf]
Moskowitz Prize (Honorable mention, 2008) for outstanding research in the field of socially responsible investing. Awarded by the Center for Responsible Business at the Haas School of Business, in cooperation with the Social Investment Forum.
  • The Relation between Price and Performance in the Mutual Fund Industry,” with Pablo Ruiz-Verdú, Journal of Finance, 64 (5)2153-2183, 2009[web] [pdf]

Winner of the Best Paper Award, 2008, European Conference of the Financial Management Association.

Featured in:

"The First Thing to Check Before Investing in Mutual Funds," Medium-Data Driven Investor, January 2021.

"Gestione Attiva vs Gestione Passiva: L'Eterno Dibattito," AdviseOnly, June 26, 2019.

"Why fund fees matter," MoneyWeek, November 18, 2016.

"Forewarned is Forearmed," Forbes, September 22, 2015.
"Retirement Levels and Retirement Receipts Could Save American Investors Billions Each Year," Center for American Progress, July 1, 2015.
"New Idea Could Save You Billions of Dollars in 401K Costs," FOXBusiness, July 2, 2015.
"Naïve Investors Taken to the Cleaners," Forbes, January 24, 2013.
"The Big Picture," Forbes, June 2, 2008.
"The Bottom Line / The mendacity of the mutual funds industry," Haaretz, February 17, 2009.
  • When Cheaper is Better: Fee Determination in the Market for Equity Mutual Funds,” with Pablo Ruiz-Verdú, Journal of Economic Behavior and Organization, 67 (3-4), 871-885, 2008. [web] [pdf]


  • Price Dynamics, Informational Efficiency and Wealth Distribution in Continuous Double Auction Markets, with David Moreno and Mikel Tapia, Computational Intelligence, 23 (2), 176-196, 2007.  [web] [pdf]


  • Formación de precios en un mercado artificial de doble subasta continua, with David Moreno and Mikel Tapia,  Spanish Journal of Finance and Accounting, (formerly, Revista Española de Financiación y Contabilidad), 36 (134), 235-260, 2007. [web]


  • The Value of the ‘Swap’ Feature in Equity Default Swaps,” Quantitative Finance, 6 (1), 67-74, 2006. [pdf]
  • Investment Horizon Effects,” Journal of Business Finance and Accounting, 33 (1)-(2), 179–202, 2006.  [web] 


  • Beyond Single-Factor Affine Term Structure Models,” with Eva Ferreira, Journal of Financial Econometrics, 2 (4), 565-591, 2004.  [web] [pdf]


  • "A Nonparametric Dimension Test of the Term Structure,” with Gonzalo Rubio, Studies in Nonlinear Dynamics and Econometrics, 8 (3), Article 6, 2004. [web] [pdf] 


  • The Black Box of Mutual Fund Fees,” with Miguel A. Martinez, Spanish Review of Financial Economics (formerly, Revista de Economía Financiera), 4, 54-82, 2004. [pdf]




                                   Working Papers           

Other Publications


  • “On the Relationship between Price and Quality in the U.S. Mutual Fund Industry: Evidence from the 1992-2003 Period,” with Pablo Ruiz-Verdú, in Performance of Mutual Funds: An International Perspective, Springer-Verlag, 108-126, 2006. Edited by Greg N. Gregoriou. ISBN 0-2300-1945.


  • “What Drives Information Dissemination in Continuous Double Auction Markets?” with David Moreno and Mikel Tapia, in The 2005 IEEE Congress on Evolutionary Computation, Vol. 3, 2453-2460, 2005. ISBN 0-7803-9363-5.