Research

Dimic, Piljak, Swinkels, and Vulanovic (2026) ESG thematic bonds in emerging markets: Risk, uncertainty, and ambiguity. European Financial Management (forthcoming). (SSRN) Winner of the runner up paper prize at the World Finance & Banking Symposium in Brno (Czech Republic).

Doeswijk and Swinkels (2026) The risk and reward of investing. Journal of International Money and Finance 160, 103453. (SSRN) [Data]

Swinkels, Van Zanten, Rein, and Scholten (2025) Financing the Sustainable Development Goals: Exploring the Role of Government Bond Investors. Financial Analysts Journal (forthcoming). (SSRN)

Giesta de Mello Fernandes and Swinkels (2025) Exploring emerging markets debt: Bond voyage? Journal of Asset Management 26(7), 847-862. (SSRN)

Benkraiem, Dimic, Piljak, Swinkels, and Vulanovic (2025) Media-based climate risks and the international corporate bond market, Journal of International Money and Finance, 103260.

Ceballos, Piljak, and Swinkels (2024) Is firm-level political risk priced in the corporate bond market? Journal of Empirical Finance 79, 101562. (SSRN)

Swinkels (2024) Trading carbon credit tokens on the blockchain, International Review of Economics and Finance 91, 720-733. (SSRN) (Data)

Jansen, Swinkels, and Zhou (2024) More powerful tests for anomalies in the China A-share market, Journal of Portfolio Management 50(4), 186-202. (SSRN)

Markwat and Swinkels (2024) Corporate carbon emissions data for equity and bond portfolios, Managerial Finance 50(1), 118-139. (SSRN)

Carpena, Swinkels, and Zhang (2024) The effects of COVID-19 policies on consumer spending in Norway, Contemporary Economic Policy 42(1), 56-67. (SSRN)

Hanauer, Jansen, Swinkels, and Zhou (2024) Factor models for Chinese A-shares, International Review of Financial Analysis 91, 102975. (SSRN) (Data)

Swade, Lohre, Nolte, Shackleton, and Swinkels (2024) A century of macro factor investing: Diversified multi-asset multi-factor strategies through the cycles, Journal of Portfolio Management 50(5), 37-56. (SSRN)

Molenaar, Sénéchal, Swinkels, and Wang (2024) Empirical evidence on the stock-bond correlation, Financial Analysts Journal 80(3), 17-36. (SSRN) Winner of the Graham & Dodd Scroll Award.

Beteta Vejarano and Swinkels (2024) Social, sustainability, and sustainability-linked bonds, Journal of Impact and ESG Investing 4(4), 71-95. (SSRN)

Swinkels (2023) Empirical evidence on the ownership and liquidity of real estate tokens, Financial Innovation 9(1), 45. (SSRN)

Blitz and Swinkels (2023) Does excluding sin stocks cost performance? Journal of Sustainable Finance and Investment 13(4), 1693-1710. (SSRN)

Swinkels and Yang (2023) Investing in Carbon Credits, Journal of Alternative Investments 26(2), 28-59. (SSRN)

Baltussen, Swinkels, Van Vliet, and Van Vliet (2023) Investing in deflation, inflation, and stagflation regimes, Financial Analysts Journal 79(3), 5-32. (SSRN)

Swinkels (2022) Allocating to green bonds, Journal of Alternative Investments 25(1), 9-32. (SSRN)

Blitz, Swinkels, Ūsaitė, and Van Vliet (2022) Shrinking beta, Journal of Risk 24(6), 25-40. (SSRN)

De Jong and Swinkels (2022) The capital-protection capacity of emerging-markets inflation-linked bonds, Journal of Portfolio Management 48(8), 127-138. (SSRN)

Dimic, Piljak, Swinkels, and Vulanovic (2021) The structure and degree of dependence in government bond markets, Journal of International Financial Markets, Institutions and Money 74, 101385. (SSRN)

Jansen, Swinkels, and Zhou (2021) Anomalies in the China A-share market, Pacific Basin Finance Journal 68, 101607. (SSRN) (Data)

Blitz and Swinkels (2021) Who owns tobacco stocks? Journal of Asset Management 22, 311–325. (SSRN)

Baltussen, Swinkels, and Van Vliet (2021) Global factor premiums, Journal of Financial Economics 142(3), 1128-1154. (SSRN) (Data)

De Groot, Swinkels, and Zhou (2021) China A-shares: Strategic allocation to market and factor premiums, Journal of Portfolio Management 47(7), 131-149. (SSRN)

Blitz, Swinkels, and Van Zanten (2021) Does sustainable investing deprive unsustainable firms of fresh capital? Journal of Impact and ESG Investing 1(3), 10-25. (SSRN)

Blitz and Swinkels (2020) Do tobacco share owners finance the tobacco business? Journal of Impact and ESG Investing 1(2), 53-67. (SSRN)

Doeswijk, Lam, and Swinkels (2020) Historical returns of the market portfolio, Review of Asset Pricing Studies 10(3), 521-567. (SSRN) (Data)

Blitz and Swinkels (2020) Is exclusion effective? Journal of Portfolio Management 46(3), 42-48. (SSRN)

Blitz, Huisman, Swinkels, and Van Vliet (2019) Media attention and the volatility effect, Finance Research Letters 36, 101317. (SSRN)

Alserda, Dellaert, Swinkels, and Van der Lecq (2019) Individual pension risk preference elicitation and collective asset allocation with heterogeneity, Journal of Banking and Finance 101, 206-225. (SSRN)

Houweling and Swinkels (2019) Pension and insurance solvency regulations and low-risk investing: A comparative analysis of the Nordic countries and the Netherlands,
Nordic Journal of Business 68(4), 25-39.

Swinkels (2019) Treasury bond return data starting in 1962, Data 4(3), 91. (Data)

Blitz, Hallerbach, Swinkels, Van Vliet (2018) Equity solvency capital requirements, Geneva Papers on Risk and Insurance: Issues and Practice 43(4), 633-652.

Swinkels (2018) Simulating historical inflation-linked bond returns, Journal of Empirical Finance 48, 374-389. (SSRN)

Shi, Swinkels, Van der Lecq (2017) Board diversity and self-regulation in Dutch pension funds, Equality, Diversity and Inclusion 36(2), 939-963.

Piljak and Swinkels (2017) Frontier and emerging government bond markets, Emerging Markets Review 30, 232-255.

Piljak and Swinkels (2017) Fundamental indexation for developed, emerging, and frontier government bond markets, Journal of Asset Management 18(5), 405-420.

Swinkels and Xu (2017) Is the equity market representative of the real economy? Economics, Management, and Financial Markets 12(2), 51-66.

Li, Spigt, and Swinkels (2017) The impact of FinTech start-ups on incumbent retail banks’ share prices, Financial Innovation 3(26), 1-16.

Phoeng and Swinkels (2016) The Zodiac calendar and equity factor returns, China Accounting and Finance Review 18(3), 114-130.

Helwig and Swinkels (2015) Accounting for market risk in microfinance investments, International Journal of Sustainable Economy 17(4), 262-279.

Egbers and Swinkels (2015) Can implied volatility predict returns on the currency carry trade? Journal of Banking and Finance 59, 14-26.

Doskov and Swinkels (2015) Empirical evidence on the currency carry trade, 1900-2012, Journal of International Money and Finance 51, 370-389.

Doeswijk, Lam, and Swinkels (2014) The Global Multi-Asset Market Portfolio 1959-2012, Financial Analysts Journal 70(2), 26-41. Winner of a Graham & Dodd Award.

Doeswijk, Lam, and Swinkels (2014) “The Global Multi-Asset Market Portfolio 1959-2012”: Author Response, Financial Analysts Journal 70(4), 9-11.

Andreu, Swinkels, and Tjong-A-Tjoe (2013) Can exchange traded funds be used to exploit country and industry momentum? Financial Markets and Portfolio Management 27(2), 127-148.

Swinkels and Van Vliet (2012) An anatomy of calendar effects, Journal of Asset Management 13(4), 271-286.

Swinkels and Ziesemer (2012) Diversity of Dutch pension fund boards, Pensions 17(3), 137-143.

Swinkels (2012) Emerging markets inflation-linked bonds, Financial Analysts Journal 68(5), 38-56.

Poiesz and Swinkels (2012) Myth busting: Defined contribution, Pensions 17(4), 260-269.

Andreu and Swinkels (2012) Performance evaluation of balanced pension plans, Quantitative Finance 12(5), 819-830.

De Groot, Pang, and Swinkels (2012) The cross-section of stock returns in frontier emerging markets, Journal of Empirical Finance 19(5), 796-818.

Blitz, Huij, and Swinkels (2012) The performance of European index funds and exchange-traded funds, European Financial Management 18(4), 649-662.

Swinkels (2011) Have pension plans changed after the introduction of IFRS? Pensions 16(4), 244-255.

Crezee and Swinkels (2011) High-conviction equity portfolio optimization, Journal of Risk 13(2), 57-70.

Swinkels (2011) The case for local fair value discount rates under IFRS, Pensions 16(2), 107-114.

Blitz, Houweling, Huij, Rejeb, and Swinkels (2010) Can theoretical risk premiums be captured by investing in passive funds? VBA Journaal 26(4), 12-15.

Rzezniczak and Swinkels (2009) Performance evaluation of Polish mutual fund managers, International Journal of Emerging Markets 4(1), 26-42.

De Zwart, Markwat, Swinkels, and Van Dijk (2009) The economic value of fundamental and technical information in emerging currency markets, Journal of International Money and Finance 28(4), 581-604.

Blitz and Swinkels (2008) Fundamental indexation: an active value strategy in disguise, Journal of Asset Management 9(4), 264-269.

De Groot and Swinkels (2008) Incorporating uncertainty about alternative assets in strategic pension fund asset allocation, Pensions 13(1/2), 71-77.

Swinkels and Tjong-A-Tjoe (2007) Can mutual funds time investment styles? Journal of Asset Management 8(2), 123-132.

Swinkels and Van der Sluis (2006) Return-based style analysis with time-varying exposures, European Journal of Finance 12(6/7), 529-552.

Nijman, Swinkels, and Verbeek (2004) Do countries or industries explain momentum in Europe? Journal of Empirical Finance 11(4), 461-481.

Swinkels (2004) The impact of new capital requirements on asset allocation for Dutch pension funds, Pensions 10(1), 75-81.

Swinkels (2004) Momentum investing: A survey, Journal of Asset Management 5(2), 120-143.

Swinkels (2004) Alternative investments and the solvency requirements for defined benefit pension schemes, Society of Actuaries Monograph.

Swinkels (2002) International industry momentum, Journal of Asset Management 3(2), 124-141.

In Dutch:

Baltussen, Swinkels, Van Vliet, Van Vliet (2023) De invloed van inflatie op aandelen, obligaties en factoren, VBA Journaal 152, 20-25.

Speijer en Swinkels (2020) Diversiteit van pensioenfondsbesturen: Is het glas half vol of half leeg? VBA Journaal 143, 13-18.

Alserda, Dellaert, Swinkels, en Van der Lecq (2019) Pensioenfondsen kunnen welvaartswinst behalen door risicovoller te beleggen, Economisch-Statistische Berichten 104(4777), 405-407.

Hoek en Swinkels (2011) Gevolgen van mogelijke veranderingen in de rekenrente, Tijdschrift voor Pensioenvraagstukken 2, 19-29.

Swinkels en Van Ommeren (2010) Hoe waarderen we ons pensioen? Maandblad voor Accountancy en Bedrijfseconomie 84(5), 245-253.

Swinkels (2009) De echte gevolgen van de ontwikkelingen in de regelgeving voor pensioenfondsen, VBA Journaal 25(4), 16-20.

De Groot en Swinkels (2008) Het onzekere voor het zekere nemen, VBA Journaal 24(1), 42-49.

Kerkhof en Swinkels (2008) Inflatiederivaten voor pensioenfondsen, Actuaris 15, 2-4.

Swinkels en Van den Berg (2007) Het effect van overnames op de aandelenrendementen van biedende ondernemingen, Maandblad voor Accountancy en Bedrijfseconomie 81(6), 277-283.

Swinkels (2006) De opmars van beleggen in sectoren gestuit? Technische en Kwantitatieve Analyse 12, 39-41.

Swinkels (2006) Zijn pensioenregelingen gewijzigd als gevolg van de introductie van IFRS? Maandblad voor Accountancy en Bedrijfseconomie 80(11), 562-570.

Nijman en Swinkels (2003) De gevolgen van de ontwikkelingen in de regelgeving voor de beleggingsmix van pensioenfondsen, VBA Journaal 19(3), 9-19.

Robeco applied research

2025-10 What to do when safe havens turn into stormy waters

2025-06 Seizing quant and fundamental alpha in developed equity markets

2025-03 Exploring emerging markets debt: Bond voyage?

2024-12 The role of government bond investors in funding the SDGs (podcast on earlier version of the paper)

2024-10 Balancing sustainability and returns: What multi-asset investors need to know

2024-09: The risk and reward of investing

2024-09: Bursting or buzzing bubbles?

2024-09: How SDG-aligned companies are better at avoiding scandals

2024-08: Designing practical life-cycle pension solutions

2024-05: New research into the stock-bond correlation shows when they correlate – and when they don’t