Dr Gareth Campbell The Rise and Return of Investment Trusts, 1868 to Today

22 June 2018

Investment trusts were the first investment vehicles to enable middle class investors to easily and cheaply diversify their holdings.

Using 150 years of monthly data, on hundreds of trusts, we analyse how they have moved from having mainly idiosyncratic risk to being heavily exposed to systematic risk.

We find that trusts which were more exposed to the market average had less potential to earn excess returns, but were more likely to survive. We argue that trusts have promoted financial democratisation, allowing small investors to earn high returns on their savings, and have generally been a stabilising influence with many of the original trusts still in existence.

Gareth Campbell is a Senior Lecturer at Queen’s University Belfast, where he is the Programme Director of the BSc Finance degree. His research has focused on financial history, particularly on the growth and fluctuations of the equity markets during the Victorian era. He has published in all of the leading journals in this field, including the Journal of Economic History, Economic History Review, and Business History Review.

Recent lectures

Emma Slade and Pema Deki on Gross National Happiness – What Lessons Can We Learn from the Realities of this Bhutanese Vision?

Thu 27 June 2024

Upcoming event: on Thursday 27th June 2024 – Emma Slade and Pema Deki will discuss Gross National Happiness – What Lessons Can We Learn from…

View Lecture →

May East on Urban planning errors. The double mistake of modernism and the motorisation of our lifestyles

Wed 19 June 2024

Upcoming event: On Wednesday 19th June 2024 May East will talk about Urban planning errors. The double mistake of modernism and the motorisation of our lifestyles…

View Lecture →

Greg Makoff on Default: The Landmark Court Battle over Argentina’s $100 Billion Debt Restructuring

Wed 22 May 2024

Greg, a senior fellow at the Centre for International Governance Innovation, will talk about his book Default, the riveting story of Argentina’s sovereign debt drama,…

View Lecture →

The Library of Mistakes Course

Advanced Valuation in Financial Markets

The online version of our renowned course, is available for both finance professionals and nonprofessionals.

As featured in the Financial Times

In conjunction with Heriot-Watt University

twoguys
Scroll to Top