Rajan Raju

Invespar Pte Ltd

Singapore

SCHOLARLY PAPERS

40

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35,822

TOTAL CITATIONS
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Top 40,237

in Total Papers Citations

28

Ideas:
“  Factor Investing, Long-only factor portfolios in Asian Markets, Retirement planning and retirement portfolios  ”

Scholarly Papers (40)

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1.

Safe Withdrawal Rates in India: Balancing Portfolio Sustainability and Flexibility (1992-2024)
A Working Paper

Downloads 9,267 ( 1,381)

Safe Withdrawal Rates in India: Balancing Portfolio Sustainability and Flexibility (1992-2024)

Number of pages: 58 Posted: 28 Jan 2025 Last Revised: 06 Feb 2025
Rajan Raju
Invespar Pte Ltd
Downloads 515 (117,219)

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Retirement planning, Safe withdrawal rate, Real returns, Inflation adjusted returns, India asset returns, Portfolio construction, Financial planning

Balancing Acts: Safe Withdrawal Rates in the Indian Context

Number of pages: 31 Posted: 05 Feb 2024
Rajan Raju and Ravi Saraogi
Invespar Pte Ltd and Samasthiti Advisors
Downloads 8,752 (1,520)

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Retirement planning, Safe withdrawal rate, Real returns, Inflation adjusted returns, India asset returns, Portfolio construction, Financial planning

2.

Implementing a Systematic Long-only Momentum Strategy: Evidence From India

Number of pages: 26 Posted: 08 Jan 2020
Rajan Raju and Abhijit Chandrasekaran
Invespar Pte Ltd and Invespar Pte Ltd
Downloads 2,826 (10,114)
Citation 1

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Momentum, Factors, India, Investing, Quantitative, Systematic

3.

Long-Term Asset Returns in India: A Historical Survey (1992-2024)

Downloads 2,791 (10,321)
Citation 1

Long-Term Asset Returns in India: A Historical Survey (1992-2024)

Number of pages: 42 Posted: 19 Nov 2024 Last Revised: 20 Nov 2024
Rajan Raju
Invespar Pte Ltd
Downloads 434 (143,689)
Citation 1

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Real Asset Returns in India, Inflation Adjusted Investment Returns, India Asset Returns, Portfolio Construction

Asset Returns in India: A Historical Survey, 2023 Inflation's Shadow

Number of pages: 30 Posted: 01 Dec 2023
Rajan Raju and Mallika Raju
Invespar Pte Ltd and Invespar Pte Ltd
Downloads 1,172 (38,991)

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Real Asset Returns in India, Inflation Adjusted Investment Returns, India Asset Returns, Portfolio Construction, Risk and Return in Emerging Markets

Nominal and Inflation-Adjusted Asset Returns in India: A Historical Survey, 2022

Number of pages: 19 Posted: 08 Nov 2022
Rajan Raju
Invespar Pte Ltd
Downloads 410 (153,641)

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Real returns, Inflation adjusted returns, India asset returns, Portfolio Construction

Historical Nominal and Real Asset Returns in India

Number of pages: 17 Posted: 10 Nov 2021
Rajan Raju
Invespar Pte Ltd
Downloads 775 (69,206)

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Real returns, Inflation adjusted returns, India asset returns, Portfolio Construction

4.

'Long' Factors, not 'Short' Change : Long Only Factor Portfolios in India

Number of pages: 35 Posted: 11 Jan 2022
Rajan Raju and Anish Teli
Invespar Pte Ltd and QED Capital Advisors
Downloads 2,205 (15,096)
Citation 3

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Factors, Factor Investing, India

5.

smallcases Investment Performance: A Returns-Based Factor Analysis

Number of pages: 18 Posted: 01 Feb 2023
Rajan Raju
Invespar Pte Ltd
Downloads 1,810 (20,694)

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Factors, smallcases, Investment Strategy, Indian Equity

6.

The Conservative Formula: Evidence from India

Number of pages: 23 Posted: 18 Jul 2022
Rajan Raju and Anish Teli
Invespar Pte Ltd and QED Capital Advisors
Downloads 1,519 (27,019)

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Factors, Factor Investing, Conservative Formula, India

7.

The 52-Week High Effect and Momentum Investing: Evidence from India

Number of pages: 26 Posted: 18 Oct 2023
Rajan Raju
Invespar Pte Ltd
Downloads 1,277 (34,887)
Citation 2

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Factors, Portfolio Construction, 52 week high, Momentum, Indian Equity

8.

Timing the Tide: The Impact of Rebalancing Periods in Momentum Investing in Indian Equities

Number of pages: 25 Posted: 26 Jan 2024
Rajan Raju
Invespar Pte Ltd
Downloads 1,202 (38,132)
Citation 2

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Factors, Portfolio Construction, Momentum, Rebalancing, Indian Equity

9.

Factor Indices in India: Factor Exposures and Style Analysis

Number of pages: 26 Posted: 17 Jun 2022
Rajan Raju and Harish Krishnan
Invespar Pte Ltd and Kotak Mahindra Asset Management Company Limited
Downloads 1,082 (44,457)

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Factors, smart beta, India

10.

Equity Portfolio Diversification: How Many Stocks Are Enough? Evidence From India

Number of pages: 19 Posted: 22 Feb 2021
Rajan Raju and Sobhesh Kumar Agarwalla
Invespar Pte Ltd and Indian Institute of Management (IIM) Ahmedabad
Downloads 925 (55,340)
Citation 7

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Portfolio Construction, Diversification, Time Series Standard Deviation

11.

Four and Five-Factor Models in the Indian Equities Market

Number of pages: 37 Posted: 22 Mar 2022
Rajan Raju
Invespar Pte Ltd
Downloads 888 (58,512)

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Factors, Four factors, Five factors, India, SMB, HML, RMW, CMA, WML

12.

Forecast or Fallacy? Shiller's CAPE: Market and Style Factor Forward Returns in Indian Equities

Number of pages: 27 Posted: 13 Aug 2024
Joshy Jacob and Rajan Raju
Indian Institute of Management (IIM), Ahmedabad and Invespar Pte Ltd
Downloads 795 (67,991)

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Shiller-PE, CAPE, Equity Market Returns, India JEL Classification Codes G00, G11, G12

13.

Realised Returns, Risks and Shortfall Probabilities of Systematic Investment Plans: Evidence from India

Number of pages: 23 Posted: 07 Feb 2022
Rajan Raju
Invespar Pte Ltd
Downloads 794 (68,093)

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SIP, DCA, Dollar Cost Averaging, Rupee Cost Averaging, India

14.

Don't Judge a Book by its Cover: Evidence of Returns Based Factor Exposures of Multifactor Strategies in India

Number of pages: 36 Posted: 27 Jun 2024
Rajan Raju and Joshy Jacob
Invespar Pte Ltd and Indian Institute of Management (IIM), Ahmedabad
Downloads 641 (89,861)
Citation 1

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Factors, Investment Strategy, Indian Equity, Multifactor Investing, Smart Beta Strategies, Returns-Based Analysis, Portfolio Management JEL Classification Codes G00, G11, C15

15.

Active versus Index Equity Investing - Early Evidence from India

Number of pages: 22 Posted: 29 May 2020
Rajan Raju and Ananya Mittal
Invespar Pte Ltd and Invespar Pte Ltd
Downloads 640 (90,026)
Citation 3

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Indian Mutual Funds, Closet Indexing, Factor Investing, Mutual Fund Performance

16.

Low-Risk Anomaly: Evidence from India

Number of pages: 29 Posted: 27 Mar 2023
Rajan Raju
Invespar Pte Ltd
Downloads 633 (91,346)

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Factors, Low Risk, Low Volatility, Indian Equity

17.

Shiller's CAPE and Forward Excess Returns in India

Downloads 632 (91,538)

Shiller's CAPE and Forward Excess Returns in India

Number of pages: 21 Posted: 26 Jul 2023
Rajan Raju
Invespar Pte Ltd
Downloads 217 (301,242)

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Shiller-PE, cyclically adjusted PE, equity market returns, India

Shiller’s CAPE and Forward Excess Returns in India

Number of pages: 11 Posted: 11 Jul 2022
Rajan Raju
Invespar Pte Ltd
Downloads 215 (303,962)

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Shiller-PE, cyclically adjusted PE, equity market returns, India

Shiller's CAPE and Forward Real Returns in India

Number of pages: 11 Posted: 11 Oct 2021
Rajan Raju
Invespar Pte Ltd
Downloads 200 (325,685)

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Shiller-PE, cyclically adjusted PE, equity market returns, India

18.

An Examination of Number of Holdings and Universe Size in Momentum Strategies: Evidence from India

Number of pages: 26 Posted: 23 May 2023 Last Revised: 24 May 2023
Rajan Raju
Invespar Pte Ltd
Downloads 594 (99,026)
Citation 3

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Factors, Portfolio Construction, Momentum, Indian Equity

19.

Shades of Momentum: Alternative Momentum Metrics and their Dissipation in Indian Equities

Number of pages: 33 Posted: 19 Nov 2024 Last Revised: 20 Nov 2024
Rajan Raju
Invespar Pte Ltd
Downloads 474 (130,851)

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Momentum, Momentum Investing, Momentum Dissipation, Equity Returns

20.

Stock Returns in India: A Working Paper

Number of pages: 23 Posted: 11 Oct 2024 Last Revised: 23 Nov 2024
Rajan Raju
Invespar Pte Ltd
Downloads 473 (131,201)

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Indian Equity Market, Buy-and-Hold Returns, Wealth Concentration, Diversification

21.

International Diversification in Equity Portfolios: An Indian Perspective

Number of pages: 36 Posted: 13 Jan 2023
Rajan Raju
Invespar Pte Ltd
Downloads 458 (136,777)

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Diversification, International Diversification, Global Diversification, Home Bias, Indian Equity

22.

Watch Your Weight: Navigating Portfolio Weighting Schemes in Indian Momentum Strategies

Number of pages: 22 Posted: 07 Nov 2023
Rajan Raju
Invespar Pte Ltd
Downloads 365 (176,816)
Citation 2

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Factors, Portfolio Construction, Momentum, Indian Equity

23.

Decoding Active Management: Style Based Replication Strategies in Indian Equity Funds

Number of pages: 48 Posted: 06 Jun 2024
Rajan Raju
Invespar Pte Ltd
Downloads 356 (181,742)

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Style Based Investment, Mutual Funds, Investment Strategy, Indian Equity

24.

Diversification Within Large Cap Equity Mutual Funds in India

Number of pages: 18 Posted: 27 Jul 2020
Rajan Raju, Ananya Mittal and Rajiv Baruah
Invespar Pte Ltd, Invespar Pte Ltd and Invespar Pte Ltd
Downloads 355 (182,330)

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Portfolio Construction, Diversification, Active Share

25.

A Five-Factor Asset Pricing Model: Preliminary Evidence from India

Number of pages: 33 Posted: 29 Aug 2022
Rajan Raju
Invespar Pte Ltd
Downloads 343 (189,204)
Citation 1

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Factors, Five factors, India, SMB, HML, RMW, CMA

26.

Implementing a Systematic Long-only Quality Strategy in the Indian Market

Number of pages: 23 Posted: 26 Nov 2019 Last Revised: 27 Nov 2019
Rajan Raju
Invespar Pte Ltd
Downloads 326 (199,926)
Citation 1

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Accounting Variables, ESG, Factor Investing, India, Growth, Profitability, Quality, Safety, Systematic

27.

Factor Exposures and Alpha of Indian Equity Schemes

Number of pages: 24 Posted: 12 May 2022 Last Revised: 29 May 2022
Rajan Raju
Invespar Pte Ltd
Downloads 317 (206,020)

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Factors, Five factors, India, Alpha, Funds, Performance

28.

International Diversification: Much Ado About Nothing?

Number of pages: 4 Posted: 22 Feb 2021
Rajan Raju and Rajiv Baruah
Invespar Pte Ltd and Invespar Pte Ltd
Downloads 245 (269,009)

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Diversification, Portfolios, International Portfolios, Indian Equity

29.

Alpha in Indian Large Cap Equity Funds - A Tale of Two Periods

Number of pages: 15 Posted: 28 Sep 2021
Rajan Raju
Invespar Pte Ltd
Downloads 224 (293,553)

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Returns based analysis, Large-Cap Equity Mutual Funds, India, Alpha, Fund Performance, Time series

30.

Implementing a Systematic Long-only Quality and Dividend (QAD) Strategy: Evidence from the Singapore Market

Number of pages: 22 Posted: 01 Apr 2020
Rajan Raju
Invespar Pte Ltd
Downloads 205 (319,432)

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Accounting Variables, Factors, Dividends, Singapore, Investing, Profitability, Quality, Quantitative, Safety, Systematic

31.

Unbalanced Acts: Rethinking Naive Use of Historical Returns in Retirement Portfolio Strategies

Number of pages: 22 Posted: 01 May 2024 Last Revised: 02 May 2024
Rajan Raju
Invespar Pte Ltd
Downloads 167 (384,624)
Citation 1

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Retirement Planning, Volatility, Drawdown Assessment, Safe Withdrawal Rates, Portfolio Management, Indian Financial Market

32.

September 2024 Update on the Data Library: Fama-French Factors, Momentum, and Low-Risk Factors for the Indian Market

Number of pages: 14 Posted: 19 Nov 2024
Rajan Raju
Invespar Pte Ltd
Downloads 154 (412,285)

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Factor Investing, Indian Equities, Factor Data Library

33.

Angels or Sinners? Exploring the Halo Effect in ESG Investing in Indian Equities

Number of pages: 23 Posted: 22 Nov 2023 Last Revised: 29 Dec 2024
Rajan Raju
Invespar Pte Ltd
Downloads 153 (414,517)

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ESG, ESG Investing, Factors, Portfolio Construction, Indian Equity

34.

Implementing a Systematic Long-only Quality Strategy in the Hong Kong Market

Number of pages: 24 Posted: 04 Dec 2019
Rajan Raju
Invespar Pte Ltd
Downloads 138 (450,563)

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Accounting Variables, ESG, Factors, Growth, Hong Kong, Investing, Profitability, Quality, Quantitative, Safety, Systematic

35.

‘Please Stop Talking About the VIX So Much’: India Edition

Number of pages: 3 Posted: 15 Dec 2021
Rajan Raju
Invespar Pte Ltd
Downloads 132 (467,173)

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VIX, Market Risk, India

36.

'Please Stop Talking About the VIX So Much' Revisited

Number of pages: 2 Posted: 27 Jul 2020
Rajan Raju
Invespar Pte Ltd
Downloads 117 (513,083)

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Portfolio Construction, VIX, Market Risk

37.

From Models to Markets: Generative AI and Its Emerging Role in Indian Financial Services

Number of pages: 62 Posted: 23 Apr 2025 Last Revised: 09 May 2025
Rajan Raju
Invespar Pte Ltd
Downloads 107 (548,661)

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Generative AI, FinTech, Large Language Models, India, Actor-Network Theory, Business Model Canvas, Responsible AI, Ethical AI, Digital Public Infrastructure, Financial Inclusion, AI Regulation, Comparative Regulation, AI in Financial Services

38.

Are Indian Large-Cap Equity Funds Well-Diversified?

Number of pages: 2 Posted: 23 Mar 2021
Rajan Raju and Rajiv Baruah
Invespar Pte Ltd and Invespar Pte Ltd
Downloads 89 (620,741)

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Large-Cap Equity Funds, Indian Mutual Funds, Effective Holdings, Diversification

39.

Estimating Equity Risk Premium in India: A Multi-Method Analysis of Historical, Implied, and Cross-Sectional Approaches

Number of pages: 37 Posted: 21 Apr 2025
Rajan Raju
Invespar Pte Ltd
Downloads 74 (691,571)

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Equity Risk Premium, India, CAPE Ratio, Dividend Discount Model, Cross-Sectional Regression

40.

Orchestrating Innovation: Actor-Network Theory in Indian FinTech Ecosystems

Number of pages: 16 Posted: 06 May 2025
Rajan Raju
Invespar Pte Ltd
Downloads 29 (1,057,889)

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Actor-Network Theory, FinTech Innovation, Unified Payments Interface (UPI), Peer-to-Peer Lending, NBFC-P2P Regulation, India FinTech JEL Classification Codes G21, G23, O33