INVITATION
(apologies for duplicated mails!)
We are pleased to invite you to our next Investment Talk, organized by the Spängler IQAM
Research Center. The Center is a joint initiative of TU Vienna (Vienna University of
Technology) and WU Vienna University of Economics and Business supported by Spängler IQAM
Invest and provides a platform for exchange in the field of asset management between
academics, practitioners and the public.
INVESTMENT TALK
Date: Monday, June 2nd, 2014 at 4:30 pm
Speaker: PROF. MALCOLM P. BAKER
Topic: "THE LOW RISK ANOMALY: IMPLICATIONS FOR INVESTMENT, ASSET ALLOCATION, AND
CORPORATE FINANCE"
ABSTRACT:
One of the basic principles of finance is that, in competitive and efficient markets,
investors earn higher average returns only by taking greater risks. Asset classes follow
this pattern: Stocks have returned more than bonds, and bonds have returned more than
cash. But, within the stock market, the pattern is reversed. Low risk stocks, whether
measured by volatility or market beta, have outperformed high risk stocks on average in
eighty years of U.S. stock market history and in thirty years of international data.
Drawing on his research, Professor Baker will describe the behavioral and institutional
explanations for this anomaly and discuss the potential implications for investment, asset
allocation, and corporate finance.
ABOUT Malcolm P. Baker:
Prof. Malcolm P. Baker is the Robert G. Kirby Professor of Business Administration at the
Harvard Business School and the program director for corporate finance at the National
Bureau of Economic Research.
Further information about Malcolm P. Baker:
http://www.hbs.edu/faculty/Pages/profile.aspx?facId=10639&facInfo=pub
REGISTRATION IS REQUIRED. We kindly ask to register before May 28th at
si-researchcenter(a)wu.ac.at
LOCATION:
WU, Building AD
AD.O.114, Conference room 1
http://gis.wu.ac.at/index.html?roomShow=AD.0.114&setLng=en
Welthandelsplatz 1, 1020 Vienna
CONTACT AND FURTHER INFORMATION:
WU, Institute for Finance, Banking and Insurance
att. Martina Schlichting
Welthandelsplatz 1, Building D4, Level 4
1020 Vienna
Phone: +43 1 31336 6315
Mail: si-researchcenter(a)wu.ac.at, Web:
www.si-researchcenter.at