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