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  • March–April 2014
  • Article

The Low-Risk Anomaly: A Decomposition into Micro and Macro Effects

By: Malcolm Baker, Brendan Bradley and Ryan Taliaferro
Low beta stocks have offered a combination of low risk and high returns. We decompose the anomaly into micro and macro components. The micro component comes from the selection of low beta stocks. The macro component comes from the selection of low beta countries or... View Details
Keywords: Low Volatility; Beta; Portfolio Construction; Market Efficiency; Capital Asset Pricing Model; Asset Management
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  • 25 Mar 2009
  • Working Paper Summaries

Demographics, Career Concerns or Social Comparison: Who Games SSRN Download Counts?

Keywords: by Benjamin G. Edelman & Ian I. Larkin; Education
  • 27 Apr 2010
  • First Look

First Look: April 27

ideas across academic communities. The Predictive Value of Accruals and Consequences for Market Anomalies Authors:Francois Brochet, Seunghan Nam, and Joshua Ronen Publication:The Journal of Accounting, Auditing and Finance (forthcoming)... View Details
Keywords: Martha Lagace
  • Web

Behavioral Finance & Financial Stability

sentiment in the US stock market More Info Leverage and the Beta Anomaly By: Malcolm P. Baker & Jeffrey Wurgler AUG 2020 Baker, Hoeyer, and Wurgler propose a simple tradeoff theory to explain the well-known weak empirical relationship... View Details
  • Web

Research - Behavioral Finance & Financial Stability

other research here , Yueran’s other research here , and Andrei’s other research here . More Info Leverage and the Beta Anomaly By: Malcolm P. Baker & Jeffrey Wurgler AUG 2020 Baker, Hoeyer, and Wurgler propose a simple tradeoff theory to... View Details
  • 28 Feb 2023
  • Blog Post

Celebrating Socioeconomic Diversity and Inclusion at HBS (Part 1)

may be perceived as an impediment – growing up in a low-income household – in fact enabled me to discover my passion. As an FGLI, I feel apprehensive to ask for help because I do not know how people may perceive me, and I worry about the financial View Details
  • 31 May 2016
  • First Look

May 31, 2016

https://www.hbs.edu/faculty/Pages/item.aspx?num=50749 The Risk Anomaly Tradeoff of Leverage By: Baker, Malcolm, Mathias F. Hoeyer, and Jeffrey Wurgler Abstract—Higher-beta and higher-volatility equities do... View Details
Keywords: Sean Silverthorne
  • 08 May 2015
  • News

A new view of the cost of equity and capital requirements for banks

positive relationship between risk and return is strong between asset classes (say, stocks and bonds), it is weak within classes, such as the stock market. By analyzing a large sample of historical data from US banks, Baker has found that... View Details
  • 21 May 2013
  • First Look

First Look: May 21

https://www.hbs.edu/faculty/Pages/item.aspx?num=44800 Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly By: Baker, Malcolm, and Jeffrey Wurgler Abstract—Minimum capital... View Details
Keywords: Sean Silverthorne
  • 01 Oct 1999
  • News

Finance Conference Explores Research Methodologies

Froot used a careful examination of a single transaction in the emerging market for catastrophic risk bonds to motivate a search for explanations for anomalies in the pricing and structure of this market.... View Details
  • 27 Jan 2015
  • First Look

First Look: January 27

  Publications January 2015 American Economic Review: Papers and Proceedings Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation, Capital Structure, and the Low Risk Anomaly By: Baker,... View Details
Keywords: Sean Silverthorne
  • 12 Jul 2004
  • Research & Ideas

Michael Porter’s Prescription For the High Cost of Health Care

procedures. Nondiscriminatory Insurance Underwriting. Two anomalies mar the pricing of health plans. First, people who are included in large risk pools (such as those who work for big companies) can get a... View Details
Keywords: by Michael E. Porter; Health
  • 08 Dec 2003
  • Research & Ideas

Is That Really Your Best Offer?

like to think we can gauge someone's sincerity and commitment by the look in her eyes or the firmness of her handshake. After all, a bargainer who yields to a demand is said to have "blinked." And if we reach agreement, it's because we "see eye to... View Details
Keywords: by Michael Wheeler
  • 26 Feb 2019
  • First Look

New Research and Ideas, February 26, 2019

https://www.hbs.edu/faculty/Pages/item.aspx?num=55668 2019 Proceedings of the Hawaii International Conference on System Sciences Multivariate Unsupervised Machine Learning for Anomaly Detection in Enterprise Applications By: Elsner,... View Details
Keywords: Dina Gerdeman
  • 25 Jan 2011
  • First Look

First Look: Jan. 25

perceptions of firms' size and/or market power. Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly Authors:Malcolm Baker, Brendan Bradley, and Jeffrey Wurgler Publication:Financial Analysts Journal 67, no. 1... View Details
Keywords: Sean Silverthorne
  • 19 Feb 2019
  • First Look

New Research and Ideas, February 19, 2019

smartphones for them to easily report anomalies or concerns. Reports from the app are embedded in a new real-time crisis management platform used by several Swiss companies, federal authorities, and the Swiss Army. Despite a full array of... View Details
Keywords: Sean Silverthorne
  • 08 Feb 2011
  • First Look

First Look: Feb. 8

M. Howitt Publication:In Integrative Risk Management: Advanced Disaster Recovery, edited by Simon Woodward. Zürich, Switzerland: Swiss Re Centre for Global Dialogue, 2010 Abstract Societies face a wide array of significant hazards—ranging... View Details
Keywords: Sean Silverthorne
  • 31 Jan 2012
  • First Look

First Look: Jan. 31

financial management and the usefulness of formal hedging of agricultural production risks was offered to randomly selected farmers in Gujarat, India. The authors evaluate the effect of the financial literacy training and three marketing... View Details
Keywords: Sean Silverthorne & Carmen Nobel
  • 24 Sep 2013
  • First Look

First Look: September 24

  Publications August 2013 Financial Analysts Journal The Low Beta Anomaly: A Decomposition into Micro and Macro Effects By: Baker, Malcolm, Brendan Bradley, and Ryan Taliaferro Abstract—Low beta stocks have offered a combination of low View Details
Keywords: Sean Silverthorne
  • 15 Nov 2011
  • First Look

First Look: November 15

Analyst Recommendation and Earnings Forecast Anomaly Author:George Serafeim Publication:Chap. 3 in The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies, 63-91. John Wiley &... View Details
Keywords: Sean Silverthorne