In addition to being the first to discover the Low Volatility Anomaly, Bob Haugen is a pioneer in the field of quantitative investment. He is the leading proponent of the case that stock markets are inherently inefficient.
Toward the end of his successful 30-year academic career, he invented the concept of an expected return factor model and published his breakthrough research on its predictive power in the Journal of Financial Economics. In 1998, he opened Haugen Custom Financial Systems, which licenses expected returns to institutional investors. Ever since, clients have capitalized on Haugen’s out-of-the-box views and have been rewarded with an investment edge for their clients.
Bob has made guest appearances on CNBC, CNN, ABC, NBC and CBS and has been written about in the financial press. For the past two years, sponsored by BNP Paribas Investment Partners, he has traveled the world speaking to professional investors about the Low Volatility Anomaly and his research on inefficient markets. You can read Bob’s research results, views and innovative ideas in any of his books and articles.Academic Career
Dr. Haugen received his PhD in Finance from the University of Illinois at Champagne-Urbana in 1969. In his 30 year teaching career, he held endowed chairs at:
•The University of Wisconsin at Madison (18 years)
•The University of Illinois at Champagne-Urbana (2 years)
•The University of California, Irvine (10 years)
He has also lectured at universities worldwide and presented papers at finance and investing conferences all over the world. In 1997 he ended his academic career to devote his full time efforts to Haugen Custom Financial Systems.
Bob Haugen is one of the most prolific authors in the world’s finance journals1 Including: Financial Management; Journal of Banking and Finance; Journal of Finance; Journal of Financial Economics; Journal of Financial and Quantitative Analysis; Journal of Money, Credit and Banking; and Review of Financial Studies. Some of his groundbreaking articles include:
Baker, Nardin L. and Robert A. Haugen (2012), “Low Risk Stocks Outperform within All Observable Markets of the World”. Working paper posted on SSRN
Haugen, Robert A. and Nardin L. Baker “Case Closed” First Draft posted on SSRN Working paper posted on SSRN Published in The Handbook of Portfolio Construction: Contemporary Applications of Markowitz Techniques, edited by John B. Guerard Jr, 2010.
Haugen, Robert A. and Nardin L. Baker (1996), “Commonality in the Determinants of Expected Stock Returns,” Journal of Financial Economics, pp. 401–439. Working paper posted on SSRN
Haugen, Robert A. and Nardin L. Baker (1991), “The Efficient Market Inefficiency of Capitalization-Weighted Stock Portfolios,” The Journal of Portfolio Management, pp. 35-40.
Haugen, Robert A. and A. James Heins (1975), “Risk and the Rate of Return on Financial Assets: Some Old Wine in New Bottles,” Journal of Financial and Quantitative Analysis, pp. 775–784.
Haugen, Robert A. and A. James Heins (1972), “On the Evidence Supporting the Existence of Risk Premiums in the Capital Markets,” Wisconsin Working Paper, December 1972. Working paper posted on SSRN
1 Jean Heck of Saint Joseph’s University worked with Philip L. Cooley of Trinity University on “Most Prolific Authors in the Finance Literature: 1959-2008.” They examined the most frequently appearing authors in the top seven finance journals. Haugen was rated #17 when compared to close to one thousand authors.
Recent Articles about Bob Haugen
Interview with Bob Haugen in CityWire as seen on the UK’s CityWire website (February 2010)