Robert Haugen Explained

Robert Haugen
Birth Date:26 June 1942
Birth Place:Chicago, Illinois, USA
Death Date:January 6, 2013
Death Place:Durango, Colorado
Education:University of Illinois at Urbana-Champaign
Occupation:Academic, Entrepreneur
Spouse:Jan Bowler
Children:Wendy Haugen, Sally Haugen Ellingsen

Robert (Bob) Arthur Haugen (June 26, 1942 – January 6, 2013) was a financial economist and a pioneer in the field of quantitative investing and low-volatility investing. He was President of Haugen Custom Financial Systems and also consulted and spoke globally.

Career

While he has contributed research to the fields of insurance, real estate and equity investments, he is probably best known as a vocal critic of the efficient market hypothesis and the Capital Asset Pricing Model (CAPM). With his former professor, A. James Heins, he discovered in the late 60s and early 70s that, contrary to the prevailing theory, low risk stocks actually produce higher returns. The resulting article bestowed on him the unofficial designation of "father of low volatility investing". He was also the inventor of the Expected Return Factor Model. He was vocal concerning the evidence supporting market inefficiency and documented the low volatility anomaly and other quantitative factors such as value and momentum.

During the academic portion of his career he held endowed professorships at the University of Wisconsin, the University of Illinois, and the University of California. Based on articles published in the top academic journals in financial economics, Haugen has been ranked as the 17th most prolific researcher in finance.[1] The New Finance was required reading for the Chartered Financial Analyst (CFA) exam.

Haugen earned his B.S. (1965; magna cum laude), M.S. (1966), and Ph.D. in Financial economics (1968) from the University of Illinois Urbana-Champaign.

Selected publications

His work can be found at Research gate.[2] Here is a selection of his journal articles and books:

See also

References

  1. Web site: Heck . Jean . Cooley . Philip . Most prolific authors in the finance literature: 1959–2008. Available at SSRN 1355675. Table 1 . 1355675 .
  2. Web site: Research gate – Robert Haugen .
  3. Book: Haugen . Robert A. . On the Evidence Supporting the Existence of Risk Premiums in the Capital Market . Heins . A. James . 1972 . Graduate School of Business, University of Wisconsin-Madison . en.
  4. Haugen . Robert A. . Heins . A. James . 1975 . Risk and the Rate of Return on Financial Assets: Some Old Wine in New Bottles . The Journal of Financial and Quantitative Analysis . 10 . 5 . 775–784 . 10.2307/2330270 . 2330270 . 153570769 . 0022-1090.
  5. Haugen . Robert A. . Senbet . Lemma W. . 1981 . Resolving the Agency Problems of External Capital through Options . The Journal of Finance . 36 . 3 . 629–647 . 10.2307/2327523 . 2327523 . 0022-1082.
  6. Book: Barnea . Amir . Agency Problems and Financial Contracting . Haugen . Robert A. . Senbet . Lemma W. . 1985 . Prentice-Hall . 978-0-13-018847-2 . en.
  7. Book: Haugen, Robert A. . Modern Investment Theory . 2001 . Prentice Hall International . 978-0-13-030473-5 . en.
  8. Farmer . Roger E. A. . Winter . Ralph A. . 1986 . The Role of Options in the Resolution of Agency Problems: A Comment . The Journal of Finance . 41 . 5 . 1157–1170 . 10.2307/2328172 . 2328172 . 0022-1082.
  9. Book: Haugen . Robert A. . The Incredible January Effect: The Stock Market's Unsolved Mystery . Lakonishok . Josef . 1987 . Dow Jones-Irwin . 978-1-55623-042-4 . en.
  10. Haugen . Robert A. . Talmor . Eli . Torous . Walter N. . 1991 . The Effect of Volatility Changes on the Level of Stock Prices and Subsequent Expected Returns . The Journal of Finance . 46 . 3 . 985–1007 . 10.2307/2328551 . 2328551 . 0022-1082.
  11. Book: Haugen, Robert A. . The New Finance: The Case Against Efficient Markets . 1999 . Prentice Hall . 978-0-13-010228-7 . en.
  12. Book: Haugen, Robert A. . The New Finance: Overreaction, Complexity, and Their Consequences . 2012 . Pearson Prentice Hall . 978-0-13-277587-8 . en.
  13. Haugen . Robert A. . Baker . Nardin L. . 1996-07-01 . Commonality in the determinants of expected stock returns . Journal of Financial Economics . en . 41 . 3 . 401–439 . 10.1016/0304-405X(95)00868-F . 0304-405X.
  14. Book: Haugen, Robert A. . Beast on Wall Street: How Stock Volatility Devours Our Wealth . 1999 . Prentice Hall . 978-0-13-080078-7 . en.
  15. Book: Haugen, Robert A. . The Inefficient Stock Market: What Pays Off and why . 1999 . Prentice Hall . 978-0-13-917164-2 . en.
  16. Web site: Haugen . Robert . Baker . Nardin . Low Risk Stocks Outperform within All Observable Markets of the World . 2055431 .

External links

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