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Lecture: We play fast and loose with investments in spring, Scrooges in winter

April 21, 2015 — 

Lisa Kramer, an associate professor of finance at the Rotman School of Management at the University of Toronto, will be the guest speaker at the next Asper School of Business’ Stu Clark Distinguished Speaker Series lecture on April 24.

Kramer will present her lecture “Season Asset Allocation: Evidence from Mutual Funds.”

She has analyzed the flow of money between mutual fund categories and has found strong evidence of seasonality in investor risk aversion. Data shows that investors prefer safe mutual funds in the autumn and risky funds in the spring. During the month of September alone, outflows from equity funds average $13 billion, controlling for previously documented drivers of flows (e.g., avoidance of capital-gain overhang). This movement of large amounts of money between fund categories is correlated with seasonality in investor risk aversion, consistent with investors preferring safer (riskier) investments in the fall (spring). She has found consistent evidence in Canada, and also in Australia, where the seasons are offset by six months relative to the U.S.

What: Lecture – “Season Asset Allocation: Evidence from Mutual Funds”
When: Friday, April 24, 10 a.m.
Where: 530 Drake Centre
Free public lecture open to all.


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