Malcolm P. Baker
Robert G. Kirby Professor of Business Administration
Malcolm Baker is the Robert G. Kirby Professor of Business Adminstration professor at the Harvard Business School and a program director for corporate finance at the National Bureau of Economic Research.
His research is in the areas of behavioral finance, corporate finance, and capital markets, with a primary focus on the interactions among corporate finance, investor behavior, and inefficiency in capital markets. Professor Baker has made numerous presentations to academic and practitioner audiences. His publications have appeared in leading scholarly journals, including the Journal of Finance, the Journal of Financial Economics, the Quarterly Journal of Economics, and the Review of Financial Studies, and practitioner journals, including the Financial Analysts Journal and the Journal of Investment Management. His research awards include the 2002 Brattle Prize, given annually by the American Finance Association to the best corporate finance paper in the Journal of Finance, the 2011 Sharpe Award, given annually by the Journal of Financial and Quantitative Analysis, and the 2012 Graham and Dodd Scroll, given annually by the Financial Analysts Journal. He has served as associate editor for the Journal of Finance and the Review of Financial Studies.
Professor Baker has taught in the first and second year of the MBA program at Harvard Business School and in several executive education programs. In 2006, he developed a new elective course in behavioral finance.
Professor Baker received a Ph.D. in business economics from Harvard University, an M.Phil. in finance from Cambridge University, and a bachelor's degree in applied mathematics-economics from Brown University. Before beginning his doctoral studies, he was a senior associate at Charles River Associates and a member of the US Olympic rowing team. He serves as a board member at TAL International and as director of research at Acadian Asset Management.
Malcolm P. Baker: Received a 2011 Graham and Dodd Scroll Award from the Financial Analysts Journal with Brendan Bradley and Jeffrey Wurgler for "Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly" (January–February 2011).
Malcolm P. Baker: Received a 2011 Emerald Management Review Citation of Excellence Award for his paper with Jeffrey Wurgler, “Investor Sentiment in the Stock Market” (The Journal of Economic Perspectives, Spring 2007).
Malcolm P. Baker: Won the William F. Sharpe Award for Best Paper in 2011 for his paper with Lubomir Litov, Jessica A. Wachter, and Jeffrey Wurgler, “Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements” (Journal of Financial and Quantitative Analysis, October 2010).
Malcolm P. Baker: Received the 2004 Robert F. Greenhill Award.
Malcolm P. Baker: Winner of the 2002 Brattle Prize for Outstanding Paper in Corporate Finance in the Journal of Finance for "Market Timing and Capital Structure" (with Jeffrey Wurgler, February 2002).
Malcolm P. Baker: Winner of the 1998 George S. Dively Award for outstanding dissertation research for "Essays in Financial Economics" (Harvard University, PhD, 2000).