Malcolm P. Baker
Robert G. Kirby Professor of Business Administration
Unit Head, Finance
Malcolm Baker is the Robert G. Kirby Professor of Business Adminstration at the Harvard Business School and the 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 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, second place for the 2012 Jensen Prize, given annually by the Journal of Financial Economics, 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.
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.
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.
Outside of Harvard, he serves as a director of research at Acadian Asset Management, an institutional asset management firm focusing in active global and international equity strategies, and as a board member at TAL International, a global leader in container leasing.
Journal of Financial Economics. Jensen Prize. Second Place:
Second Place Winner of the 2012 Jensen Prize for the Best Corporate Finance Paper Published in the Journal of Financial Economics for "The Effect of Reference Point Prices on Mergers and Acquisitions" (with Xin Pan and Jeffrey Wurgler, October 2012).
Graham and Dodd Scroll Award:
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).
Emerald Management Reviews. Citation of Excellence:
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).
William F. Sharpe Award for Scholarship in Financial Research:
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).
Smith Breeden Prize. Best Paper:
Nominated for the 2006 Smith Breeden Prize for the Best Finance Research Paper Published in the Journal of Finance for his paper with Jeffrey Wurgler, "Investor Sentiment and the Cross Section of Stock Returns" (August 2006).
Glucksman Institute for Research in Security Markets Prize:
Winner of the 2005 Glucksman Prize from the Glucksman Institute for Research in Security Markets Prize at New York University. Also won Second Place in 2003 and 2010.
Brattle Prize. First Prize Paper:
Nominated for the 2004 Brattle Prize for Outstanding Paper in Corporate Finance in the Journal of Finance for his paper with Jeffrey Wurgler. "A Catering Theory of Dividends." (June 2004).
Robert F. Greenhill Award:
Received the 2004 Robert F. Greenhill Award.
Brattle Prize. First Prize Paper:
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).
George S. Dively Award:
Winner of the 1998 George S. Dively Award for outstanding dissertation research for "Essays in Financial Economics" (Harvard University, PhD, 2000).