Malcolm P. Baker

Robert G. Kirby Professor of Business Administration
Unit Head, Finance

Malcolm Baker is the Robert G. Kirby Professor of Business Administration at the Harvard Business School, where he is the Unit Head for finance, 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 2011 and 2014 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.

  1. Overview

    by Malcolm P. Baker

    I teach an elective course on Investment Strategies. In the past, I have taught in the required curriculum - both Finance 1 and Finance 2 - and in executive courses, including Finance for Senior Executives and the Investment Management Workshop.
  2. MBA Elective Curriculum: Investment Strategies

    by Malcolm P. Baker

    This is a CORE course for students pursuing careers in finance. Thus, students interested in pursuing careers in mutual funds, hedge funds, pension funds, endowments, wealth management, financial consulting, marketing and client service, sales and trading, investment banking, private equity, venture capital, and corporate finance should enroll in the course. More broadly, many students have found that a thorough understanding of capital markets and the business of investment management is valuable in a wider set of careers outside of finance and in managing their personal wealth.

    There are two CORE courses in capital markets in the elective curriculum: Investment Management and Investment Strategies. The focus of Investment Management is on the money management industry. The course takes the perspective of both the managers of asset management firms and institutional investors like endowments and sovereign wealth funds. From these viewpoints, students consider issues of growth and profitability, product design and innovation, client engagement, organizational design, performance evaluation, asset allocation, and portfolio risk management. The focus of Investment Strategies is on financial markets, principally equity markets, taking the perspective of a portfolio manager and considering the efficacy of value investing, growth investing, arbitrage, macroeconomic investing, tactical asset allocation, and other active investment strategies.


  3. Executive Education: Finance for Senior Executives

    by Malcolm P. Baker

    Finance for Senior Executives provides the frameworks to strategically use financial resources and position your company for future success. By examining corporate finance from both internal and external perspectives, this HBS Executive Education leadership development offering enables you to establish the best financial systems for management and control—and utilize capital markets for the most profitable outcomes. You will leave with the strategies and tools to improve your company's bottom line and to take on new responsibilities over time.

    Specifically, you will be better able to:

    §  Position your company to compete in today's volatile global marketplace and to seize opportunities when the market expands

    §  Establish successful and realistic performance plans, incentives, and financial controls at the corporate and divisional levels

    §  Employ proven forecasting methods that enable you to predict and monitor outcomes with greater confidence

    §  Recognize and address biases within financial systems and structures

    §  Master the workings of capital structure and capital markets to ensure better strategic decision making in an economic downturn

    §  Balance profit, growth, and control in highly dynamic environments

    §  Understand and implement optimal restructuring strategies

    §  Work more effectively with a diverse range of colleagues in financial roles inside and outside your organization