Malcolm Baker

Baker Library 261
Harvard Business School
Soldiers Field
Boston, MA 02163
Tel: 617/495-6566
Fax: 617/496-5271

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: CF
NBER Affiliation: Research Associate
Institutional Affiliation: Harvard University

NBER Working Papers and Publications

October 2018Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds
with Daniel Bergstresser, George Serafeim, Jeffrey Wurgler: w25194
March 2017Program Report: Corporate Finance
NBER Reporter 2017 number 1
March 2016The Risk Anomaly Tradeoff of Leverage
with Mathias F. Hoeyer, Jeffrey Wurgler: w22116
May 2013Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
with Jeffrey Wurgler: w19018
April 2013Introduction, New Perspectives on Corporate Capital Structure
with Viral V. Acharya, Heitor Almeida
in New Perspectives on Corporate Capital Structure, Viral V. Acharya, Heitor Almeida, and Malcolm Baker, organizers
July 2012Dividends as Reference Points: A Behavioral Signaling Approach
with Jeffrey Wurgler: w18242

Published: Malcolm Baker & Brock Mendel & Jeffrey Wurgler, 2016. "Dividends as Reference Points: A Behavioral Signaling Approach," Review of Financial Studies, Society for Financial Studies, vol. 29(3), pages 697-738. citation courtesy of

August 2011Behavioral Corporate Finance: An Updated Survey
with Jeffrey Wurgler: w17333

Published: Baker, Malcolm, and Jeffrey Wurgler. "Behavioral Corporate Finance: A Current Survey." In Handbook of the Economics of Finance. Vol. 2, edited by George M. Constantinides, Milton Harris, and Rene M. Stulz. Handbooks in Economics. New York, NY: Elsevier, 2012.

December 2009A Reference Point Theory of Mergers and Acquisitions
with Xin Pan, Jeffrey Wurgler: w15551

Published: Baker, Malcolm, Xin Pan, and Jeffrey Wurgler. "The Effect of Reference Point Prices on Mergers and Acquisitions." Journal of Financial Economics 106, no. 1 (October 2012): 49–71.

January 2008Catering Through Nominal Share Prices
with Robin Greenwood, Jeffrey Wurgler: w13762

Published: Malcolm Baker & Robin Greenwood & Jeffrey Wurgler, 2009. "Catering through Nominal Share Prices," Journal of Finance, American Finance Association, vol. 64(6), pages 2559-2590, December. citation courtesy of

June 2007Investor Sentiment in the Stock Market
with Jeffrey Wurgler: w13189

Published: Malcolm Baker & Jeffrey Wurgler, 2007. "Investor Sentiment in the Stock Market," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 129-152, Spring. citation courtesy of

June 2006The Effect of Dividends on Consumption
with Stefan Nagel, Jeffrey Wurgler: w12288

Published: Malcolm Baker & Stefan Nagel & Jeffrey Wurgler, 2007. "The Effect of Dividends on Consumption," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(2007-1), pages 231-292. citation courtesy of

December 2004Corporate Financing Decisions When Investors Take the Path of Least Resistance
with Joshua Coval, Jeremy C. Stein: w10998

Published: Baker, Malcolm, Joshua Coval and Jeremy Stein. “Corporate Financing Decisions When Investors Take the Path of Least Resistance.” Journal of Financial Economics 84, 2 (2007): 266-298. citation courtesy of

November 2004Behavioral Corporate Finance: A Survey
with Richard S. Ruback, Jeffrey Wurgler: w10863

Published: Eckbo, Espen (ed.) Handbook in Corporate Finance: Empirical Corporate Finance. North Holland: Elsevier, 2007.

October 2004Pseudo Market Timing and Predictive Regressions
with Ryan Taliaferro, Jeffrey Wurgler: w10823
August 2004Can Mutual Fund Managers Pick Stocks? Evidence from the Trades Prior to Earnings Announcements
with Lubomir Litov, Jessica A. Wachter, Jeffrey Wurgler: w10685

Published: Baker, Malcolm, 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, Volume 45 - Issue 05. (2010) citation courtesy of

June 2004The Stock Market and Investment: Evidence from FDI Flows
with C. Fritz Foley, Jeffrey Wurgler: w10559
April 2004Investor Sentiment and the Cross-Section of Stock Returns
with Jeffrey Wurgler: w10449

Published: Malcolm Baker & Jeffrey Wurgler, 2006. "Investor Sentiment and the Cross-Section of Stock Returns," Journal of Finance, American Finance Association, vol. 61(4), pages 1645-1680, 08. citation courtesy of

September 2003Appearing and Disappearing Dividends: The Link to Catering Incentives
with Jeffrey Wurgler: w9995

Published: Baker, Malcolm and Jeffrey Wurgler. "Appearing And Disappearing Dividends: The Link To Catering Incentives," Journal of Financial Economics, 2004, v73(2,Aug), 271-288. citation courtesy of

March 2003A Catering Theory of Dividends
with Jeffrey Wurgler: w9542

Published: Baker, Malcolm and Jeffrey Wurgler. "A Catering Theory Of Dividends," Journal of Finance, 2004, v59(3,Jun), 1125-1165. citation courtesy of

February 2002Market Liquidity as a Sentiment Indicator
with Jeremy C. Stein: w8816

Published: Baker, Malcolm & Stein, Jeremy C., 2004. "Market liquidity as a sentiment indicator," Journal of Financial Markets, Elsevier, vol. 7(3), pages 271-299, June. citation courtesy of

January 2002When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms
with Jeremy C. Stein, Jeffrey Wurgler: w8750

Published: Baker, Malcolm, Jeremy C. Stein and Jeffrey Wurgler. "When Does The Market Matter? Stock Prices And The Investment Of Equity-Dependent Firms," Quarterly Journal of Economics, 2003, v118(3,Aug), 969-1006. citation courtesy of

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