February 12, 2016
MALCOLM BAKER
Curriculum Vitae
Harvard Business School
Morgan Hall 361
Boston, MA 02163
phone: (617) 495-6566
fax: (617) 496-6592
mbaker@hbs.edu
EDUCATION
HARVARD UNIVERSITY, Ph.D. in Business Economics, 2000
CAMBRIDGE UNIVERSITY, M.Phil. in Finance (Honors), 1993
BROWN UNIVERSITY, B.A. in Applied Mathematics-Economics, 1992
HARVARD UNIVERSITY
ASSISTANT PROFESSOR, Harvard Business School, 2001Assignments: First-Year Finance, Fall, 2001-2003
POST DOCTORAL FELLOW, Harvard Business School, 2000-2001
TEACHING FELLOW, Harvard University, 1998-2000
CURRENT POSITIONS
FACULTY RESEARCH FELLOW, National Bureau of Economic Research, 2002-
PAST POSITIONS
SENIOR ASSOCIATE, Charles River Associates, 1996
ASSOCIATE, Charles River Associates, 1994-1996
RESEARCH ASSISTANT, Charles River Associates, 1993-1994
US NATIONAL AND OLYMPIC ROWING TEAM MEMBER, 1990-1992
AWARDS AND FELLOWSHIPS
CQA ACADEMIC COMPETITION, Chicago Quantitative Alliance, 2003
FITCH RATINGS WORKING PAPER OF THE YEAR, New York University, 2003
BRATTLE PRIZE, Winner, American Finance Association, 2002
BRATTLE PRIZE, Nominated, American Finance Association, 2000
SMITH-BREEDEN PRIZE, Nominated, American Finance Association, 2000
LEHMAN BROTHERS FELLOWSHIP, Second Place, 1999
GEORGE S. DIVELY AWARD, Harvard Business School, 1998
HARVARD BUSINESS SCHOOL FELLOWSHIP, 1996-2000
FOURTH PLACE, Olympic Games, Barcelona, 1992
NATIONAL AND INTERNATIONAL MEDALLIST, Rowing, 1990-1992
OUTSTANDING MALE ATHLETE, Brown University, 1991
PUBLISHED PAPERS
1. With Scott Mayfield and John Parsons, “Alternative Models of Uncertain Commodity Prices
for Use with Modern Asset Pricing Methods,” Energy Journal 19, 115-148, 1998.
2. With Jeffrey Wurgler, “The Equity Share in New Issues and Aggregate Stock Returns,”
Journal of Finance 55, 2219-57, 2000.
3. With Jeffrey Wurgler, “Market Timing and Capital Structure,” Journal of Finance 57, 1-32,
2002.
4. With Serkan Savasoglu, “Limited Arbitrage in Mergers and Acquisitions,” Journal of
Financial Economics 64, 91-116, 2002.
5. With Jeremy Stein and Jeffrey Wurgler, 2003, “When Does the Market Matter? Stock Prices
and the Investment of Equity Dependent Firms,” Quarterly Journal of Economics 118, 9691006. Formerly NBER Working Paper Series, No. 8750.
6. With Robin Greenwood and Jeffrey Wurgler, “The Maturity of Debt Issues and Predictable
Variation in Bond Returns,” Journal of Financial Economics, forthcoming.
7. With Paul Gompers, “The Determinants of Board Structure at the Initial Public Offering,”
Journal of Law and Economics, forthcoming.
8. With Jeffrey Wurgler, “A Catering Theory of Dividends,” Journal of Finance, forthcoming.
Formerly NBER Working Paper Series, No. 9542.
9. With Jeremy Stein, “Market Liquidity as a Sentiment Indicator,” Journal of Financial
Markets, accepted conditional on revisions. Formerly NBER Working Paper Series, No.
8816, 2002.
10. With Jeffrey Wurgler, “Appearing and Disappearing Dividends: The Link to Catering
Incentives,” Journal of Financial Economics, forthcoming.
WORKING PAPERS
11. With Rick Ruback, “Estimating Industry Multiples,” 1999.
12. With Paul Gompers, “Executive Ownership and Control in Newly Public Firms: The Role of
Venture Capitalists,” 1999.
13. “Career Concerns and Staged Investment: Evidence From the Venture Capital Industry,”
2000.
14. With Jeffrey Wurgler, “A Conditional Characteristics Model of Stock Returns,” 2003.
COURSE DEVELOPMENT
1. With Rick Ruback and Also Sesia, “Pharmacyclics: Financing Research & Development,”
Harvard Business School Case, 2000.
With Rick Ruback, “Pharmacyclics: Financing Research & Development TN,” Harvard
Business School Teaching Note, 2003.
2. With Rick Ruback and Erik Stafford, “Giant Cinema,” Harvard Business School Case, 2003.
3. With Alison Wagonfeld, “Dividend Policy at Linear Technology Corporation,” Harvard
Business School Case, 2003.
“Dividend Policy at Linear Technology Corporation TN,” Harvard Business School Teaching
Note, 2003.
INVITED PAPER PRESENTATIONS
2004: UCLA
2003: University of Alberta, Harvard University, Federal Reserve Bank of New York, Chicago
Quantitative Alliance, University of Wisconsin at Madison, University of Washington
2002: University of Rochester, Harvard Business School, University of Michigan, University of
Chicago, Atlanta Finance Forum, Harvard University
2001: Duke University, Chicago University, Northwestern University, Stanford University,
Cornell University, MIT, Harvard Business School, Wharton, Harvard Business School, London
Business School
2000: Harvard University, Yale University, Columbia University, New York University, Harvard
Law School, Harvard University, Charles River Associates
1999: Harvard University, Yale University, Lehman Brothers, Harvard Business School
CONFERENCE PAPER PRESENTATIONS
2003: American Finance Association Annual Meetings, Eastern Finance Association Annual
Meetings
2002: Kellogg/Zell Center Conference on Risk Perceptions and Capital Markets , NBER
Behavioral Finance Conference, NBER Corporate Finance Conference, Texas Finance Festival
2001: HBS Financial Decisions and Control Conference, NBER Corporate Finance Conference,
Western Finance Association Annual Meetings
2000: American Finance Association Annual Meeting, European Financial Management
Association, Tuck/JFE Corporate Governance Conference
1999: NBER Behavioral Finance Conference
1998: London Business School Venture Capital Conference
CONFERENCE DISCUSSIONS
2004: American Economic Association Annual Meeting
2003: American Finance Association Annual Meeting, Western Finance Association Annual
Meeting
2002: American Finance Association Annual Meeting, NBER Corporate Finance Conference
2001: American Economic Association Annual Meeting
2000: European Financial Management Association
TEACHING AND INVITED LECTURES
Corporate Finance, Harvard University Doctoral Course, Will co-teach, 2004
Behavioral Corporate Finance, Harvard Business School Research Symposium, 2003
Empirical Corporate Finance, Harvard Business School, Contributed two three-hour lectures,
2003
Advanced Management Development Program in Real Estate, Graduate School of Design,
Harvard University, Contributed 2 case-based classes, 2003
Finance 1, Harvard Business School, 2001-2003
Behavioral Finance, Harvard University Doctoral Course, Invited lecture on market liquidity and
investor sentiment, 2002
Behavioral Finance, Harvard University Doctoral Course, Invited lecture on the empirical
evidence of the limits to arbitrage, 2001
Corporate Finance, Harvard University Doctoral Course, Teaching fellow, 2000.
Behavioral Finance, Harvard University Doctoral Course, Invited lecture on the real
consequences of inefficient markets, 2000
Contract Theory, Harvard University Doctoral Course, Teaching fellow, 1998-1999.
PROFESSIONAL ACTIVITIES
Referee: Financial Management, Financial Review, Journal of Business, Journal of Economics
and Management Strategy, Journal of Finance, Journal of Financial Economics, Journal of
Financial Intermediation, Quarterly Journal of Economics, Review of Economics and Statistics,
Review of Financial Studies
MEDIA CITATIONS
2003: Moneycentral.com
2002: Business Week
2001: Economic Intuition, Hedgeworld Research Institute
2000: Europe Investor Direct.com, Money Magazine, Morningstar.com
ADVISING
Gene D’Avolio
Robin Greenwood (Placed at HBS; Thesis, July 2002)
Eric Nierenberg (Orals, March 2003)
Harini Parthasarathy
Pavel Savor (Orals, March 2003)
Ryan Taliaferro
Eliza Hammel (Orals, July 2003)
ADMINISTRATIVE
Co-Organizer, Outside Seminar Series, 2002-2003
Business Economics Admissions Committee, 2003
Crimson Greetings, 2003
Finance Area Recruiting Committee, 2003-3004
CHRONOLOGICAL LIST
MALCOLM BAKER
2003
1. With Paul Gompers, “The Determinants of Board Structure at the Initial Public Offering,”
Journal of Law and Economics, forthcoming.
2. With Robin Greenwood and Jeffrey Wurgler, “The Maturity of Debt Issues and Predictable
Variation in Bond Returns,” Journal of Financial Economics, forthcoming.
3. With Rick Ruback, “Pharmacyclics: Financing Research & Development TN,” Harvard
Business School Teaching Note, 2003.
4. With Rick Ruback and Erik Stafford, “Giant Cinema,” Harvard Business School Case, 2003.
5. With Jeremy Stein, “Market Liquidity as a Sentiment Indicator,” Journal of Financial
Markets, accepted conditional on revisions. Formerly NBER Working Paper Series, No.
8816.
6. With Jeremy Stein and Jeffrey Wurgler, “When Does the Market Matter? Stock Prices and
the Investment of Equity Dependent Firms,” Quarterly Journal of Economics 118, 969-1006.
Formerly NBER Working Paper Series, No. 8750.
7. With Alison Wagonfeld, “Dividend Policy at Linear Technology Corporation,” Harvard
Business School Case.
8. With Jeffrey Wurgler, “A Catering Theory of Dividends,” Journal of Finance, forthcoming.
Formerly NBER Working Paper Series, No. 9542.
9. With Jeffrey Wurgler, “Appearing and Disappearing Dividends: The Link to Catering
Incentives,” Journal of Financial Economics, forthcoming.
10. With Jeffrey Wurgler, “A Conditional Characteristics Model of Stock Returns,” 2003.
11. “Dividend Policy at Linear Technology Corporation TN,” Harvard Business School Teaching
Note.
2002
12. With Serkan Savasoglu, “Limited Arbitrage in Mergers and Acquisitions,” Journal of
Financial Economics 64, 91-116, 2002.
13. With Jeffrey Wurgler, “Market Timing and Capital Structure,” Journal of Finance 57, 1-32,
2002.
2001
2000
14. With Rick Ruback and Also Sesia, “Pharmacyclics: Financing Research & Development,”
Harvard Business School Case.
15. With Jeffrey Wurgler, “The Equity Share in New Issues and Aggregate Stock Returns,”
Journal of Finance 55, 2219-57, 2000.
16. “Career Concerns and Staged Investment: Evidence From the Venture Capital Industry.”
1999
17. With Paul Gompers, “Executive Ownership and Control in Newly Public Firms: The Role of
Venture Capitalists.”
18. With Rick Ruback, “Estimating Industry Multiples.”
1998
19. With Scott Mayfield and John Parsons, “Alternative Models of Uncertain Commodity Prices
for Use with Modern Asset Pricing Methods,” Energy Journal 19, 115-148, 1998.
LIST OF SUGGESTED REVIEWERS
MALCOLM BAKER
POTENTIAL HBS REVIEWERS
1. George Baker,
2. Pankaj Ghemawat,
3. Brian Hall,
4. Paul Healy,
5. Tarun Khanna,
6. Elon Kohlberg,
7. Ananth Raman,
8. Forest Reinhardt,
POTENTIAL REVIEWERS OUTSIDE HBS
1. Kent Daniel, Professor, Kellogg School of Management, Northwestern University
2. John Graham, Professor, Fuqua School of Business, Duke University
3. Richard Green, Professor, Graduate School of Industrial Administration, Carnegie Mellon
University
4. Campbell Harvey, Professor, Fuqua School of Business, Duke University
5. Steven Kaplan, Professor, Graduate School of Business, University of Chicago
6. Rafael La Porta, Professor, Tuck School of Business, Dartmouth University
7. Owen Lamont, Professor, School of Management, Yale University
8. Randall Morck, Professor, Faculty of Business, University of Alberta, Edmonton, Canada
T6G 2R6. Email: randall.morck@ualberta.ca. Telephone: 780-492-5683.
9. Jay Ritter, Professor, Warrington College of Business, University of Florida
10. Robert Shiller, Professor, Department of Economics, Yale University
11. Andrei Shleifer, Professor, Department of Economics, Harvard University, Littauer Center,
Room M-9 Cambridge, MA 02138. Email: ashleifer@harvard.edu. Telephone: 617-4955046.
12. Jeremy Stein, Professor, Department of Economics, Harvard University, Littauer Center,
Room 209 Cambridge, MA 02138. Email: jeremy_stein@harvard.edu. Telephone: 617-4966455.
13. Richard Thaler, Professor, Graduate School of Business, University of Chicago
14. Robert Vishny, Professor, Graduate School of Business, University of Chicago
15. Ivo Welch, Professor, School of Management, Yale University