Malcolm P. Baker

Harvard Business School

Professor

Boston, MA 02163

United States

http://www.people.hbs.edu/mbaker

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

45

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Rank 431

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Top 431

in Total Papers Downloads

78,021

SSRN CITATIONS
Rank 12

SSRN RANKINGS

Top 12

in Total Papers Citations

9,845

CROSSREF CITATIONS

9,620

Scholarly Papers (45)

1.
Downloads 9,323 ( 1,253)
Citation 63

Behavioral Corporate Finance: A Survey

Number of pages: 64 Posted: 20 Oct 2004 Last Revised: 12 Aug 2008
Malcolm P. Baker, Richard S. Ruback and Jeffrey Wurgler
Harvard Business School, Harvard Business School and NYU Stern School of Business
Downloads 7,969 (1,625)
Citation 13

Abstract:

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capital structure, IPO, SEO, dividend, investment, psychology, bias, optimism, overconfidence, heuristic

Behavioral Corporate Finance: A Survey

NYU Working Paper No. FIN-04-024
Number of pages: 62 Posted: 03 Nov 2008
Malcolm P. Baker, Richard S. Ruback and Jeffrey Wurgler
Harvard Business School, Harvard Business School and NYU Stern School of Business
Downloads 1,023 (42,850)
Citation 2

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Behavioral Corporate Finance: A Survey

NBER Working Paper No. w10863
Number of pages: 63 Posted: 28 Oct 2004 Last Revised: 08 Sep 2022
Malcolm P. Baker, Richard S. Ruback and Jeffrey Wurgler
Harvard Business School, Harvard Business School and NYU Stern School of Business
Downloads 331 (176,010)
Citation 12

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2.
Downloads 6,783 ( 2,135)
Citation 875

Market Timing and Capital Structure

Number of pages: 48 Posted: 30 Apr 2001 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 5,884 (2,678)
Citation 47

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Capital Structure, Market Timing

Market Timing and Capital Structure

NYU Working Paper No. 2451/31357, NYU Working Paper No. FIN-11-024
Number of pages: 32 Posted: 14 Dec 2011
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 899 (51,272)
Citation 110

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Market Timing and Capital Structure

Journal of Finance, Vol. 57, No. 1, pp. 1-32, February 2002
Posted: 20 Aug 2001 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business

Abstract:

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capital structure, market timing, ipo, seo

Benchmarks as Limits to Arbitrage: Understanding the Low Volatility Anomaly

NYU Working Paper No. 2451/29593
Number of pages: 26 Posted: 06 Apr 2010 Last Revised: 10 Sep 2013
Malcolm P. Baker, Brendan Bradley and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management Inc., USA and NYU Stern School of Business
Downloads 5,330 (3,197)
Citation 99

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A Behavioral Finance Explanation for the Success of Low Volatility Portfolios

NYU Working Paper No. 2451/29537
Number of pages: 22 Posted: 26 Jun 2013
Malcolm P. Baker, Jeffrey Wurgler and Brendan Bradley
Harvard Business School, NYU Stern School of Business and Acadian Asset Management Inc., USA
Downloads 518 (104,883)

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Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly

Financial Analysts Journal, Vol. 67, No. 1, 2011
Posted: 23 Jan 2011
Malcolm P. Baker, Brendan Bradley and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management Inc., USA and NYU Stern School of Business

Abstract:

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Behavioral Finance, Behavioral Biases, Limits to Arbitrage, Equity Investments, Portfolio Management: Risk Management

4.
Downloads 4,737 ( 3,978)
Citation 1,405

Investor Sentiment and the Cross-Section of Stock Returns

Number of pages: 52 Posted: 18 Nov 2003 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 3,945 (5,284)
Citation 42

Abstract:

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sentiment, cross-section, arbitrage, asset pricing

Investor Sentiment and the Cross-Section of Stock Returns

NYU Working Paper No. S-MF-03-20
Number of pages: 46 Posted: 12 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 267 (220,517)

Abstract:

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Investor Sentiment and the Cross-Section of Stock Returns

NBER Working Paper No. w10449
Number of pages: 49 Posted: 10 May 2004 Last Revised: 22 Jul 2022
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 217 (270,151)
Citation 152

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Investor Sentiment and the Cross-Section of Stock Returns

NYU Working Paper No. SC-AM-03-13
Number of pages: 47 Posted: 04 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 166 (345,183)
Citation 1

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Investor Sentiment and the Cross-Section of Stock Returns

NYU Working Paper No. FIN-03-030
Number of pages: 47 Posted: 11 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 142 (393,328)
Citation 43

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Investor Sentiment and the Cross-Section of Stock Returns

Journal of Finance, Vol. 61, No. 4, pp. 1645-1680, August 2006
Posted: 20 Apr 2005 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business

Abstract:

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sentiment, asset pricing, arbitrage, cross-section

5.
Downloads 3,697 ( 6,024)
Citation 785

Investor Sentiment in the Stock Market

Number of pages: 37 Posted: 14 Feb 2007 Last Revised: 12 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 2,462 (11,288)
Citation 41

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stock market, sentiment, asset pricing, behavioral finance, behavioral economics

Investor Sentiment in the Stock Market

NYU Working Paper No. 2451/31359, NYU Working Paper No. FIN-11-026
Number of pages: 23 Posted: 15 Dec 2011
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 825 (57,756)
Citation 7

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Investor Sentiment in the Stock Market

NBER Working Paper No. w13189
Number of pages: 38 Posted: 03 Jul 2007 Last Revised: 17 Jul 2022
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 410 (138,672)
Citation 463

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Investor Sentiment in the Stock Market

Journal of Economic Perspectives, Vol. 21, No. 2, pp. 129-151, Spring 2007
Posted: 30 Apr 2007 Last Revised: 12 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business

Abstract:

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sentiment, stocks returns, sentiment index, bubble, crash

6.
Downloads 3,291 ( 7,246)
Citation 4

A Reference Point Theory of Mergers and Acquisitions

AFA 2010 Atlanta Meetings Paper
Number of pages: 47 Posted: 23 Mar 2009 Last Revised: 23 Nov 2009
Malcolm P. Baker, Xin Pan and Jeffrey Wurgler
Harvard Business School, Harvard University and NYU Stern School of Business
Downloads 2,682 (9,859)
Citation 3

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mergers, acquisitions, behavioral finance, behavioral corporate finance, psychology, reference point

A Reference Point Theory of Mergers and Acquisitions

NYU Working Paper No. 2451/28342
Number of pages: 47 Posted: 08 Dec 2009
Malcolm P. Baker, Xin Pan and Jeffrey Wurgler
Harvard Business School, Harvard University and NYU Stern School of Business
Downloads 511 (106,676)

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A Reference Point Theory of Mergers and Acquisitions

NBER Working Paper No. w15551
Number of pages: 48 Posted: 08 Dec 2009 Last Revised: 30 Jun 2023
Malcolm P. Baker, Xin Pan and Jeffrey Wurgler
Harvard Business School, Harvard University and NYU Stern School of Business
Downloads 98 (521,827)

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Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds

Number of pages: 45 Posted: 13 Nov 2018
Harvard Business School, Brandeis International Business School, Harvard Business School and NYU Stern School of Business
Downloads 3,038 (8,091)
Citation 64

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Municipal Bonds, Green Bonds, Climate Finance

Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds

NBER Working Paper No. w25194
Number of pages: 42 Posted: 29 Oct 2018
Harvard Business School, Brandeis International Business School, Harvard Business School and NYU Stern School of Business
Downloads 119 (451,973)
Citation 61

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8.
Downloads 3,019 ( 8,325)
Citation 98

Behavioral Corporate Finance: An Updated Survey

HANDBOOK OF THE ECONOMICS OF FINANCE, Vol. 2, George M. Constantinides, Milton Harris, and Rene M. Stulz, eds., Elsevier Press, 2012
Number of pages: 106 Posted: 15 Aug 2011
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 2,060 (14,947)
Citation 9

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Behavioral, Corporate Finance, Sentiment, Catering, Market Timing, Irrational, Bias, Overconfidence, Optimism, Signaling, Behavioral Signaling

Behavioral Corporate Finance: An Updated Survey

Handbook of the Economics, George M. Constantinides, Milton Harris, Rene M. Stulz, eds., Vol. 2, Elsevier Press, 2012, NYU Working Paper No. FIN-11-022
Number of pages: 106 Posted: 14 Dec 2011
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 603 (86,617)
Citation 27

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Behavioral Corporate Finance: An Updated Survey

NYU Working Paper No. 2451/31355
Number of pages: 106 Posted: 26 Jun 2013
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 218 (268,968)
Citation 2

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Behavioral Corporate Finance: An Updated Survey

NBER Working Paper No. w17333
Number of pages: 107 Posted: 29 Aug 2011 Last Revised: 13 May 2023
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 138 (402,417)

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Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements

Number of pages: 29 Posted: 03 Mar 2005 Last Revised: 13 Dec 2011
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 1,841 (17,948)
Citation 4

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Mutual fund, performance evaluation

Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements

NYU Working Paper No. SC-AM-05-02
Number of pages: 31 Posted: 04 Nov 2008
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 397 (143,917)
Citation 14

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Can Mutual Fund Managers Pick Stocks? Evidence from the Trades Prior to Earnings Announcements

NBER Working Paper No. w10685
Number of pages: 31 Posted: 08 Sep 2004 Last Revised: 12 Sep 2022
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 388 (147,739)
Citation 45

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Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements

NYU Working Paper No. FIN-04-015
Number of pages: 31 Posted: 03 Nov 2008
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 311 (188,007)

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10.
Downloads 2,670 (10,100)
Citation 154

Global, Local, and Contagious Investor Sentiment

Journal of Financial Economics (JFE), Vol. 104, pp 272-287, May 2012, AFA 2010 Atlanta Meetings Paper
Number of pages: 47 Posted: 23 Mar 2009 Last Revised: 11 Mar 2012
Malcolm P. Baker, Jeffrey Wurgler and Yu Yuan
Harvard Business School, NYU Stern School of Business and Shanghai Mingshi Investment Company
Downloads 2,165 (13,840)
Citation 6

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Sentiment, Return predictability

Global, Local, and Contagious Investor Sentiment

Journal of Financial Economics (JFE), Vol. 104, No. 2, 2012, NYU Working Paper No. FIN-09-002
Number of pages: 47 Posted: 08 Jun 2009 Last Revised: 11 Mar 2012
Malcolm P. Baker, Jeffrey Wurgler and Yu Yuan
Harvard Business School, NYU Stern School of Business and Shanghai Mingshi Investment Company
Downloads 505 (108,277)
Citation 22

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Sentiment, Return predictability

11.

The Low Risk Anomaly: A Decomposition into Micro and Macro Effects

Financial Analysts Journal, Forthcoming
Number of pages: 38 Posted: 01 Feb 2013 Last Revised: 14 Sep 2013
Malcolm P. Baker, Brendan Bradley and Ryan Taliaferro
Harvard Business School, Acadian Asset Management Inc., USA and Acadian Asset Management
Downloads 2,370 (12,216)
Citation 23

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low volatility, beta, portfolio construction, market efficiency, capital asset pricing model

The Determinants of Board Structure at the Initial Public Offering

Number of pages: 43 Posted: 24 Jul 2000 Last Revised: 22 Jan 2009
Malcolm P. Baker and Paul A. Gompers
Harvard Business School and Harvard Business School - Finance Unit
Downloads 2,322 (12,377)
Citation 60

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The Determinants of Board Structure at the Initial Public Offering

Journal of Law and Economics, Vol. 46, No. 2, pp. 569-598, October 2003
Posted: 12 Oct 2004 Last Revised: 22 Jan 2009
Malcolm P. Baker and Paul A. Gompers
Harvard Business School and Harvard Business School - Finance Unit

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Corporate Governance, Board of Directors, IPO, Venture Capital

Appearing and Disappearing Dividends: The Link to Catering Incentives

Number of pages: 25 Posted: 13 Jan 2003 Last Revised: 12 Aug 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 1,411 (26,835)
Citation 12

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Dividend, Dividends, Dividend Policy, Catering, Repurchase, Repurchases

Why are Dividends Disappearing? An Empirical Analysis

NYU Working Paper No. S-CG-02-09
Number of pages: 65 Posted: 04 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 387 (148,166)

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Why are Dividends Disappearing? An Empirical Analysis

NYU Working Paper No. FIN-02-056
Number of pages: 64 Posted: 03 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 311 (188,007)

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Appearing and Disappearing Dividends: The Link to Catering Incentives

NYU Working Paper No. FIN-03-023
Number of pages: 26 Posted: 11 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 120 (449,095)
Citation 10

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Appearing and Disappearing Dividends: The Link to Catering Incentives

NBER Working Paper No. w9995
Number of pages: 25 Posted: 28 Sep 2003 Last Revised: 26 Oct 2022
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 83 (581,070)
Citation 1

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Appearing and Disappearing Dividends: The Link to Catering Incentives

Harvard NOM Working Paper No. 03-51
Posted: 18 Sep 2003 Last Revised: 13 Aug 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business

Abstract:

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dividend, payout

14.

Executive Ownership and Control in Newly Public Firms: The Role of Venture Capitalists

Number of pages: 39 Posted: 06 Jun 1999 Last Revised: 13 Jan 2009
Malcolm P. Baker and Paul A. Gompers
Harvard Business School and Harvard Business School - Finance Unit
Downloads 2,155 (14,205)
Citation 33

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Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment

Number of pages: 63 Posted: 02 Nov 2005 Last Revised: 12 Aug 2008
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business
Downloads 1,300 (30,377)
Citation 34

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Corporate investment, inefficient markets, behavioral finance, foreign direct investment, international finance

Stock Market Valuations and Foreign Direct Investment

NYU Working Paper No. SC-AM-04-05
Number of pages: 42 Posted: 04 Nov 2008
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business
Downloads 263 (223,894)

Abstract:

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The Stock Market and Investment: Evidence from FDI Flows

NYU Working Paper No. FIN-04-013
Number of pages: 39 Posted: 03 Nov 2008
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business
Downloads 254 (231,806)

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The Stock Market and Investment: Evidence from FDI Flows

NBER Working Paper No. w10559
Number of pages: 39 Posted: 04 Jul 2004 Last Revised: 09 Nov 2022
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business
Downloads 103 (504,013)

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Multinationals as Arbitrageurs: The Effect of Valuations on Foreign Direct Investment

NYU Working Paper No. 2451/31358, NYU Working Paper No. FIN-11-025
Number of pages: 33 Posted: 15 Dec 2011
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business
Downloads 66 (662,481)

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Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment

Review of Financial Studies, Forthcoming
Posted: 30 Apr 2007 Last Revised: 12 Jan 2009
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business

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foreign direct investment, fdi, multinational, flow

Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment

The Review of Financial Studies, Vol. 22, Issue 1, pp. 337-369, 2009
Posted: 03 Jan 2009
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard University - Business School (HBS) and NYU Stern School of Business

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F15, F21, F23, G31, G34

16.
Downloads 1,974 (16,304)
Citation 332

A Catering Theory of Dividends

Number of pages: 61 Posted: 15 Nov 2002 Last Revised: 12 Aug 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 1,333 (29,238)
Citation 3

Abstract:

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A Catering Theory of Dividends

NBER Working Paper No. w9542
Number of pages: 63 Posted: 13 Mar 2003 Last Revised: 30 Jul 2022
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 379 (151,676)
Citation 27

Abstract:

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A Catering Theory of Dividends

NYU Working Paper No. FIN-02-012
Number of pages: 63 Posted: 03 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 262 (224,753)
Citation 3

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A Catering Theory of Dividends

Journal of Finance, Vol. 59, No. 3, pp. 1125-1165, June 2004
Posted: 15 Jul 2003 Last Revised: 13 Aug 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business

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17.
Downloads 1,883 (17,611)
Citation 224

Market Liquidity as a Sentiment Indicator

Number of pages: 48 Posted: 02 Jul 2008 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeremy C. Stein
Harvard Business School and Harvard University - Department of Economics
Downloads 1,593 (22,419)
Citation 2

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Market Liquidity as a Sentiment Indicator

NBER Working Paper No. w8816
Number of pages: 48 Posted: 28 Feb 2002 Last Revised: 05 Aug 2022
Malcolm P. Baker and Jeremy C. Stein
Harvard Business School and Harvard University - Department of Economics
Downloads 290 (202,553)
Citation 62

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Market Liquidity as a Sentiment Indicator

Journal of Financial Markets, Vol. 7, No. 3, pp. 271-299, June 2004
Posted: 13 Oct 2004 Last Revised: 12 Aug 2008
Malcolm P. Baker and Jeremy C. Stein
Harvard Business School and Harvard University - Department of Economics

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Liquidity, Investor Sentiment, Market Timing, Corporate Finance, Behavioral Finance

18.
Downloads 1,809 (18,739)
Citation 388

The Equity Share in New Issues and Aggregate Stock Returns

Number of pages: 65 Posted: 12 Aug 1999 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 1,642 (21,407)
Citation 2

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The Equity Share in New Issues and Aggregate Stock Returns

NYU Working Paper No. 2451/31362, NYU Working Paper No. FIN-11-029
Number of pages: 40 Posted: 15 Dec 2011
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 167 (343,344)
Citation 98

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The Equity Share in New Issues and Aggregate Stock Returns

Journal of Finance, Vol. 55, No. 5, October 2000
Posted: 17 Jun 2008 Last Revised: 13 Jan 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business

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Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation, Capital Structure, and the Low Risk Anomaly

American Economic Review, Forthcoming
Number of pages: 10 Posted: 15 Mar 2015
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 538 (100,169)
Citation 8

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Bank, Banks, Banking, Regulation, Capital, Requirements, Leverage, Tier 1, Capitalization, Anomaly, Risk

Would Stricter Capital Requirements Raise the Cost of Capital? Bank Capital Regulation and the Low Risk Anomaly

Number of pages: 52 Posted: 16 Mar 2013
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 528 (102,464)
Citation 9

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Capital Requirements, Banking, Low Risk Anomaly, Capital Asset Pricing Model

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

NYU Working Paper No. FIN-13-003
Number of pages: 52 Posted: 17 Mar 2013 Last Revised: 22 Apr 2013
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 294 (199,728)

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Would Stricter Capital Requirements Raise the Cost of Capital? Bank Capital Regulation and the Low Risk Anomaly

NYU Working Paper No. 2451/31748
Number of pages: 52 Posted: 24 Apr 2013
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 153 (369,923)

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Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

NBER Working Paper No. w19018
Number of pages: 53 Posted: 04 May 2013 Last Revised: 19 Jun 2023
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 84 (576,780)
Citation 31

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20.
Downloads 1,547 (23,845)
Citation 12

How Do Investors Value ESG?

Number of pages: 54 Posted: 13 Dec 2022
Malcolm P. Baker, Mark Egan and Suproteem K. Sarkar
Harvard Business School, Harvard University - Business School (HBS) and Harvard University
Downloads 1,497 (24,604)

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ESG, Index Funds, Demand Estimation

How Do Investors Value ESG?

NBER Working Paper No. w30708
Number of pages: 55 Posted: 05 Dec 2022 Last Revised: 15 Jun 2023
Malcolm P. Baker, Mark Egan and Suproteem Sarkar
Harvard Business School, Harvard University - Business School (HBS) and Harvard University
Downloads 50 (757,413)
Citation 11
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21.
Downloads 1,546 (23,877)
Citation 43

Government Bonds and the Cross-Section of Stock Returns

AFA 2010 Atlanta Meetings Paper
Number of pages: 42 Posted: 22 Mar 2009
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 504 (108,524)
Citation 7

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Comovement and Predictability Relationships between Bonds and the Cross-Section of Stocks

NYU Working Paper No. 2451/29604
Number of pages: 45 Posted: 10 Aug 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 293 (200,452)

Abstract:

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Comovement and Predictability Relationships between Bonds and the Cross-Section of Stocks

NYU Working Paper No. 2451/29604
Number of pages: 45 Posted: 10 May 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 189 (307,249)

Abstract:

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Comovement and Predictability Relationships between Bonds and the Cross-Section of Stocks

NYU Working Paper No. 2451/29604
Number of pages: 45 Posted: 07 Jun 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 131 (419,502)

Abstract:

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Government Bonds and the Cross-Section of Stock Returns

NYU Working Paper No. 2451/26644
Number of pages: 39 Posted: 03 Nov 2008
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 108 (486,560)

Abstract:

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Comovement and Predictability Relationships between Bonds and the Cross-Section of Stocks

NYU Working Paper No. 2451/29604
Number of pages: 45 Posted: 07 Sep 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 89 (556,119)
Citation 9

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Comovement and Predictability Relationships between Bonds and Thecross-Section of Stocks

NYU Working Paper No. FIN-10-003
Number of pages: 45 Posted: 06 Oct 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 86 (568,364)

Abstract:

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Comovement and Predictability Relationships between Bonds and the Cross-Section of Stocks

NYU Working Paper No. 2451/29604
Number of pages: 45 Posted: 06 Jul 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 77 (607,772)

Abstract:

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Government Bonds and the Cross-Section of Stock Returnsâæ

NYU Working Paper No. FIN-05-040
Number of pages: 38 Posted: 03 Nov 2008
Malcolm P. Baker and Jeffery Wurgler
Harvard Business School and affiliation not provided to SSRN
Downloads 69 (646,834)

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When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

Number of pages: 48 Posted: 04 Jan 2002 Last Revised: 13 Jan 2009
Malcolm P. Baker, Jeffrey Wurgler and Jeremy C. Stein
Harvard Business School, NYU Stern School of Business and Harvard University - Department of Economics
Downloads 1,225 (33,063)
Citation 3

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Investment, Behavioral Finance

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

NYU Working Paper No. FIN-01-031
Number of pages: 39 Posted: 03 Nov 2008
Malcolm P. Baker, Jeremy C. Stein and Jeffrey Wurgler
Harvard Business School, Harvard University - Department of Economics and NYU Stern School of Business
Downloads 170 (338,058)
Citation 6

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When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

NBER Working Paper No. w8750
Number of pages: 44 Posted: 02 Feb 2002 Last Revised: 30 Nov 2022
Malcolm P. Baker, Jeffrey Wurgler and Jeremy C. Stein
Harvard Business School, NYU Stern School of Business and Harvard University - Department of Economics
Downloads 151 (374,024)
Citation 67

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When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

Quarterly Journal of Economics, Vol. 118, No. 3, pp. 969-1006, August 2003
Posted: 29 May 2003 Last Revised: 13 Aug 2008
Malcolm P. Baker, Jeffrey Wurgler and Jeremy C. Stein
Harvard Business School, NYU Stern School of Business and Harvard University - Department of Economics

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Limited Arbitrage in Mergers and Acquisitions

Number of pages: 43 Posted: 26 Oct 2000 Last Revised: 13 Jan 2009
Malcolm P. Baker and Serkan Savasoglu
Harvard Business School and Morgan Stanley
Downloads 1,434 (26,209)
Citation 20

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Limited Arbitrage in Mergers and Acquisitions

Journal of Financial Economics, Vol. 64, No. 1, pp. 91-116, April 2002
Posted: 15 Jul 2002 Last Revised: 13 Jan 2009
Malcolm P. Baker and Serkan Savasoglu
Harvard Business School and Morgan Stanley

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Arbitrage, Mergers and acquisitions, Market Efficiency

How Does Investor Sentiment Affect the Cross-Section of Stock Returns?

Number of pages: 27 Posted: 26 Jun 2008 Last Revised: 12 Jan 2009
John Wang, Jeffrey Wurgler and Malcolm P. Baker
affiliation not provided to SSRN, NYU Stern School of Business and Harvard Business School
Downloads 1,187 (34,587)
Citation 4

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Sentiment, cross-section, prediction, index, behavioral

How Does Investor Sentiment Affect the Cross-Section of Stock Returns?

Journal of Investment Management, Vol. 6, No. 2, Second Quarter 2008
Posted: 12 May 2008 Last Revised: 12 Jan 2009
Malcolm P. Baker, John Wang and Jeffrey Wurgler
Harvard Business School, affiliation not provided to SSRN and NYU Stern School of Business

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Sentiment, cross-section, prediction, index, behavioral

25.
Downloads 1,128 (37,777)

Market-Driven Corporate Finance

Number of pages: 53 Posted: 23 Jan 2009 Last Revised: 29 Jul 2009
Malcolm P. Baker
Harvard Business School
Downloads 1,128 (37,194)
Citation 8

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Behavioral Finance, Limits to Arbitrage, Market Efficiency, Securities Issuance, Supply Effects

Capital Market-Driven Corporate Finance

Posted: 04 Jun 2010
Malcolm P. Baker
Harvard Business School

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The Maturity of Debt Issues and Predictable Variation in Bond Returns

Number of pages: 45 Posted: 15 Aug 2001 Last Revised: 13 Jan 2009
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 718 (69,345)
Citation 7

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Bond, Maturity, Return, Corporate, Debt, Issue, Predictability, Cost of Capital

Do Firms Borrow at the Lowest-Cost Maturity? The Long-Term Share in Debt Issues and Predictable Variation in Bond Returns

NYU Working Paper No. FIN-01-020
Number of pages: 45 Posted: 03 Nov 2008
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 94 (536,641)
Citation 1

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The Maturity of Debt Issues and Predictable Variation in Bond Returns

NYU Working Paper No. 2451/31361
Number of pages: 31 Posted: 10 Sep 2013
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 65 (667,816)
Citation 19

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The Maturity of Debt Issues and Predictable Variation in Bond Returns

Journal of Financial Economics (JFE), Vol. 70, pp. 261-291, 2003, NYU Working Paper No. FIN-11-028
Posted: 15 Dec 2011
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business

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The Maturity of Debt Issues and Predictable Variation in Bond Returns

Journal of Financial Economics, Vol. 70, No. 2, pp. 261-291, November 2003
Posted: 09 Sep 2002 Last Revised: 13 Aug 2008
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business

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bond, maturity, return, corporate, debt, issue, predictability, cost of capital, cost of debt

27.
Downloads 866 (54,851)
Citation 13

The Risk Anomaly Tradeoff of Leverage

Number of pages: 47 Posted: 15 Mar 2015
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 519 (104,646)
Citation 2

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leverage, capital structure, anomaly, risk, tradeoff, corporate finance

Leverage and the Beta Anomaly

NYU Working Paper No. 2451/34914
Number of pages: 40 Posted: 31 Aug 2016 Last Revised: 14 Jan 2019
Malcolm P. Baker, Mathias Hoeyer and Jeffrey Wurgler
Harvard Business School, University of Oxford and NYU Stern School of Business
Downloads 245 (240,258)
Citation 2

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risk anomaly, capital structure, leverage

The Risk Anomaly Tradeoff of Leverage

NBER Working Paper No. w22116
Number of pages: 48 Posted: 28 Mar 2016 Last Revised: 07 Jun 2023
Malcolm P. Baker, Mathias Hoeyer and Jeffrey Wurgler
Harvard Business School, University of Oxford and NYU Stern School of Business
Downloads 102 (507,552)
Citation 1

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Predicting Returns with Managerial Decisions Variables: Is There a Small-Sample Bias?

Number of pages: 31 Posted: 28 Sep 2004 Last Revised: 12 Aug 2008
Malcolm P. Baker, Ryan Taliaferro and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management and NYU Stern School of Business
Downloads 417 (135,882)
Citation 1

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Predictability, market timing, bias

Pseudo Market Timing and Predictive Regressions

NBER Working Paper No. w10823
Number of pages: 38 Posted: 19 Oct 2004 Last Revised: 30 Jul 2022
Malcolm P. Baker, Ryan Taliaferro and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management and NYU Stern School of Business
Downloads 127 (429,729)
Citation 1

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Pseudo Market Timing and Predictive Regressions

NYU Working Paper No. FIN-04-021
Number of pages: 37 Posted: 03 Nov 2008
Malcolm P. Baker, Ryan Taliaferro and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management and NYU Stern School of Business
Downloads 117 (457,942)

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Predictive Regressions Based on Managerial Decision Variables: Is There a Small-Sample Bias?

NYU Working Paper No. 2451/31360, NYU Working Paper No. FIN-11-027
Number of pages: 20 Posted: 15 Dec 2011
Malcolm P. Baker, Jeffrey Wurgler and Ryan Taliaferro
Harvard Business School, NYU Stern School of Business and Acadian Asset Management
Downloads 92 (544,331)

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Predicting Returns with Managerial Decision Variables: Is There a Small-Sample Bias?

Journal of Finance, Vol. 61, No. 4, pp. 1711-1730, August 2006
Posted: 22 Feb 2006 Last Revised: 12 Aug 2008
Malcolm P. Baker, Ryan Taliaferro and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management and NYU Stern School of Business

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Predictive regressions, market timing, small sample bias

29.
Downloads 573 (93,589)
Citation 62

The Effect of Dividends on Consumption

Number of pages: 54 Posted: 06 Mar 2006 Last Revised: 12 Aug 2008
Malcolm P. Baker, Stefan Nagel and Jeffrey Wurgler
Harvard Business School, University of Chicago - Booth School of Business and NYU Stern School of Business
Downloads 382 (150,314)
Citation 2

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Dividend, consumption, household

The Effect of Dividends on Consumption

NYU Working Paper No. FIN-05-041
Number of pages: 49 Posted: 03 Nov 2008
Malcolm P. Baker, Stefan Nagel and Jeffrey Wurgler
Harvard Business School, University of Chicago - Booth School of Business and NYU Stern School of Business
Downloads 120 (449,095)
Citation 2

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The Effect of Dividends on Consumption

NBER Working Paper No. w12288
Number of pages: 50 Posted: 16 Jun 2006 Last Revised: 31 Jul 2022
Malcolm P. Baker, Stefan Nagel and Jeffrey Wurgler
Harvard Business School, University of Chicago - Booth School of Business and NYU Stern School of Business
Downloads 71 (636,758)
Citation 19

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The Effect of Dividends on Consumption

Brookings Papers on Economic Activity, pp. 277-291, 2007
Posted: 30 Apr 2007 Last Revised: 12 Jan 2009
Malcolm P. Baker, Stefan Nagel and Jeffrey Wurgler
Harvard Business School, University of Chicago - Booth School of Business and NYU Stern School of Business

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dividend, consumption, tax cut, CEX, mental accounting

Dividends as Reference Points: A Behavioral Signaling Approach

Review of Financial Studies (Forthcoming), NYU Working Paper No. 2451/31372
Number of pages: 64 Posted: 16 Dec 2011 Last Revised: 05 Dec 2015
Malcolm P. Baker, Brock Mendel and Jeffrey Wurgler
Harvard Business School, Harvard University and NYU Stern School of Business
Downloads 363 (159,162)

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Dividends as Reference Points: A Behavioral Signaling Approach

Number of pages: 59 Posted: 16 Jul 2012
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 156 (363,965)

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dividend, signaling, Lintner, repurchase, behavioral signaling

Dividends as Reference Points: A Behavioral Signaling Approach

NBER Working Paper No. w18242
Number of pages: 60 Posted: 21 Jul 2012 Last Revised: 07 May 2023
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 44 (799,511)

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31.
Downloads 515 (106,940)
Citation 92

Catering Through Nominal Share Prices

Number of pages: 46 Posted: 16 Jan 2008 Last Revised: 12 Jan 2009
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 355 (163,084)
Citation 1

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Stock splits, catering, payout policy, investor demand, nominal share prices

Catering Through Nominal Share Prices

NYU Working Paper No. FIN-07-026
Number of pages: 46 Posted: 03 Nov 2008
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 120 (449,095)
Citation 14

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Catering Through Nominal Share Prices

NBER Working Paper No. w13762
Number of pages: 46 Posted: 30 Jan 2008 Last Revised: 10 Aug 2022
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 40 (830,145)
Citation 37

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Corporate Financing Decisions When Investors Take the Path of Least Resistance

Number of pages: 55 Posted: 13 Dec 2004 Last Revised: 12 Aug 2008
Malcolm P. Baker, Joshua D. Coval and Jeremy C. Stein
Harvard Business School, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 399 (143,099)

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Inertia, mergers, equity issuance

Corporate Financing Decisions When Investors Take the Path of Least Resistance

NBER Working Paper No. w10998
Number of pages: 51 Posted: 19 Jan 2005 Last Revised: 22 Jul 2022
Malcolm P. Baker, Joshua D. Coval and Jeremy C. Stein
Harvard Business School, Harvard Business School - Finance Unit and Harvard University - Department of Economics
Downloads 96 (529,147)
Citation 5

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Corporate Financing Decisions When Investors Take the Path of Least Resistance

Journal of Financial Economics (JFE), Vol. 84, No. 2, pp. 266-298, May 2007
Posted: 25 Jun 2008 Last Revised: 12 Jan 2009
Joshua D. Coval, Jeremy C. Stein and Malcolm P. Baker
Harvard Business School - Finance Unit, Harvard University - Department of Economics and Harvard Business School

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mergers, inertia, equity issuance

33.

Under New Management: Equity Issues and the Attribution of Past Returns

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 30 Posted: 10 Apr 2009 Last Revised: 28 Oct 2015
Malcolm P. Baker and Yuhai Xuan
Harvard Business School and University of California, Irvine - Paul Merage School of Business
Downloads 415 (138,030)
Citation 30

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Optimal Tilts

Number of pages: 39 Posted: 22 Feb 2016
Malcolm P. Baker, Terence Burnham and Ryan Taliaferro
Harvard Business School, Chapman University - The George L. Argyros College of Business and Economics and Acadian Asset Management
Downloads 287 (206,039)
Citation 1

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asset pricing, valuation, market efficiency, investment management

35.

Do Strict Capital Requirements Raise the Cost of Capital? Bank Regulation and the Low Risk Anomaly

NYU Working Paper No. 2451/38628
Number of pages: 59 Posted: 12 May 2017
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 251 (235,739)
Citation 2

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Banking, Bank, Capital Requirements, Leverage, Basel

36.

Dividends as Reference Points: A Behavioral Signaling Approach

NYU Working Paper No. 2451/38627
Number of pages: 42 Posted: 12 May 2017
Malcolm P. Baker, Jeffrey Wurgler and Brock Mendel
Harvard Business School, NYU Stern School of Business and Harvard University
Downloads 168 (341,802)
Citation 7

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The Pricing and Ownership of US Green Bonds

Annual Review of Financial Economics, Vol. 14, pp. 415-437, 2022
Posted: 10 Nov 2022
Harvard Business School, Brandeis International Business School, Harvard Business School and NYU Stern School of Business

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Risk Neglect in Equity Markets

Journal of Portfolio Management, Forthcoming
Posted: 06 Feb 2016
Malcolm P. Baker
Harvard Business School

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Asset Allocation, Behavioral Finance, Equity Investments, Private Equity

39.

Matrix Capital Management (C)

Harvard Business School Finance Case No. 211-060
Posted: 04 Feb 2012
Malcolm P. Baker and David Lane
Harvard Business School and Harvard University - Business School (HBS)

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Matrix Capital Management (A)

Harvard Business School Finance Case No. 211-017
Posted: 04 Feb 2012
Malcolm P. Baker and David Lane
Harvard Business School and Harvard University - Business School (HBS)

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Matrix Capital Management (B)

Harvard Business School Finance Case No. 211-048
Posted: 04 Feb 2012
Malcolm P. Baker and David Lane
Harvard Business School and Harvard University - Business School (HBS)

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Wells Fargo Convertible Bonds

HBS Case No.: 206-022
Posted: 22 Sep 2008
Malcolm P. Baker and Liz Kind
Harvard Business School and affiliation not provided to SSRN

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Corning: Convertible Preferred Stock

HBS Case No.: 206-018
Posted: 22 Sep 2008
Malcolm P. Baker and James Quinn
Harvard Business School and Harvard University - Business School (HBS)

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The MCI Takeover Battle: Verizon Versus Qwest

HBS Case No.: 206-045
Posted: 22 Sep 2008
Malcolm P. Baker and James Quinn
Harvard Business School and Harvard University - Business School (HBS)

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Pharmacyclics: Financing Research & Development

HBS Publishing Case No.: 9-201-056; Teaching Note No.: 5-204-012
Posted: 10 Nov 2005 Last Revised: 23 Mar 2013
Richard S. Ruback, Malcolm P. Baker and Aldo Sesia
Harvard Business School, Harvard Business School and Harvard Business School

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