Jeffrey Wurgler

NYU Stern School of Business

Nomura Professor of Finance

Stern School of Business

44 West 4th Street, Suite 9-190

New York, NY 10012-1126

United States

http://www.stern.nyu.edu/~jwurgler/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • NYU Stern School of Business

    • Email
    • Tel: 212-998-0367
    • Fax: 212-995-4233
SCHOLARLY PAPERS

31

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61,254

CITATIONS
Rank 66

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Top 66

in Total Papers Citations

3,229

Scholarly Papers (31)

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1.

Behavioral Corporate Finance: A Survey

Downloads 8,313 ( 579)
Citation 127

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 7,195 (752)
Citation 124

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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 871 (24,949)
Citation 125

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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 2010
Malcolm P. Baker, Richard S. Ruback and Jeffrey Wurgler
Harvard Business School, Harvard Business School and NYU Stern School of Business
Downloads 247 (118,759)
Citation 127

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2.

Market Timing and Capital Structure

Downloads 6,050 ( 1,022)
Citation 470

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 5,529 (1,167)
Citation 470

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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 521 (49,941)
Citation 469

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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

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capital structure, market timing, ipo, seo

3.

Financial Markets and the Allocation of Capital

Downloads 5,689 ( 1,145)
Citation 309

Financial Markets and the Allocation of Capital

Yale ICF Working Paper No. 99-08
Number of pages: 40 Posted: 19 Aug 1999
Jeffrey Wurgler
NYU Stern School of Business
Downloads 5,413 (1,220)
Citation 309

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Financial Markets and the Allocation of Capital

NYU Working Paper No. 2451/31356, NYU Working Paper No. FIN-11-023
Number of pages: 28 Posted: 14 Dec 2011
Jeffrey Wurgler
NYU Stern School of Business
Downloads 276 (106,057)
Citation 309

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Financial Markets and the Allocation of Capital

Journal of Financial Economics, Vol. 58, Issue 1-2, October 2000
Posted: 08 Feb 2000
Jeffrey Wurgler
NYU Stern School of Business

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4.

Benchmarks as Limits to Arbitrage: Understanding the Low Volatility Anomaly

Downloads 4,318 ( 1,836)
Citation 37

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 3,999 (2,067)
Citation 37

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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 319 (90,219)
Citation 36

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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

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

5.

A Reference Point Theory of Mergers and Acquisitions

Downloads 2,998 ( 3,468)
Citation 27

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 2,510 (4,588)
Citation 23

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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 444 (61,107)
Citation 27

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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 2010
Malcolm P. Baker, Xin Pan and Jeffrey Wurgler
Harvard Business School, Harvard University and NYU Stern School of Business
Downloads 44 (402,716)
Citation 27

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6.

Investor Sentiment in the Stock Market

Downloads 2,920 ( 3,622)
Citation 171

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 2,120 (6,075)
Citation 171

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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 666 (36,148)
Citation 171

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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 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 134 (207,216)
Citation 171

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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

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sentiment, stocks returns, sentiment index, bubble, crash

7.

Investor Sentiment and the Cross-Section of Stock Returns

Downloads 2,841 ( 3,794)
Citation 308

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 2,326 (5,204)
Citation 308

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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 196 (149,005)
Citation 308

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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 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 124 (220,387)
Citation 308

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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 98 (261,290)
Citation 308

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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 97 (263,066)
Citation 308

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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

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sentiment, asset pricing, arbitrage, cross-section

8.

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

Downloads 2,809 ( 3,880)
Citation 56

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
Malcolm P. Baker, Lubomir P. Litov, Jessica A. Wachter and Jeffrey Wurgler
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 1,742 (8,505)
Citation 56

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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
Malcolm P. Baker, Lubomir P. Litov, Jessica A. Wachter and Jeffrey Wurgler
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 389 (71,589)
Citation 56

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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: 23 Oct 2010
Malcolm P. Baker, Lubomir P. Litov, Jessica A. Wachter and Jeffrey Wurgler
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 372 (75,468)
Citation 56

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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
Malcolm P. Baker, Lubomir P. Litov, Jessica A. Wachter and Jeffrey Wurgler
Harvard Business School, University of Oklahoma - Michael F. Price College of Business, University of Pennsylvania - Finance Department and NYU Stern School of Business
Downloads 306 (94,586)
Citation 56

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9.

Global, Local, and Contagious Investor Sentiment

Downloads 2,320 ( 5,344)
Citation 23

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 1,907 (7,291)
Citation 23

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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 413 (66,691)
Citation 23

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Sentiment, Return predictability

10.

Behavioral Corporate Finance: An Updated Survey

Downloads 2,289 ( 5,472)
Citation 99

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 1,588 (9,919)
Citation 99

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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 460 (58,642)
Citation 99

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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 167 (172,406)
Citation 99

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Behavioral Corporate Finance: An Updated Survey

NBER Working Paper No. w17333
Number of pages: 107 Posted: 29 Aug 2011
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 74 (311,600)
Citation 99

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11.

On the Economic Consequences of Index-Linked Investing

Downloads 2,071 ( 6,454)
Citation 12

On the Economic Consequences of Index-Linked Investing

CHALLENGES TO BUSINESSES IN THE TWENTY-FIRST CENTURY: THE WAY FORWARD, W.T. Allen, R. Khurana, J. Lorsch, G. Rosenfeld, eds., 2010
Number of pages: 27 Posted: 30 Aug 2010
Jeffrey Wurgler
NYU Stern School of Business
Downloads 1,780 (8,213)
Citation 12

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indexing, index fund, ETF, comovement

On the Economic Consequences of Index-Linked Investing

NYU Working Paper No. 2451/31353
Number of pages: 15 Posted: 14 Dec 2011
Jeffrey Wurgler
NYU Stern School of Business
Downloads 192 (151,972)
Citation 12

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On the Economic Consequences of Index-Linked Investing

NBER Working Paper No. w16376
Number of pages: 28 Posted: 20 Sep 2010
Jeffrey Wurgler
NYU Stern School of Business
Downloads 99 (259,537)
Citation 12

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12.

Appearing and Disappearing Dividends: The Link to Catering Incentives

Downloads 2,008 ( 6,808)
Citation 69

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 1,362 (12,674)
Citation 59

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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 307 (94,586)
Citation 68

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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 199 (146,891)
Citation 68

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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 96 (264,875)
Citation 59

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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
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 44 (402,716)
Citation 59

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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

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dividend, payout

13.

Comovement

Downloads 1,878 ( 7,062)
Citation 147

Comovement

Harvard Institute of Economic Research Paper No. 1953
Number of pages: 45 Posted: 06 Apr 2002
Nicholas Barberis, Andrei Shleifer and Jeffrey Wurgler
Yale School of Management, Harvard University - Department of Economics and NYU Stern School of Business
Downloads 1,578 (10,010)
Citation 147

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Comovement

NYU Working Paper No. S-DRP-03-18
Number of pages: 45 Posted: 05 Nov 2008
Nicholas Barberis, Andrei Shleifer and Jeffrey Wurgler
Yale School of Management, Harvard University - Department of Economics and NYU Stern School of Business
Downloads 173 (167,028)
Citation 145

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Comovement

NYU Working Paper No. S-DRP-01-19
Number of pages: 38 Posted: 07 Nov 2008
Nicholas Barberis, Andrei Shleifer and Jeffrey Wurgler
Yale School of Management, Harvard University - Department of Economics and NYU Stern School of Business
Downloads 81 (295,139)
Citation 145

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Comovement

NBER Working Paper No. w8895
Number of pages: 43 Posted: 11 Apr 2002 Last Revised: 19 Apr 2002
Nicholas Barberis, Andrei Shleifer and Jeffrey Wurgler
Yale School of Management, Harvard University - Department of Economics and NYU Stern School of Business
Downloads 46 (395,399)
Citation 147

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14.

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

Downloads 1,773 ( 8,423)
Citation 33

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 Business School and NYU Stern School of Business
Downloads 1,250 (14,480)
Citation 26

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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 Business School and NYU Stern School of Business
Downloads 221 (132,812)
Citation 26

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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 Business School and NYU Stern School of Business
Downloads 218 (134,533)
Citation 32

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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
Malcolm P. Baker, C. Fritz Foley and Jeffrey Wurgler
Harvard Business School, Harvard Business School and NYU Stern School of Business
Downloads 56 (361,616)
Citation 33

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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 Business School and NYU Stern School of Business
Downloads 28 (473,280)
Citation 26

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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 Business School 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 Business School and NYU Stern School of Business

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F15, F21, F23, G31, G34

15.

Does Arbitrage Flatten Demand Curves for Stocks?

Downloads 1,652 ( 9,473)
Citation 203

Does Arbitrage Flatten Demand Curves for Stocks?

Yale SOM Working Paper No. ICF - 99-12
Number of pages: 43 Posted: 03 Aug 2000
Jeffrey Wurgler and Ekaterina Zhuravskaya
NYU Stern School of Business and Paris School of Economics (PSE)
Downloads 1,532 (10,500)
Citation 203

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Does Arbitrage Flatten Demand Curves for Stocks?

NYU Working Paper No. 2451/31354
Number of pages: 26 Posted: 14 Dec 2011 Last Revised: 24 Nov 2014
Jeffrey Wurgler and Ekaterina Zhuravskaya
NYU Stern School of Business and Paris School of Economics (PSE)
Downloads 120 (225,883)
Citation 201

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Does Arbitrage Flatten Demand Curves for Stocks?

The Journal of Business, Vol. 75, No. 4, October 2002
Posted: 24 Apr 2001
Jeffrey Wurgler and Ekaterina Zhuravskaya
NYU Stern School of Business and Paris School of Economics (PSE)

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Arbitrage

16.

The Equity Share in New Issues and Aggregate Stock Returns

Downloads 1,513 ( 10,925)
Citation 234

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 1,396 (12,163)
Citation 234

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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 117 (230,237)
Citation 234

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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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17.

A Catering Theory of Dividends

Downloads 1,463 ( 11,533)
Citation 150

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 1,182 (15,828)
Citation 150

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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 195 (149,766)
Citation 150

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A Catering Theory of Dividends

NBER Working Paper No. w9542
Number of pages: 63 Posted: 13 Mar 2003 Last Revised: 01 Nov 2010
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 86 (284,343)
Citation 150

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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

Abstract:

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18.

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

Downloads 1,309 ( 13,771)
Citation 237

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 1,130 (16,892)
Citation 235

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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 129 (213,712)
Citation 235

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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: 25 Nov 2002
Malcolm P. Baker, Jeffrey Wurgler and Jeremy C. Stein
Harvard Business School, NYU Stern School of Business and Harvard University - Department of Economics
Downloads 50 (381,352)
Citation 237

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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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19.

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

Downloads 1,245 ( 14,926)
Citation 2

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 446 (60,769)
Citation 2

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

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 425 (64,626)
Citation 2

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

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 245 (119,732)
Citation 2

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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 99 (263,066)
Citation 2

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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
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 30 (462,891)
Citation 2

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20.

Government Bonds and the Cross-Section of Stock Returns

Downloads 1,176 ( 15,436)
Citation 9

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 407 (67,901)
Citation 9

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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 253 (115,920)
Citation 3

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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 161 (177,900)
Citation 3

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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 103 (252,543)
Citation 3

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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 75 (309,157)
Citation 9

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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 66 (332,256)
Citation 3

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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 61 (346,315)
Citation 3

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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 50 (381,352)
Citation 3

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21.

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

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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 1,001 (20,328)
Citation 292

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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

22.

The Maturity of Debt Issues and Predictable Variation in Bond Returns

Downloads 769 ( 28,538)
Citation 72

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 672 (35,725)
Citation 70

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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 63 (340,638)
Citation 72

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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 34 (443,856)
Citation 70

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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

23.

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

Downloads 570 ( 44,740)
Citation 25

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 379 (73,893)
Citation 20

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Predictability, market timing, bias

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 85 (286,475)
Citation 20

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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 55 (364,877)
Citation 25

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Pseudo Market Timing and Predictive Regressions

NBER Working Paper No. w10823
Number of pages: 38 Posted: 19 Oct 2004 Last Revised: 30 Jul 2010
Malcolm P. Baker, Ryan Taliaferro and Jeffrey Wurgler
Harvard Business School, Acadian Asset Management and NYU Stern School of Business
Downloads 51 (377,979)
Citation 20

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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

24.

The Risk Anomaly Tradeoff of Leverage

Downloads 500 ( 53,179)

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 427 (64,074)

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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 52 (374,632)

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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
Malcolm P. Baker, Mathias Hoeyer and Jeffrey Wurgler
Harvard Business School, University of Oxford and NYU Stern School of Business
Downloads 21 (514,595)

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25.

Dividends as Reference Points: A Behavioral Signaling Approach

Downloads 454 ( 60,085)
Citation 4

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 310 (93,191)
Citation 4

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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 128 (215,062)
Citation 4

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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
Malcolm P. Baker and Jeffrey Wurgler
Harvard Business School and NYU Stern School of Business
Downloads 16 (545,540)
Citation 4

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26.

The Effect of Dividends on Consumption

Downloads 439 ( 62,586)
Citation 18

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 323 (88,984)
Citation 18

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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 82 (293,001)
Citation 18

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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 2010
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 34 (443,856)
Citation 18

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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

27.

Catering Through Nominal Share Prices

Downloads 365 ( 77,853)
Citation 22

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 265 (110,343)
Citation 22

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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 86 (284,343)
Citation 22

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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 2010
Malcolm P. Baker, Robin M. Greenwood and Jeffrey Wurgler
Harvard Business School, Harvard Business School - Finance Unit and NYU Stern School of Business
Downloads 14 (558,410)
Citation 22

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28.

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

Downloads 179 (163,626)

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

Number of pages: 45 Posted: 13 Nov 2018
Malcolm P. Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
Harvard Business School, Brandeis International Business School, Harvard University - Harvard Business School and NYU Stern School of Business
Downloads 161 (179,863)

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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
Malcolm P. Baker, Daniel Bergstresser, George Serafeim and Jeffrey Wurgler
Harvard Business School, Brandeis International Business School, Harvard University - Harvard Business School and NYU Stern School of Business
Downloads 18 (533,209)
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29.

Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications

Downloads 174 (166,070)

Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications

NYU Working Paper No. 2451/38626
Number of pages: 24 Posted: 11 May 2017 Last Revised: 24 Jun 2017
Terence Burnham, Harry Gakidis and Jeffrey Wurgler
Chapman University - Department of Business and Economics, Acadian Asset Management and NYU Stern School of Business
Downloads 165 (174,262)

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MSCI, Index, Benchmark, Emerging, Frontier, Alpha

Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications

NBER Working Paper No. w23557
Number of pages: 25 Posted: 10 Jul 2017 Last Revised: 18 Jul 2017
Terence Burnham, Harry Gakidis and Jeffrey Wurgler
Chapman University - Department of Business and Economics, Acadian Asset Management and NYU Stern School of Business
Downloads 9 (590,194)
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30.

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 124 (219,520)
Citation 2

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Banking, Bank, Capital Requirements, Leverage, Basel

31.

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 44 (395,197)
Citation 4

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