Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
  • Research
    • Research
    • Publications
    • Global Research Centers
    • Case Development
    • Initiatives & Projects
    • Research Services
    • Seminars & Conferences
    →
  • Publications→

Publications

Publications

Filter Results: (118) Arrow Down
Filter Results: (118) Arrow Down Arrow Up

Show Results For

  • All HBS Web  (120,050)
    • Faculty Publications  (118)

    Show Results For

    • All HBS Web  (120,050)
      • Faculty Publications  (118)

      Baker, Malcolm P.Remove Baker, Malcolm P. →

      ← Page 6 of 118 Results
      • October 2003
      • Article

      The Determinants of Board Structure at the Initial Public Offering

      By: Malcolm Baker and Paul Gompers
      This paper describes board size and composition and investigates the role of venture capital in a sample of 1,116 firms' initial public offerings. First, firms backed by venture capital have fewer insider and instrumental directors and more independent... View Details
      Keywords: Governing and Advisory Boards; Venture Capital; Initial Public Offering; Managerial Roles; Power and Influence
      Citation
      Find at Harvard
      Read Now
      Related
      Baker, Malcolm, and Paul Gompers. "The Determinants of Board Structure at the Initial Public Offering." Journal of Law & Economics 46, no. 2 (October 2003): 569–598.
      • September 2003 (Revised January 2004)
      • Case

      Giant Cinema

      By: Malcolm P. Baker, Richard S. Ruback, Erik Stafford and Kathleen Luchs
      The owner of Giant Cinema must decide whether to invest in a digital projector, a new technology for screening films, or purchase a traditional projector. The impact of the new technology is uncertain, and the case describes probabilities for different outcomes that... View Details
      Keywords: Entrepreneurship; Film Entertainment; Technology Adoption; Financial Strategy; Investment; Outcome or Result; Risk and Uncertainty; Technology; Entertainment and Recreation Industry
      Citation
      Find at Harvard
      Related
      Baker, Malcolm P., Richard S. Ruback, Erik Stafford, and Kathleen Luchs. "Giant Cinema." Harvard Business School Case 204-052, September 2003. (Revised January 2004.)
      • August 2003
      • Teaching Note

      Pharmacyclics: Financing Research and Development (TN)

      By: Malcolm P. Baker and Richard S. Ruback
      Teaching Note for (9-201-056). View Details
      Keywords: Pharmaceutical Industry; Medical Devices and Supplies Industry
      Citation
      Purchase
      Related
      Baker, Malcolm P., and Richard S. Ruback. "Pharmacyclics: Financing Research and Development (TN)." Harvard Business School Teaching Note 204-012, August 2003.
      • August 2003
      • Article

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

      By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
      We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
      Keywords: Stocks; Price; Investment; Equity; Forecasting and Prediction; Rank and Position; Markets
      Citation
      Find at Harvard
      Read Now
      Related
      Baker, Malcolm, Jeremy Stein, and Jeffrey Wurgler. "When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms." Quarterly Journal of Economics 118, no. 3 (August 2003): 969–1006.
      • April 2002
      • Article

      Limited Arbitrage in Mergers and Acquisitions

      By: Malcolm Baker and Serkan Savasoglu
      A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6-0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk arbitrage. In our model of risk arbitrage, arbitrageurs' risk-bearing capacity... View Details
      Keywords: Arbitrage; Market Efficiency; Mergers and Acquisitions; Profit; Risk and Uncertainty; Corporate Strategy; Capital; Banking Industry
      Citation
      Find at Harvard
      Read Now
      Related
      Baker, Malcolm, and Serkan Savasoglu. "Limited Arbitrage in Mergers and Acquisitions." Journal of Financial Economics 64, no. 1 (April 2002): 91–116.
      • 2002
      • Other Unpublished Work

      Market Liquidity as a Sentiment Indicator

      By: Malcolm Baker and Jeremy Stein
      We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details
      Keywords: Price; Financial Liquidity; Trade; Valuation; Markets; Forecasting and Prediction; Equity; Stock Shares; Investment Return
      Citation
      Read Now
      Related
      Baker, Malcolm, and Jeremy Stein. "Market Liquidity as a Sentiment Indicator." NBER Working Paper Series, 2002. (First draft in 2001.)
      • February 2002
      • Article

      Market Timing and Capital Structure

      By: Malcolm Baker and Jeffrey Wurgler
      It is well known that firms tend to raise equity when their market values are high relative to book and past market values. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related... View Details
      Keywords: Valuation; Equity; Capital Structure; Theory; Market Timing; Financial Markets
      Citation
      Find at Harvard
      Read Now
      Related
      Baker, Malcolm, and Jeffrey Wurgler. "Market Timing and Capital Structure." Journal of Finance 57, no. 1 (February 2002): 1–32. (Winner of Brattle Prize. First Prize Paper For outstanding papers on corporate finance published in the Journal of Finance presented by Brattle Group, Inc. Reprinted in Recent Developments in Corporate Finance, edited by Jay Ritter. Edward Elgar Publishing: UK, 2005.)
      • 2002
      • Other Unpublished Work

      The Maturity of Debt Issues and Predictable Variation in Bond Returns

      By: Malcolm Baker, Robin Greenwood and Jeffrey Wurgler
      The maturity of new debt issues predicts excess bond returns. When the share of long term debt issues in total debt issues is high, future excess bond returns are low. This predictive power comes in two parts. First, inflation, the real short-term rate, and the term... View Details
      Keywords: Borrowing and Debt; Bonds; Investment Return; Financial Markets; Forecasting and Prediction
      Citation
      Read Now
      Related
      Baker, Malcolm, Robin Greenwood, and Jeffrey Wurgler. "The Maturity of Debt Issues and Predictable Variation in Bond Returns." 2002. (First draft in 2001.)
      • 2001
      • Working Paper

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

      By: Malcolm Baker, Jeremy Stein and Jeffrey Wurgler
      We use a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that... View Details
      Keywords: Investment; Equity; Stocks; Price; Mathematical Methods; Forecasting and Prediction
      Citation
      Read Now
      Related
      Baker, Malcolm, Jeremy Stein, and Jeffrey Wurgler. "When Does the Market Matter? Stock Prices and the Investment of Equity Dependent Firms." NBER Working Paper Series, No. 8750, December 2001. (First draft in 2001.)
      • January 2001 (Revised July 2003)
      • Case

      Pharmacyclics: Financing Research & Development

      By: Malcolm P. Baker, Richard S. Ruback and Aldo Sesia
      Pharmacyclics (NASDAQ: PCYC), a pharmaceutical company that manufactures products that will improve existing therapeutic treatments for cancer, arteriosclerosis, and retinal disease, was considering a $60 million private placement in February 2000. The company had more... View Details
      Keywords: Valuation; Cash Flow; Financing and Loans; Business Startups; Financial Strategy; Medical Devices and Supplies Industry; Pharmaceutical Industry; Health Industry
      Citation
      Educators
      Purchase
      Related
      Baker, Malcolm P., Richard S. Ruback, and Aldo Sesia. "Pharmacyclics: Financing Research & Development." Harvard Business School Case 201-056, January 2001. (Revised July 2003.)
      • October 2000
      • Article

      The Equity Share in New Issues and Aggregate Stock Returns

      By: Malcolm Baker and Jeffrey Wurgler
      The share of equity issues in total new equity and debt issues is a strong predictor of U.S. stock market returns between 1928 and 1997. In particular, firms issue more equity than debt just before periods of low market returns. The equity share in new issues has... View Details
      Keywords: Equity; Borrowing and Debt; Stocks; Markets; Debt Securities; Forecasting and Prediction; Accounting Industry; United States
      Citation
      Find at Harvard
      Read Now
      Related
      Baker, Malcolm, and Jeffrey Wurgler. "The Equity Share in New Issues and Aggregate Stock Returns." Journal of Finance 55, no. 5 (October 2000): 2219–57.
      • 2000
      • Other Unpublished Work

      Career Concerns and Staged Investment: Evidence from the Venture Capital Industry

      By: Malcolm Baker
      I develop a model in which career concerns lead to inefficient reinvestment decisions. Managers have incentives to inflate interim returns by continuing bad projects and delaying write-offs. In the venture capital industry, the syndication of follow-on investments can... View Details
      Keywords: Performance Efficiency; Valuation; Venture Capital; Investment; Decisions; Motivation and Incentives; Quality
      Citation
      Read Now
      Related
      Baker, Malcolm. "Career Concerns and Staged Investment: Evidence from the Venture Capital Industry." 2000. (First draft in 2000.)
      • 1999
      • Other Unpublished Work

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

      By: Malcolm Baker and Paul Gompers
      We study the implications of CEO equity ownership for incentives and control in a sample of 1,011 newly public firms. Before an initial public offering, equity investments by venture capitalists reduce CEO ownership by about half, from an average of 35 percent to 19... View Details
      Keywords: Equity; Ownership; Motivation and Incentives; Initial Public Offering; Investment; Venture Capital; Managerial Roles; Cost Management; Governance Controls; Executive Compensation
      Citation
      Read Now
      Related
      Baker, Malcolm, and Paul Gompers. "Executive Ownership and Control in Newly Public Firms: The Role of Venture Capitalists." November 1999. (First draft in 1998.)
      • 1999
      • Other Unpublished Work

      Estimating Industry Multiples

      By: Malcolm Baker and R. S. Ruback
      We analyze industry multiples for the S&P 500 in 1995. We use Gibbs sampling to estimate simultaneously the error specification and small sample minimum variance multiples for 22 industries. In addition, we consider the performance of four common multiples: the simple... View Details
      Keywords: Management Analysis, Tools, and Techniques; Performance; Mathematical Methods
      Citation
      Read Now
      Related
      Baker, Malcolm, and R. S. Ruback. "Estimating Industry Multiples." 1999.
      • 1998
      • Article

      Alternative Models of Uncertain Commodity Prices for Use with Modern Asset Pricing Methods

      By: Malcolm Baker, E. S. Mayfield and John Parsons
      This paper provides an introduction to alternative models of uncertain commodity prices. A model of commodity price movements is the engine around which any valuation methodology for commodity production projects is built, whether discounted cash flow (DCF) models or... View Details
      Keywords: Asset Pricing; Goods and Commodities; Price; Risk and Uncertainty; Valuation; Production; Projects; Cash Flow
      Citation
      Find at Harvard
      Related
      Baker, Malcolm, E. S. Mayfield, and John Parsons. "Alternative Models of Uncertain Commodity Prices for Use with Modern Asset Pricing Methods." Energy Journal 19, no. 1 (1998): 115–148.
      • Teaching Interest

      Executive Education: Finance for Senior Executives

      By: Malcolm P. Baker

      Finance for Senior Executives provides the frameworks to strategically use financial resources and position your company for future success. By examining corporate finance from both internal and external perspectives, this HBS Executive Education View Details

      • Teaching Interest

      MBA Elective Curriculum: Investment Strategies

      By: Malcolm P. Baker

      This is a CORE course for students pursuing careers in finance. Thus, students interested in pursuing careers in mutual funds, hedge funds, pension funds, endowments, wealth management, financial consulting, marketing and client service, sales and trading,... View Details

      • Teaching Interest

      Overview

      By: Malcolm P. Baker
      I currently teach Finance 1 in the required curriculum. In the past, I have taught Finance 2, I have taught in the elective curriculum - Investment Strategies and Behavioral Finance - and I have taught in executive courses, including Finance for Senior Executives and... View Details
      • ←
      • 6
      ǁ
      Campus Map
      Harvard Business School
      Soldiers Field
      Boston, MA 02163
      →Map & Directions
      →More Contact Information
      • Make a Gift
      • Site Map
      • Jobs
      • Harvard University
      • Trademarks
      • Policies
      • Accessibility
      • Digital Accessibility
      Copyright © President & Fellows of Harvard College.