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- Faculty Publications (148)
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- All HBS Web (310)
- Faculty Publications (148)
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- Fourth Quarter 2017
- Article
Optimal Tilts: Combining Persistent Characteristic Portfolios
By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
We examine the optimal weighting of four tilts in U.S. equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size (a very persistent... View Details
Baker, Malcolm, Ryan Taliaferro, and Terry Burnham. "Optimal Tilts: Combining Persistent Characteristic Portfolios." Financial Analysts Journal 73, no. 4 (Fourth Quarter 2017): 75–89.
- Article
Capital Market-Driven Corporate Finance
By: Malcolm Baker
Much of empirical corporate finance focuses on sources of the demand for various forms of capital, not the supply. Recently, this has changed. Supply effects of equity and credit markets can arise from a combination of three ingredients: investor tastes, limited... View Details
Keywords: Behavioral Finance; Limits To Arbitrage; Market Efficiency; Securities Issuance; Supply Effects; Corporate Finance; Investment; Price; Capital Markets; Equity; Financial Services Industry
Baker, Malcolm. "Capital Market-Driven Corporate Finance." Annual Review of Financial Economics 1 (2009): 181–205.
- June 2012
- Article
Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks
By: Malcolm Baker and Jeffrey Wurgler
Government bonds comove more strongly with bond-like stocks: stocks of large, mature, low-volatility, profitable, dividend-paying firms that are neither high growth nor distressed. Variables derived from the yield curve that are already known to predict returns on... View Details
Keywords: Relationships; Bonds; Stocks; Investment Return; Cash Flow; Quality; Risk and Uncertainty; Forecasting and Prediction; Profit
Baker, Malcolm, and Jeffrey Wurgler. "Comovement and Predictability Relationships Between Bonds and the Cross-Section of Stocks." Review of Asset Pricing Studies 2, no. 1 (June 2012): 57–87.
- 17 Nov 2015
- First Look
November 17, 2015
forthcoming Journal of Financial Economics Introduction: New Perspectives on Corporate Capital Structure By: Acharya, Viral, Heitor Almeida, and Malcolm Baker Abstract—The National Bureau of Economic Research held a symposium titled... View Details
Keywords: Sean Silverthorne
- 2005
- Working Paper
Investor Sentiment and the Cross-Section of Stock Returns
By: Malcolm Baker and Jeffrey Wurgler
We examine how investor sentiment affects the cross-section of stock returns. Theory predicts that a broad wave of sentiment will disproportionately affect stocks whose valuations are highly subjective and are difficult to arbitrage. We test this prediction by studying... View Details
Baker, Malcolm, and Jeffrey Wurgler. "Investor Sentiment and the Cross-Section of Stock Returns." NBER Working Paper Series, No. w10449, April 2005. (First draft in 2003.)
- 2005
- Working Paper
Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements
By: Malcolm Baker, Lubomir Litov, Jessica Wachter and Jeffrey Wurgler
We consider measures of stock-picking skill of mutual fund managers based on the earnings announcement returns of the stocks that they hold and trade. Relative to standard approaches, this approach focuses on an especially informative subset of the returns data,... View Details
Keywords: Stocks; Asset Management; Business Earnings; Forecasting and Prediction; Competency and Skills
Baker, Malcolm, Lubomir Litov, Jessica Wachter, and Jeffrey Wurgler. "Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements." NBER Working Paper Series, No. w10685, February 2005. (First Draft in 2004.)
- 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
- December 2015
- Article
Introduction: New Perspectives on Corporate Capital Structure
By: Viral Acharya, Heitor Almeida and Malcolm Baker
The National Bureau of Economic Research held a symposium titled "New Perspectives on Corporate Capital Structures" on April 5–6, 2013 in Cambridge, Massachusetts. In its call for the submission of theoretical and empirical papers for the symposium, the NBER noted that... View Details
Acharya, Viral, Heitor Almeida, and Malcolm Baker. "Introduction: New Perspectives on Corporate Capital Structure." Journal of Financial Economics 118, no. 3 (December 2015): 551–552.
- August 1983
- Background Note
Value Creation and General Management
Keywords: Value Creation
Salter, Malcolm S. "Value Creation and General Management." Harvard Business School Background Note 384-080, August 1983.
- May 1982 (Revised February 1983)
- Case
Ford Motor Co. (B): The Automobile Crisis and Ford's Political Strategy--1980
Keywords: Strategy; Crisis Management; Government and Politics; Business and Government Relations; Auto Industry; United States
Salter, Malcolm S. "Ford Motor Co. (B): The Automobile Crisis and Ford's Political Strategy--1980." Harvard Business School Case 382-162, May 1982. (Revised February 1983.)
- 2001
- Working Paper
A Note on Governance and Corporate Control
- April 1989 (Revised June 1989)
- Supplement
U.S. Auto Industry: Scenarios and Choices, Supplement
Salter, Malcolm S. "U.S. Auto Industry: Scenarios and Choices, Supplement." Harvard Business School Supplement 389-153, April 1989. (Revised June 1989.)
- July 1988
- Background Note
Privatization: The Motives and the Outcomes
Salter, Malcolm S. "Privatization: The Motives and the Outcomes." Harvard Business School Background Note 389-004, July 1988.
- May 1988 (Revised November 1990)
- Supplement
Airbus vs. Boeing (C): Steps Toward Dispute Resolution
Presents partial resolution of problem. Cites points still to be resolved in trade dispute between U.S. aircraft manufacturers and Airbus Industrie. To be used as a handout after discussion of the case. View Details
Keywords: Trade; Problems and Challenges; Conflict and Resolution; Aerospace Industry; United States
Salter, Malcolm S. "Airbus vs. Boeing (C): Steps Toward Dispute Resolution." Harvard Business School Supplement 388-146, May 1988. (Revised November 1990.)
- June 1987 (Revised October 1987)
- Case
TC2 and the Apparel Industry
Keywords: Apparel and Accessories Industry
Salter, Malcolm S. "TC2 and the Apparel Industry." Harvard Business School Case 387-160, June 1987. (Revised October 1987.)
- May 1985 (Revised January 1986)
- Background Note
Note on the World Auto Industry in Transition
Keywords: Auto Industry
Salter, Malcolm S. "Note on the World Auto Industry in Transition." Harvard Business School Background Note 385-332, May 1985. (Revised January 1986.)
- June 1985 (Revised August 1985)
- Teaching Note
Volkswagen Group, Teaching Note
Keywords: Auto Industry
- 2017
- Working Paper
Optimal Tilts: Combining Persistent Characteristic Portfolios
By: Malcolm Baker, Ryan Taliaferro and Terry Burnham
We examine the optimal weighting of four tilts in US equity markets from 1968 through 2014. We define a “tilt” as a characteristic-based portfolio strategy that requires relatively low annual turnover. This is a continuum, with small size, a very persistent... View Details
Baker, Malcolm, Ryan Taliaferro, and Terry Burnham. "Optimal Tilts: Combining Persistent Characteristic Portfolios." Working Paper, March 2017.
- May 1982 (Revised February 1983)
- Supplement
Ford Motor Co. (C)
Keywords: Auto Industry
Salter, Malcolm S. "Ford Motor Co. (C)." Harvard Business School Supplement 382-165, May 1982. (Revised February 1983.)
- May 1982 (Revised February 1983)
- Case
Ford Motor Co. (A): The Automobile Crisis and Ford's Strategic Posture--1980
Salter, Malcolm S. "Ford Motor Co. (A): The Automobile Crisis and Ford's Strategic Posture--1980." Harvard Business School Case 382-161, May 1982. (Revised February 1983.)