Malcolm P. Baker

Malcolm P. Baker is the Robert G. Kirby Professor of Business Administration at Harvard Business School, where he teaches required and elective finance courses, including investing in life sciences. His research focuses on behavioral finance, corporate finance, and capital markets, particularly the interplay between investor behavior and corporate financial decision-making.

• Ph.D. in Business Economics, Harvard University
• M.Phil. in Finance, Cambridge University
• B.A. in Applied Mathematics-Economics, Brown University

His research explores market anomalies like the low-risk premium puzzle, green bonds pricing, and behavioral corporate finance. He has analyzed how institutional benchmarks limit arbitrage, how price peaks influence M&A negotiations, and how investor sentiment affects stock and bond returns.

Key trends in his recent work include sustainable finance, behavioral signaling in dividends, and capital structure responses to market mispricing. He has published extensively in top journals including the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies.

Scientific Awards:

• Brattle Prize (2002, 2004, 2016)
• Jensen Prize (2012)
• William F. Sharpe Award (2011)
• Graham and Dodd Scroll (2011, 2014)
• Glucksman Prize (2005, 2003, 2010)
• George S. Dively Award (1998)

He has served as Unit Head for Finance at Harvard Business School (2014-2018) and Program Director for Corporate Finance at NBER (2011-2018). His industry expertise spans biotechnology, high technology, private equity, and shipping, with affiliations to institutions like Acadian Asset Management and Brown University's President's Advisory Council.