M
Malcolm Baker
Researcher at National Bureau of Economic Research
Publications - 108
Citations - 28099
Malcolm Baker is an academic researcher from National Bureau of Economic Research. The author has contributed to research in topics: Dividend & Stock market. The author has an hindex of 53, co-authored 106 publications receiving 25225 citations. Previous affiliations of Malcolm Baker include Harvard University.
Papers
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Investor sentiment and the cross-section of stock returns
Malcolm Baker,Jeffrey Wurgler +1 more
TL;DR: The authors study how investor sentiment affects the cross-section of stock returns and find that when sentiment is low, subsequent returns are relatively high for small stocks, young stocks, high volatility stocks, unprofitable stocks, non-dividend-paying stocks, extreme growth stocks, and distressed stocks.
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Investor Sentiment and the Cross-Section of Stock Returns
Malcolm Baker,Jeffrey Wurgler +1 more
TL;DR: This article examined how investor sentiment affects the cross-section of stock returns and found that when sentiment is low, subsequent returns are relatively high on smaller stocks, high volatility stocks, unprofitable stocks, non-dividend-paying stocks, extreme-growth stocks, and distressed stocks, consistent with an initial underpricing of these stocks.
Journal ArticleDOI
Market Timing and Capital Structure
Malcolm Baker,Jeffrey Wurgler +1 more
TL;DR: In this paper, the authors show that current capital structure is strongly related to historical market values, and that firms are more likely to issue equity when their market values are high, relative to book and past market values.
Journal ArticleDOI
Investor Sentiment in the Stock Market
Malcolm Baker,Jeffrey Wurgler +1 more
TL;DR: In this article, the authors develop a top-down approach to measure investor sentiment and quantify its effects, and show that it is quite possible to measure sentiment and that waves of sentiment have clearly discernible, important, and regular effects on individual firms and on the stock market as a whole.
Journal ArticleDOI
Market Timing and Capital Structure
TL;DR: In this article, the authors show that current capital structure is strongly related to past market values and that the resulting effects on capital structure are very persistent, and suggest the theory that capital structure was the cumulative outcome of past attempts to time the equity market.