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					                                 MALCOLM BAKER
                          Curriculum Vitae, September 17, 2012

Harvard Business School                                           phone: (617) 495-6566
Morgan Hall 361                                                     fax: (617) 496-6592
Boston, MA 02163                                                       mbaker@hbs.edu




EDUCATION

      HARVARD UNIVERSITY, Ph.D. in Business Economics, 1996-2000. Thesis: Essays in
      financial economics. Lehman Brothers Fellowship, 1999. George S. Dively Award, 1998.
      Harvard Business School Fellowship, 1996-2000.

      CAMBRIDGE UNIVERSITY, M.Phil. in Finance (Honors), 1993. Thesis: Financial sector
      reform in Eastern Europe.

      BROWN UNIVERSITY, B.A. in Applied Mathematics-Economics, 1992. Outstanding Male
      Athlete, 1991.



CURRENT POSITIONS

      ASSISTANT PROFESSOR, Harvard Business School, 2001-

      FACULTY RESEARCH FELLOW, National Bureau of Economic Research, 2002-



PAST POSITIONS

      POST DOCTORAL FELLOW, Harvard Business School, 2000-2001

      TEACHING FELLOW, Harvard University, 1998-2000

      SENIOR ASSOCIATE, Charles River Associates, 1993-1996

      US NATIONAL AND OLYMPIC ROWING TEAM MEMBER, 1990-1992



PUBLISHED PAPERS

      1. Alternative Models of Uncertain Commodity Prices for Use with Modern Asset
         Pricing Methods (with Scott Mayfield and John Parsons), Energy Journal 19, 115-
         148, 1998.
     2. The Equity Share in New Issues and Aggregate Stock Returns (with Jeffrey
        Wurgler), Journal of Finance 55, 2219-57, 2000. Nominated for the Smith Breeden
        and Brattle prizes.

     3. Market Timing and Capital Structure (with Jeffrey Wurgler), Journal of Finance 57,
        1-32, 2002. Abstracted in Economic Intuition, Summer 2001. Winner of the Brattle
        Prize for the best paper in Corporate Finance published in the Journal of Finance in
        2002.

     4. Limited Arbitrage in Mergers and Acquisitions (with Serkan Savasoglu), Journal of
        Financial Economics 64, 91-116, 2002.

     5. The Maturity of Debt Issues and Predictable Variation in Bond Returns (with Robin
        Greenwood and Jeffrey Wurgler), Journal of Financial Economics, forthcoming.

     6. The Determinants of Board Structure at the Initial Public Offering (with Paul
        Gompers), Journal of Law and Economics, forthcoming.

     7. When Does the Market Matter? Stock Prices and the Investment of Equity Dependent
        Firms (with Jeremy Stein and Jeffrey Wurgler), Quarterly Journal of Economics,
        forthcoming. Formerly NBER Working Paper Series, No. 8750. Abstracted in
        Economic Intuition, Fall 2001.

     8. A Catering Theory of Dividends (with Jeffrey Wurgler), Journal of Finance,
        forthcoming. Formerly NBER Working Paper Series, No. 9542. Winner of the 2003
        NYU-Fitch Ratings Working Paper of the Year Award.



WORKING PAPERS

     Why are Dividends Disappearing? An Empirical Analysis (with Jeffrey Wurgler), 2002.
     First Draft in 2002.

     Market Liquidity as a Sentiment Indicator (with Jeremy Stein), NBER Working Paper
     Series, No. 8816, 2002. Abstracted in Business Week, April 2002. First Draft in 2001.

     Career Concerns and Staged Investment: Evidence From the Venture Capital Industry,
     2000. First Draft in 2000.

     Executive Ownership and Control in Newly Public Firms: The Role of Venture
     Capitalists (with Paul Gompers), 1999. First Draft in 1998.

     Estimating Industry Multiples (with Rick Ruback), 1999. First Draft in 1999.



COURSE DEVELOPMENT

     1. Pharmacyclics: Financing Research & Development (with Rick Ruback and Aldo
        Sesia), Harvard Business School Case.
        Pharmacyclics: Financing Research & Development TN (with Rick Ruback and Aldo
        Sesia), Harvard Business School Teaching Note.

     2. Giant Cinema (with Rick Ruback and Erik Stafford), Harvard Business School Case.



INVITED PRESENTATIONS

     2004: UCLA
     2003: University of Alberta, Harvard University, Federal Reserve Bank of New York,
     Chicago Quantitative Alliance, University of Wisconsin at Madison
     2002: University of Rochester, Harvard Business School, University of Michigan,
     University of Chicago, Atlanta Finance Forum, Harvard University
     2001: Duke University, Chicago University, Northwestern University, Stanford
     University, Cornell University, MIT, Harvard Business School, Wharton, Harvard
     Business School, London Business School
     2000: Harvard University, Yale University, Columbia University, New York University,
     Harvard Law School, Harvard University, Charles River Associates
     1999: Harvard University, Yale University, Lehman Brothers, Harvard Business School


CONFERENCE PRESENTATIONS

     2003: American Finance Association Annual Meetings, Eastern Finance Association
     Annual Meetings
     2002: Kellogg/Zell Center Conference on Risk Perceptions and Capital Markets , NBER
     Behavioral Finance Conference, NBER Corporate Finance Conference, Texas Finance
     Festival
     2001: HBS Financial Decisions and Control Conference, NBER Corporate Finance
     Conference, Western Finance Association Annual Meetings
     2000: American Finance Association Annual Meeting, European Financial Management
     Association, Tuck/JFE Corporate Governance Conference
     1999: NBER Behavioral Finance Conference
     1998: London Business School Venture Capital Conference


DISCUSSIONS

     2004: American Economic Association Annual Meeting
     2003: American Finance Association Annual Meeting, Western Finance Association
     Annual Meeting
     2002: American Finance Association Annual Meeting, NBER Corporate Finance
     Conference
     2001: American Economic Association Annual Meeting
     2000: European Financial Management Association


TEACHING AND INVITED LECTURES

     CORPORATE FINANCE, Harvard University, 2004. Co-taught graduate course on the
     theory and empirical evidence of capital structure, dividends, investment policy,
     managerial incentives, and takeovers.
     BEHAVIORAL CORPORATE FINANCE, Harvard Business School, 2003. Provided an
     overview of my research in behavioral corporate finance at the annual HBS research
     symposium.
     EMPIRICAL CORPORATE FINANCE, Harvard Business School, 2003. Contributed 2-session
     lectures on dividend policy and behavioral corporate finance to a graduate topics course.
     ADVANCED MANAGEMENT DEVELOPMENT PROGRAM IN REAL ESTATE, Graduate School
     of Design, Harvard University, 2003. Contributed 2 case-based classes on corporate
     finance to an executive program. (Instructor Rating: 4.7/5.0)
     FINANCE 1, Harvard Business School, 2001-2003. Taught first required finance course in
     the Harvard MBA curriculum on working capital management, capital budgeting, the
     Capital Asset Pricing Model, and integrated valuation techniques, with applications to
     acquisitions, initial and seasoned equity offerings, and entrepreneurial finance. (Instructor
     Rating: 6.8/7.0 in 2001, 7.0/7.0 in 2002)
     BEHAVIORAL FINANCE, Harvard University, Invited Lecture, 2002. Market liquidity and
     investor sentiment.
     BEHAVIORAL FINANCE, Harvard University, Invited Lecture, 2001. Empirical evidence
     of the limits to arbitrage.
     CORPORATE FINANCE, Harvard University, Teaching Fellow, 2000. Graduate course
     taught by Andrei Shleifer on the theory and empirical evidence of capital structure,
     dividends, investment policy, managerial incentives, and takeovers.
     BEHAVIORAL FINANCE, Harvard University, Invited Lecture, 2000. Real consequences of
     inefficient markets.
     CONTRACT THEORY, Harvard University, Teaching Fellow, 1998-1999. Graduate course
     taught by Oliver Hart on recent developments in contract theory, including hidden action
     and hidden information models, dynamic agency issues, incomplete contracts, and
     applications of contract theory to theories of the firm and corporate financial structure.


PROFESSIONAL ACTIVITIES

     Referee: Financial Management, Financial Review, Journal of Business, Journal of
     Economics and Management Strategy, Journal of Finance, Journal of Financial
     Economics, Journal of Financial Intermediation, Quarterly Journal of Economics,
     Review of Economics and Statistics, Review of Financial Studies
MEDIA CITATIONS

     2003: Moneycentral.com
     2002: Business Week
     2001: Economic Intuition, Hedgeworld Research Institute
     2000: Europe Investor Direct.com, Money Magazine, Morningstar.com


ADVISING

     Gene D’Avolio
     Robin Greenwood (Placed at HBS; Thesis, July 2002)
     Eric Nierenberg (Orals, March 2003)
     Harini Parthasarathy
     Pavel Savor (Orals, March 2003)
     Ryan Taliaferro
     Eliza Hammel (Orals, July 2003)


ADMINISTRATIVE

     Co-Organizer, Outside Seminar Series, 2002-2003
     Business Economics Admissions Committee, 2003
     Crimson Greetings, 2003
     Finance Area Recruiting Committee, 2003-3004
PAPER PRESENTATIONS (DETAIL)

     MARKET TIMING AND CAPITAL STRUCTURE
     Harvard University (October 2000), Yale University (December 2000), Columbia University
     (December 2000), New York University (December 2000), Duke University (January 2001),
     Chicago University (January 2001), Northwestern University (January 2001), Stanford University
     (January 2001), Cornell University (January 2001), MIT (January 2001), Harvard Business School
     (January 2001), Wharton (February 2001), Western Finance Association Annual Meetings (2001)

     THE EQUITY SHARE IN NEW ISSUES AND AGGREGATE STOCK RETURNS
     Harvard University (March 1999), Yale University (September 1999), Lehman Brothers
     (November 1999), NBER Behavioral Finance Conference (December 1999)

     A CATERING THEORY OF DIVIDENDS
     University of Rochester (April 2002), Harvard Business School (May 2002), University of
     Michigan (September 2002), University of Chicago (September 2002), NBER Corporate Finance
     Conference (November 2002), American Finance Association Annual Meetings (January 2003),
     Eastern Finance Association Annual Meetings (April 2003)

     WHY ARE DIVIDENDS DISAPPEARING? AN EMPIRICAL ANALYSIS
     University of Alberta (January 2003)

     INVESTOR SENTIMENT AND THE CROSS-SECTION OF STOCK RETURNS
     Harvard University (April 2003), Chicago Quantitative Alliance (September 2003), University of
     Wisconsin at Madison (September 2003), UCLA (Spring 2004)

     MARKET LIQUIDITY AS A SENTIMENT INDICATOR
     Harvard Business School (September 2001), Atlanta Finance Forum (February 2002), Texas
     Finance Festival (April 2002), Harvard University (April 2002), NBER Behavioral Finance
     Conference (November 2002), American Finance Association Annual Meetings (January 2003)

     THE MATURITY OF DEBT ISSUES AND PREDICTABLE VARIATION IN BOND RETURNS
     HBS Financial Decisions and Control Conference (June 2001), NBER Corporate Finance
     Conference (August 2001), London Business School (October 2001)

     WHEN DOES THE MARKET MATTER? STOCK PRICES AND THE INVESTMENT OF EQUITY
     DEPENDENT FIRMS
     Kellogg/Zell Center Conference on Risk Perceptions and Capital Markets (January 2002)

     CAREER CONCERNS AND STAGED INVESTMENT: EVIDENCE FROM THE VENTURE
     CAPITAL INDUSTRY
     Harvard University (December 1999), Harvard Law School (September 2000)

     LIMITED ARBITRAGE IN MERGERS AND ACQUISITIONS
     Harvard Business School (November 1999), Harvard University (February 2000), Charles River
     Associates (April 2000), European Financial Management Association (June 2000)

     THE DETERMINANTS OF BOARD STRUCTURE AT THE INITIAL PUBLIC OFFERING
Tuck/JFE Corporate Governance Conference (July 2000)

ESTIMATING INDUSTRY MULTIPLES
Harvard University (April 1999), Harvard Business School (May 1999)

EXECUTIVE OWNERSHIP AND CONTROL IN NEWLY PUBLIC FIRMS: THE ROLE OF
VENTURE CAPITALISTS
London Business School Venture Capital Conference (October 1998), American Finance
Association Annual Meeting (January 2000)
MEDIA CITATIONS (DETAIL)

      Europe Investor Direct.com (June 2000, The equity share in new issues and aggregate
      stock returns)
      Money Magazine (October 2000, The equity share in new issues and aggregate stock
      returns)
      Morningstar.com (December 2000, The equity share in new issues and aggregate stock
      returns)
      Economic Intuition (Summer 2001, Market timing and capital structure)
      Hedgeworld Research Institute (Fall 2001, Limited arbitrage in mergers and acquisitions)
      Economic Intuition (Fall 2001, When does the market matter? stock prices and the
      investment of equity dependent firms)
      Business Week (April 8, 2002, Market liquidity as a sentiment indicator)
      Moneycentral.com (April 10, 2003, The equity share in new issues and aggregate stock
      returns)
SYLLABI
      1. Yale University (Jeffrey Wurgler)

      2. Harvard University Corporate Finance (Jeremy Stein)

      3. Harvard University Behavioral Finance (Andrei Shleifer)

      4. Harvard Business School Empirical Corporate Finance (Paul Gompers)

      5. University of Chicago Behavioral Finance (Nick Barberis)

      6. University of Minnesota (Paul Richardson)

      7. University of Illinois at Urbana-Champaign (Allen Poteshman)

      8. Tel Aviv University (David Frankel)

      9. MIT (Espen Eckbo)

      10. Dartmouth (Espen Eckbo)

      11. College of Business Administration, Korea University (Inmoo Lee)

      12. University of Buffalo (Joseph Ogden)

      13. Queen’s University Belfast (Charles Hickson)

      14. Purdue University (Raghavendra Rau, John McConnell)

      15. University of London (Timothy Johnson)

      16. Carnegie Mellon University (Richard Green)

      17. University of Texas at Dallas (Robert Kieschnick)
SOME CITATIONS
      1. Shiller, Irrational Exhuberance

      2. Campbell, Survey Paper

      3. Barberis and Thaler, Survey Paper

      4. Mitchell and Pulvino, Characteristics of Risk in Risk Arbitrage

      5. Jindra and Walkling, Arbitrage Paper

      6. Kaplin and Levy, Debt Paper

      7. Reed, Musto, etc., Short Selling Paper

      8. Shleifer, Inefficient markets

      9. Shleifer and Vishny, Stock market driven acquisitions

      10. David L. Ikenberry and Sundaresh Ramnath, Underreaction

      11. D’Avolio, Gildor, and Shleifer, Technology, information production, and market efficiency

      12. Roberts (Duke), The dynamics of capital structure: an empirical analysis of a partially
          observable system

      13. Jenter, Market timing and managerial portfolio decisions

      14. Malmendier, Managerial overconfidence and investment

      15. Benninga, Helmantel, and Sarig (Wharton), The timing of IPOs

      16. Ritter, Investment banking and securities issuance

      17. Alti (CMU), Clustering patterns in IPOs

      18. Graham, Taxes and corporate finance: a review

      19. Allen and Michaely, Payout policy

      20. Greenwood, Large events

      21. Welch, Capital Structure Paper

      22. Titman, MM and Market Integration paper

      23. Winters and Farrell, Small Business Compensation paper

				
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