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- Publications
- Influence
Investor Sentiment and the Cross-Section of Stock Returns
- M. Baker, Jeffrey Wurgler
- Economics
- 1 November 2003
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… Expand
Market Timing and Capital Structure
- M. Baker, M. Baker, Jeffrey Wurgler, Jeffrey Wurgler
- Economics
- 1 February 2002
It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We… Expand
Market Timing and Capital Structure
- Jeffrey Wurgler, M. Baker
- Economics
- 2001
It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We… Expand
The Equity Share in New Issues and Aggregate Stock Returns
- M. Baker, Jeffrey Wurgler
- Economics, Business
- 1 October 2000
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 relatively more equity than debt… Expand
Benchmarks as Limits to Arbitrage: Understanding the Low-Volatility Anomaly
- M. Baker, B. Bradley, Jeffrey Wurgler
- Economics
- 1 March 2010
Contrary to basic finance principles, high-beta and high-volatility stocks have long underperformed low-beta and low-volatility stocks. This anomaly may be partly explained by the fact that the… Expand
Global, Local, and Contagious Investor Sentiment
- M. Baker, Jeffrey Wurgler, Yu Yuan
- Economics
- 27 May 2009
We construct investor sentiment indices for six major stock markets and decompose them into one global and six local indices. In a validation test, we find that relative sentiment is correlated with… Expand
The Determinants of Board Structure at the Initial Public Offering
- M. Baker, M. Baker, Paul A. Gompers
- Business
- 1 October 2003
Abstract 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… Expand
Limited Arbitrage in Mergers and Acquisitions
- M. Baker, Serkan Savasoglu
- Economics, Business
- 15 July 2002
A diversified portfolio of risk arbitrage positions produces an abnormal return of 0.6% to 0.9% per month over the period from 1981 to 1996. We trace these profits to practical limits on risk… Expand
The effect of reference point prices on mergers and acquisitions
- M. Baker, Xin Pan, Jeffrey Wurgler
- Economics
- 1 October 2012
Prior stock price peaks of targets affect several aspects of merger and acquisition activity. Offer prices are biased toward recent peak prices although they are economically unremarkable. An offer's… Expand
The Maturity of Debt Issues and Predictable Variation in Bond Returns
- M. Baker, R. Greenwood, Jeffrey Wurgler
- Economics
- 1 December 2011
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… Expand