Behavioral corporate finance
a survey
Edición de la obra Behavioral corporate finance
| Autor | Malcolm Baker |
|---|---|
| Editorial | National Bureau of Economic Research |
| Fecha de publicación | 2004 |
| Lugar | Cambridge, MA |
| Idioma | inglés |
| Formato | Electronic resource |
| LCCN | 2005615089 |
| Serie | NBER working paper series ; · working paper 10863 · Working paper series (National Bureau of Economic Research : Online) ; |
| Número de Cutter | B168b |
"Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach emphasizes that managers are less than fully rational. It studies the effect of nonstandard preferences and judgmental biases on managerial decisions. This survey reviews the theory, empirical challenges, and current evidence pertaining to each approach. Overall, the behavioral approaches help to explain a number of important financing and investment patterns. The survey closes with a list of open questions"--National Bureau of Economic Research web site.