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Behavioral Corporate Finance: A Survey / Malcolm Baker, Richard S. Ruback, Jeffrey Wurgler.
- Format:
- Book
- Author/Creator:
- Baker, Malcolm.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w10863.
- NBER working paper series no. w10863
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Behavioral Corporate Finance
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2004.
- Summary:
- 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.
- Notes:
- Print version record
- November 2004.
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