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Behavioral Corporate Finance: An Updated Survey / Malcolm Baker, Jeffrey Wurgler.
- Format:
- Book
- Author/Creator:
- Baker, Malcolm.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w17333.
- NBER working paper series no. w17333
- 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 2011.
- Summary:
- We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach studies the direct effects of managers' biases and nonstandard preferences on their decisions. We review relevant psychology, economic theory and predictions, empirical challenges, empirical evidence, new directions such as behavioral signaling, and open questions.
- Notes:
- Print version record
- August 2011.
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