Behavioral corporate finance
Subtitle: a survey
By: Malcolm Baker, Richard S. Ruback, Jeffrey Wurgler.
Contributors: Ruback, Richard S., 1954-; Wurgler, Jeffrey.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10863; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10863.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Corporations -- Finance.; Organizational behavior.
Description: "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.
Notes: Includes bibliographical references.
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Mode of access: World Wide Web.