NBER工作證明書係列關於行為的公司財務(英文)(pdf 63頁)

Behavioral Corporate Finance: A Survey
Malcolm Baker, Richard S. Ruback, and Jeffrey Wurgler
NBER Working Paper No. 10863
October 2004
JEL No. G30, G31, G32, G33, G34, G35, D21, D23
ABSTRACT
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.
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