来自NBER的一篇关于“行为公司金融”的经典综述性文献。仔细阅读有助于对“行为公司金融”研究框架和研究现状有一个全面系统的了解。

题目为：BEHAVIORAL CORPORATE FINANCE: A SURVEY

作者：Malcolm Baker
Richard S. Ruback
Jeffrey Wurgler

摘要：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.

[此贴子已经被作者于2006-10-14 0:39:47编辑过]