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Behavioral Corporate Finance: A Survey

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  • Malcolm Baker
  • Richard S. Ruback
  • Jeffrey Wurgler

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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10863.

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Date of creation: Nov 2004
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Publication status: published as Eckbo, Espen (ed.) Handbook in Corporate Finance: Empirical Corporate Finance. North Holland: Elsevier, 2007.
Handle: RePEc:nbr:nberwo:10863

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