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Presidential Address: Corporate Finance and Reality

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  • JOHN R. GRAHAM

Abstract

This paper uses surveys to document CFO perspectives on corporate planning, investment, capital structure, payout, and shareholder versus stakeholder focus. Comparing policy decisions today to those 20 years ago, I find that companies employ decision rules that are conservative, sticky, and geared to time the market; rely on internal forecasts that are miscalibrated and considered reliable only two years ahead; and emphasize corporate objectives that focus increasingly on stakeholders and revenues. These practice of corporate finance themes can discipline academic models toward better explaining outcomes. Models of satisficing decision‐making or costly managerial biases align with many of the themes.

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  • John R. Graham, 2022. "Presidential Address: Corporate Finance and Reality," Journal of Finance, American Finance Association, vol. 77(4), pages 1975-2049, August.
  • Handle: RePEc:bla:jfinan:v:77:y:2022:i:4:p:1975-2049
    DOI: 10.1111/jofi.13161
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    1. Barry, John W. & Campello, Murillo & Graham, John R. & Ma, Yueran, 2022. "Corporate flexibility in a time of crisis," Journal of Financial Economics, Elsevier, vol. 144(3), pages 780-806.
    2. Oliver Binz & John R. Graham, 2022. "The Information Content of Corporate Earnings: Evidence from the Securities Exchange Act of 1934," Journal of Accounting Research, Wiley Blackwell, vol. 60(4), pages 1379-1418, September.

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