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1、CHAPTER5BehavioralCorporateFinance:AnUpdatedSurvey*MalcolmBakeraandJeffreyWurglerbaHarvardBusinessSchoolandNBER,BakerHall261,Boston,MA02163,USA.Tel.:+16174956566bNYUSternSchoolofBusinessandNBER,44West4thSt.,Suite9-190,NewYork,NY10012,USA.Tel.+12129980367Conten
2、ts1.Introduction3582.MarketTimingandCatering3612.1BackgroundonInvestorBehaviorandMarketInefficiency3612.1.1LimitedArbitrage3622.1.2CategorizationandInvestorSentiment3632.1.3ProspectTheory,ReferencePoints,LossAversion,andAnchoring3642.1.4SmartManagers3652.2Theo
3、reticalFramework:RationalManagersinIrrationalMarkets3662.3EmpiricalChallenges3702.4InvestmentPolicy3722.4.1RealInvestment3722.4.2MergersandAcquisitions3742.4.3DiversificationandFocus3752.5FinancialPolicy3762.5.1EquityIssues3762.5.2Repurchases3802.5.3DebtIssues
4、3812.5.4Cross-BorderIssues3822.5.5FinancialIntermediation3832.5.6CapitalStructure3852.6OtherCorporateDecisions3862.6.1Dividends3862.6.2EarningsManagement3882.6.3FirmNames3892.6.4NominalSharePrices3902.6.5ExecutiveCompensation390*Thissurveyupdatesandextendsasur
5、veycoauthoredwithRickRubackthatwaspublishedintheHandbookinCorporateFinance:EmpiricalCorporateFinance,editedbyEspenEckbo,in2007.Wethankhimforhismanycontributionsthatcarriedovertothisversion,andwethankMiltHarrisforextensiveandhelpfulcomments.Bakergratefullyackno
6、wledgesfinancialsupportfromtheDivisionofResearchoftheHarvardBusinessSchool.HandbookoftheEconomicsofFinance©2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-453594-8.00005-7Allrightsreserved.357358MalcolmBakerandJeffreyWurgler3.ManagerialBiases3913.1Backgrou
7、ndonManagerialBehavior3913.1.1LimitedGovernance3913.1.2BoundedRationality3923.1.3Optimism,Overconfidence,andHubris3923.1.4MoreonReferenceDependence3933.2TheoreticalFramework3943.3EmpiricalChallenges3963.4InvestmentPolicy3973.4.1RealInvestment3973.4.2Mergersand
8、Acquisitions3993.5FinancialPolicy4013.5.1EquityIssues4013.5.2IPOPrices4023.5.3RaisingDebt4033.5.4CapitalStructure4033.5.5ContractingandExecutiveCompensation4044.BehavioralSignaling
