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1、±±±±±±±±±±±±±±±±±±±RATIONALMANAGERS±±±±±±CHAPTER±±±±15±±±±ANDIRRATIONAL±INVESTORS15.1INTRODUCTIONInacorporatefinancesetting,behavioralfactorsmaymatterfortworeasons.First,managers,likeinvestorsandotherfinancialmarketparticipants(asdescribedinChapters8–10),appeartos
2、ometimesactinalessthanfullyrationalfashionduetocognitivelimitations,overconfidence,andtheforceofemotion.Thisisthetopicofthenextchapter.Second,rationalmanagersmayattimestakeadvantageofthevaluationmistakesmadebyirrationalinvestors.Thisisthetopicofthepresentchapter.B
3、eforeproceeding,itshouldbenotedthatthelatter“rationalmanagerswithirrationalinvestorsapproach”ispredicatedonthefollowing:1)irrationalinvestorsimpactpricesbecausearbitrageislimited;and2)managershavetheabilitytode-tectwhenvaluationsarewrongandtheyactonmispricing.Whil
4、ewehavere-viewedtherelevantargumentsforthefirstatlengthelsewhere,thesecondrequires1comment.Logically,informationasymmetryexistsbetweeninvestorsandman-agers.Afterall,managersareinsiders.Inaddition,managersarelessconstrainedthanotherinvestors.Forexample,ifaninvestor
5、believesafirmisovervaluedbutdoesnotownthestock,shortsalesconstraintsmaylimithisopportunities.Aman-ager,incontrast,canissuemoreshareswhenthemarkethighlyvalueshercom-pany’sstock.InSection15.2,webeginwithaheuristicmodelshowingthatpredominantlyrationalmanagersoperatin
6、ginaworldwithsometimesirrationalinvestorsareconflictedbetweenshort-runandlong-rungoals,betweenlookingoutforthem-selvesandtheinterestsoftheirshareholders,andbetweenmaximizingintrinsicvalueandcateringtoirrationalinvestorpreferences.Asaresult,managersmaxi-mizepricera
7、therthanvalue,eitherinpursuitoftheirownnarrowinterestsorintheinterestsoftheirshareholders.Managersmaximizepricebycateringtoinvestor265266CHAPTER15perceptionsanddesires.InSection15.3,severalexamplesofcateringaredescribed,suchaschangingthecompanynametosomethingmorea
8、ppealingtoinvestors,andrespondingtodividendpayoutpreferences.Interestsoflong-runshareholderscanbeaccommodatedbyissuingstockwhenitisexpensive(aswellasbuy
