Behavior corporate finance_an Upadated Survey

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1、∗Behavioral*Corporate*Finance:*An*Updated*Survey*Forthcoming+in+Handbook(of(the(Economics(of(Finance:(Volume(2(George+M.+Constantinides,+Milton+Harris,+and+Rene+M.+Stulz,+Eds.+Elsevier+Press,+2012++Malcolm+Baker+Harvard+Business+School+and+NBER+Baker+Hall+261+Bost

2、on,+MA++02163+617H495H6566+mbaker@hbs.edu+++Jeffrey+Wurgler+NYU+Stern+School+of+Business+and+NBER+44+West+4th+St,+Suite+9H190+New+York,+NY++10012+212H998H0367+jwurgler@stern.nyu.edu+++*Abstract:*We+survey+the+theory+and+evidence+of+behavioral+corporate+finance,+wh

3、ich+generally+takes+one+of+two+approaches.+The+market+timing+and+catering+approach+views+managerial+financing+and+investment+decisions+as+rational+managerial+responses+to+securities+mispricing.+The+managerial+biases+approach+studies+the+direct+effects+of+managers’

4、+biases+and+nonstandard+preferences+on+their+decisions.+We+review+relevant+psychology,+economic+theory+and+predictions,+empirical+challenges,+empirical+evidence,+new+directions+such+as+behavioral+signaling,+and+open+questions.++Keywords:+Behavioral,+Corporate+Fina

5、nce,+Sentiment,+Catering,+Market+Timing,+Irrational,+Bias,+Overconfidence,+Optimism,+Signaling+JEL*Codes:+G14,+G30,+G31,+G32,+G34,+G35++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++∗+This+survey+updates+and+extends+a+survey+coauthored+with+Rick+Ruba

6、ck+that+was+published+in+the+Handbook(in(Corporate(Finance:(Empirical(Corporate(Finance,+edited+by+Espen+Eckbo,+in+2007.+We+thank+him+for+his+many+contributions+that+carried+over+to+this+version,+and+we+thank+Milt+Harris+for+extensive+and+helpful+comments.+Baker+g

7、ratefully+acknowledges+financial+support+from+the+Division+of+Research+of+the+Harvard+Business+School.++Table&of&Contents&1.*!Introduction*.............................................................................................................................

8、.....*1!2.*!Market*timing*and*catering*.....................................................................................................*5!2.1.*!Bac