文档介绍：Meir Statman
Professor, Deparlment of Finance
Leavey School of Business
Santa Clara University
Finance practitioners and academicsare, or should thatthe rationality-basedmarket equilibrium mod-
be, interested in the following questions: elsin financein generaland of dividendsin particu-
.Why do investors like dividends? lar arealive and well-or at leastin no worseshape
.Why do investors hate to realize losses? parable models in economicsat their
level of aggregation. The framework is not so
.Why do investors prefer stocks of "good" weigheddown with anomaliesthat pletere-
companies? construction(on behavioral/ cognitive or otherlines)
.How are expected returns determined? is eitherneeded or likely to occurin the nearfuture.
.What kjnds of securities do investors like? (p. 5466)
.What are the forces that shape financial regu- I argue that, today, ten years after Miller spoke,
lations? standard finance is indeed so weighted down with
The range of questions is wide. It includes investor anomalies that it makes much senseto continue the
behavior; the interaction of investors in markets, reconstructionof financial theory on behavioral lines.
which determines security prices; and the interaction Standard finance is constructed with a -
of citizens in public policy arenas,which determines ponentsthat have many uses. So is behav-
financial regula