文档介绍：NBER WORKING PAPER SERIESBEHAVIORAL CORPORATE FINANCE:AN UPDATED SURVEYMalcolm BakerJeffrey WurglerWorking Paper 17333ers/w17333NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138August 2011This survey updates and extends a survey coauthored with Rick Ruback that was published in the Handbookin Corporate Finance: Empirical Corporate Finance, edited by Espen Eckbo, in 2007. We thank himfor his many contributions that carried over to this version, and we thank Milt Harris for extensiveand ments. Baker gratefully acknowledges financial support from the Division of Researchof the Harvard Business School. Malcolm Baker serve as pensated consultant for Acadian AssetManagement, a global equity manager and a director for TAL, a publicly traded lessor of containersand chassis. The views expressed herein are those of the authors and do not necessarily reflect theviews of the National Bureau of Economic Research.? 2011 by Malcolm Baker and Jeffrey Wurgler. All rights reserved. Short sections of text, not to exceedtwo paragraphs, may be quoted without explicit permission provided that full credit, including ? notice,is given to the Corporate Finance: An Updated SurveyMalcolm Baker and Jeffrey WurglerNBER Working Paper No. 17333August 2011JEL No. G3,G30,G31,G32,G34,G35ABSTRACTWe survey the theory and evidence of behavioral corporate finance, which generally takes one of twoapproaches. The market timing and catering approach views managerial financing and investmentdecisions as rational managerial responses to securities mispricing. The managerial biases approachstudies the direct effects of managers’ biases and nonstandard preferences on their decisions. We reviewrelevant psychology, economic theory and predictions, empirical challenges, empirical evidence, newdirections such as behavioral signaling, and open BakerBaker Library 261Harvard Business SchoolSoldiers FieldBoston, MA 02163and ******@ W