行为公司金融研究综述

行为公司金融的研究主要基于以下两个不同的模型。模型之一是"非理性投资者"模型。这一模型假设管理者是理性的,它研究的是投资者的非理性行为对公司金融决策的影响;模型之二是"非理性管理者"模型。这一模型假设投资者是理性的,它研究的是管理者的非理性行为对公司金融决策的影响。文章综述行为公司金融学在理论、实证研究等方面的成果,并提出一些行为公司金融学需要回答的问题。

Survey on Behavioral Corporate Finance

Research in behavioral corporate finance takes two approaches. The first one is called irrational investors model in which managerial financing and investment decisions are viewed as rational responses to securities market mispricing. The second one is called irrational managers model in which manager is assumed to be less than fully rational, and emphasizes on the effect of nonstandard preferences and judgmental biases on managerial decisions. This survey reviews the theory, empirical studies, and current evidence pertaining to each approach. The survey closes with a list of open questions for further studies.