Behavioral Corporate Finance*
Malcolm Bakermbaker@hbs.edu Harvard Business School and NBER, Soldiers Field, Boston, MA 02163, USA
Richard S. Rubackrruback@hbs.edu Harvard Business School, Soldiers Field, Boston, MA 02163, USA
Jeffrey Wurglerjwurgler@stern.nyu.edu Stern School of Business and NBER, 44 West Fourth Street, Suite 9-190, New York, NY 10012-1126, USA
Abstract
Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach emphasizes that managers are less than fully rational. It studies the effect of nonstandard preferences ...
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