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Behavioral Corporate Finance: A Survey∗
Malcolm Baker
Harvard Business School and NBER
mbaker@hbs.edu
Richard S. Ruback
Harvard Business School
rruback@hbs.edu
Jeffrey Wurgler
NYU Stern School of Business and NBER
jwurgler@stern.nyu.edu
September 29, 2005
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 and
judgmental biases on managerial decisions. This survey reviews the theory, empirical challenges,
and current evidence pertaining to each approach. Overall, the behavioral approaches help to
explain a number of important financing and investment patterns. The survey closes with a list of
open questions.

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关键词：行为金融 金融研究 Preferences nonstandard behavioral 研究 金融 论文 行为 关键

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