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NBERWORKINGPAPERSERIESBEHAVIORALCORPORATEFINANCE:ASURVEYMalcolmBakerRichardS.RubackJeffreyWurglerWorkingPaper10863:EmpiricalCorporateFinance,whichiseditedbyEspenEckbo.TheauthorsaregratefultoHeitorAlmeida,NickBarberis,ZahiBen-David,EspenEckbo,XavierGabaix,DirkJenter,AugustinLandier,AlexanderLjungqvist,HershShefrin,AndreiShleifer,MeirStatman,andTheoVermaelenforhelpfulcomments.BakerandRubackgratefullyacknowledgefinancialsupportfromtheDivisionofResearchoftheHarvardBusinessSchool.Theviewsexpressedhereinarethoseoftheauthor(s)andnotnecessarilythoseoftheNationalBureauofEconomicResearch.©2004byMalcolmBaker,RichardS.Ruback,andJeffreyWurgler.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including©notice,isgiventothesource.BehavioralCorporateFinance:ASurveyMalcolmBaker,RichardS.Ruback,andJeffreyWurglerNBERWorkingPaperNo.10863October2004JELNo.G30,G31,G32,G33,G34,G35,D21,D23ABSTRACTResearchinbehavioralcorporatefinancetakestwodistinctapproaches.Thefirstemphasizesthatinvestorsarelessthanfullyrational.Itviewsmanagerialfinancingandinvestmentdecisionsasrationalresponsestosecuritiesmarketmispricing.Thesecondapproachemphasizesthatmanagersarelessthanfullyrational.Itstudiestheeffectofnonstandardpreferencesandjudgmentalbiasesonmanagerialdecisions.Thissurveyreviewsthetheory,empiricalchallenges,andcurrentevidencepertainingtoeachapproach.Overall,thebehavioralapproacheshelptoexplainanumberofimportantfinancingandinvestmentpatterns.Thesurveycloseswithalistofopenquestions.MalcolmBakerHarvardBusinessSchoolMorganHall361Boston,[e-mail]oolMorganHallBoston,[e-mail]hoolofBusiness,Suite9-190NewYorkUniversity44West4thStreetNewYork,[e-mail]...........................................................................................................................1II.Theirrationalinvestorsapproach...........................................................................................4A.Theoreticalframework.....................................................................................................6B.Empiricalchallenges......................................................................................................10C.Investmentpolicy..........................................................................................................13C.1.Realinvestment....................................................................................................14C.2.Mergersandacquisitions.......................................................................................16C.3.Diversificationandfocus......................................................................................18D.Financialpolicy.............................................................................................................19D.1.Equityissues.........................................................................................................19D.2.Repurchases..........................................................................................................23D.3.Debtissues............................................................................................................24D.4.Cross-borderissues...............................................................................................26D.5.Capitalstructure....................................................................................................27E.Othercorporatedecisions..............................................................................................28E.1.Dividends.............................................................................................................29E.2.Firmnames...........................................................................................................31E.3.Earningsmanagement...........................................................................................32E.4.Executivecompensation........................................................................................33III.Theirrationalmanagersapproach........................................................................................34A.Theoreticalframework...................................................................................................36B.Empiricalchallenges......................................................................................................39C.Investmentpolicy..........................................................................................................40C.1.Realinvestment....................................................................................................40C.2.Mergersandacquisitions..............................