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Managerial Beliefs And Corporate Financial Policies
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Book Synopsis Managerial Beliefs and Corporate Financial Policies by : Ulrike Malmendier
Download or read book Managerial Beliefs and Corporate Financial Policies written by Ulrike Malmendier and published by . This book was released on 2010 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We measure the impact of individual managerial beliefs on corporate financing. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity. We show that such overconfident managers use less external finance and, conditional on accessing risky capital, issue less equity than their peers. Second, CEOs with Depression experience have less faith in capital markets and lean excessively on internal financing. Third, CEOs with military experience pursue more aggressive policies, including heightened leverage. CEOs' press portrayals confirm these differences in beliefs. Overall, measurable managerial characteristics have significant explanatory power beyond traditional capital-structure determinants.
Book Synopsis Corporate Financial Policies with Overconfident Managers by : Ulrike Malmendier
Download or read book Corporate Financial Policies with Overconfident Managers written by Ulrike Malmendier and published by . This book was released on 2007 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many financing choices of US corporations remain puzzling even after accounting for standard determinants such as taxes, bankruptcy costs, and asymmetric information. We propose that managerial beliefs help to explain the remaining variation across and within firms, including variation in debt conservatism and in pecking-order behavior. Managers who believe that their company is undervalued view external financing as overpriced, especially equity financing. As a result, they display pecking-order preferences for internal financing over debt and for debt over equity. They may also exhibit debt conservatism: While they prefer debt to equity, they still underutilize debt relative to its tax benefits. We test these hypotheses empirically, using late option exercise by the CEO as a measure of overconfidence. We find that, conditional on accessing public markets, CEOs who personally overinvest in their companies are significantly less likely to issue equity. They raise 33 cents more debt to cover an additional dollar of financing deficit than their peers. Moreover, the frequency with which they access any external finance (debt or equity) is significantly lower, resulting in debt conservatism. The results replicate when identifying managerial overconfidence based on press portrayal as confident or optimistic. We conclude that managerial overconfidence helps to explain variation in corporate financial policies.
Book Synopsis Corporate Financial Policies with Overconfident Managers by : Ulrike Malmendier
Download or read book Corporate Financial Policies with Overconfident Managers written by Ulrike Malmendier and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many financing choices of US corporations remain puzzling even after accounting for standard determinants such as taxes, bankruptcy costs, and asymmetric information. We propose that managerial beliefs help to explain the remaining variation across and within firms, including variation in debt conservatism and in pecking-order behavior. Managers who believe that their company is undervalued view external financing as overpriced, especially equity financing. As a result, they display pecking-order preferences for internal financing over debt and for debt over equity. They may also exhibit debt conservatism: While they prefer debt to equity, they still underutilize debt relative to its tax benefits. We test these hypotheses empirically, using late option exercise by the CEO as a measure of overconfidence. We find that, conditional on accessing public markets, CEOs who personally overinvest in their companies are significantly less likely to issue equity. They raise 33 cents more debt to cover an additional dollar of financing deficit than their peers. Moreover, the frequency with which they access any external finance (debt or equity) is significantly lower, resulting in debt conservatism. The results replicate when identifying managerial overconfidence based on press portrayal as confident or optimistic. We conclude that managerial overconfidence helps to explain variation in corporate financial policies.
Book Synopsis Overconfidence and Early-life Experiences by : Ulrike Malmendier
Download or read book Overconfidence and Early-life Experiences written by Ulrike Malmendier and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions beyond traditional capital-structure determinants. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity. Such overconfident managers use less external finance and, conditional on accessing risky capital, issue less equity than their peers. Second, CEOs with Depression experience are averse to debt and lean excessively on internal finance. Third, CEOs with military experience pursue more aggressive policies, including heightened leverage. Complementary measures of CEO traits based on press portrayals confirm the results
Book Synopsis Behavioral Corporate Finance by : Hersh Shefrin
Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Theory and Corporate Policy by : Thomas E. Copeland
Download or read book Financial Theory and Corporate Policy written by Thomas E. Copeland and published by . This book was released on 2013-07-17 with total page 924 pages. Available in PDF, EPUB and Kindle. Book excerpt: This classic textbook in the field, now completely revised and updated, provides a bridge between theory and practice. Appropriate for the second course in Finance for MBA students and the first course in Finance for doctoral students, the text prepares students for the complex world of modern financial scholarship and practice. It presents a unified treatment of finance combining theory, empirical evidence and applications.
Book Synopsis Advances in Financial Economics by : Kose John
Download or read book Advances in Financial Economics written by Kose John and published by Emerald Group Publishing. This book was released on 2013-12-18 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Book Synopsis Corporate Financial Policies from Boom to Depression by : Malcolm Churchill Rorty
Download or read book Corporate Financial Policies from Boom to Depression written by Malcolm Churchill Rorty and published by . This book was released on 1932 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Belief, Leadership & Management by : Ross Fardon
Download or read book Belief, Leadership & Management written by Ross Fardon and published by Xlibris Corporation. This book was released on 2015-03-31 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a re-casting for the public service of The Blue Book of Leadership and Management. See that site in this Bookstore. Between being an executive in many large and small companies, Ross had his most rewarding management experience as a CEO and later consulting, in the public service. It is a high and vital calling if we get our beliefs, values and management right. In two years, these ways took a good but second-rank department to be rated best in the world, and by example and advice, soon reformed the way mines departments work, throughout Australia and in many other countries. Around the world, bureaucracy is out of hand in the public services, and this book is worth billions in savings and more in effectiveness. Yes. It takes belief in people and the public good we provide, and commitment to excellence, to another level. This is how, told in engaging and direct words. To read more, go to Rossfardonbooksandessays.com where you can also download essays for free.
Author :Dr Vincent Ribiere Publisher :Academic Conferences and publishing limited ISBN 13 :1911218824 Total Pages :476 pages Book Rating :4.9/5 (112 download)
Book Synopsis ICMLG 2018 6th International Conference on Management Leadership and Governance by : Dr Vincent Ribiere
Download or read book ICMLG 2018 6th International Conference on Management Leadership and Governance written by Dr Vincent Ribiere and published by Academic Conferences and publishing limited. This book was released on 2018-05-24 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: These proceedings represent the work of researchers participating in the 6th International Conference on Management, Leadership and Governance (ICMLG 2018) which is being hosted this year by the Institute for Knowledge and Innovation Southeast Asia (IKI-SEA), a Centre of Excellence of at Bangkok University, Thailand on 24-25 May 2018.
Book Synopsis Corporate Financial Decision-making and Managerial Traits by : Dirk Hackbarth
Download or read book Corporate Financial Decision-making and Managerial Traits written by Dirk Hackbarth and published by . This book was released on 2003 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Strong Managers, Weak Owners by : Mark J Roe
Download or read book Strong Managers, Weak Owners written by Mark J Roe and published by . This book was released on 1994-01-01 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this major reinterpretation of the evolution of the American corporation, Mark Roe convincingly demonstrates that the ownership structure of large U.S. firms owes its distinctive character as much to politics as to economics and technology. His provocative examination addresses essential issues facing American businesses today as they compete in the new international marketplace.In this major reinterpretation of the evolution of the American corporation, Mark Roe convincingly demonstrates that the ownership structure of large U.S. firms owes its distinctive character as much to politics as to economics and technology. His provocative examination addresses essential issues facing American businesses today as they compete in the new international marketplace.
Book Synopsis Overcoming Limiting Financial Beliefs - Financial Education Helping You Follow the Path to Wealth by : Digital World
Download or read book Overcoming Limiting Financial Beliefs - Financial Education Helping You Follow the Path to Wealth written by Digital World and published by Digital World. This book was released on 2024-09-06 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hello everyone! I'm excited to introduce you to the fascinating world of financial psychology. In this series, we'll explore how our emotions, beliefs, and behaviors influence our financial decisions. We'll see how this understanding can transform our relationship with money and help us achieve our goals. Financial psychology studies the relationship between the human mind and money. It explores how psychological factors such as emotions, perceptions, and beliefs influence our financial decisions. It combines concepts from psychology and economics to understand financial behavior. Financial psychology isn't just about numbers and graphs. It helps us understand why we sometimes make financial decisions that don't make rational sense. By understanding the psychological mechanisms behind our decisions, we can make more informed decisions that align with our goals. Emotions such as fear, greed, and anxiety significantly influence our financial decisions. Fear of losing money can lead to conservative decisions, while greed can lead to excessive risk-taking. Hope for a better future can motivate us to save, but it can also lead us to invest in high-risk assets. Emotions are like an internal GPS that guides us in our financial decisions. However, they can lead us down a wrong path if not managed properly. By identifying and understanding our emotions, we can make more rational decisions that are aligned with our long-term goals. Cognitive biases are mental shortcuts we use to make decisions faster, but they can lead us to make mistakes. Examples of biases include loss aversion, confirmation bias, and herd behavior. How to identify and overcome these biases to make sounder financial decisions. Our brains are incredible machines, but they are also prone to making mistakes. Cognitive biases are like optical illusions that distort our perception of reality. By being aware of these biases, we can take steps to counteract their effects and make more rational decisions. Our financial habits are shaped by our experiences and beliefs. The importance of developing healthy financial habits, such as saving, investing, and planning for the future. How to create new habits and break old financial habits. Our financial habits are like paths we follow on autopilot. If we want to change our financial results, we need to change our paths. By developing new positive financial habits, we can transform our financial lives. Financial psychology offers us a new perspective on money. Instead of seeing money as an end in itself, we can see it as a means to achieve our goals and live a more fulfilling life.
Book Synopsis Corporate Payout Policy by : Harry DeAngelo
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Book Synopsis Corporate Financial Policy by : Harry George Guthmann
Download or read book Corporate Financial Policy written by Harry George Guthmann and published by . This book was released on 1955 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Children Of The Great Depression by : Glen H Elder
Download or read book Children Of The Great Depression written by Glen H Elder and published by Routledge. This book was released on 2018-10-08 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this highly acclaimed work first published in 1974, Glen H. Elder Jr. presents the first longitudinal study of a Depression cohort. He follows 167 individuals born in 1920?1921 from their elementary school days in Oakland, California, through the 1960s. Using a combined historical, social, and psychological approach, Elder assesses the influence of the economic crisis on the life course of his subjects over two generations. The twenty-fifth anniversary edition of this classic study includes a new chapter on the war years entitled, ?Beyond Children of the Great Depression.?
Book Synopsis Faith, Finance, and Economy by : Tanweer Akram
Download or read book Faith, Finance, and Economy written by Tanweer Akram and published by Springer Nature. This book was released on 2020-03-10 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book seeks to foster a multidisciplinary understanding of the ties between faith, financial intermediation, and economic progress by drawing on research across economics, finance, history, philosophy, ethics, theology, public policy, law, and other disciplines. Chapters in this edited volume examine themes as consequential as economic opportunities, real world outcomes and faith; values and consumerism; faith, financial intermediation and economic development in Western and Islamic societies; and the impact of faith issues on US workers, on the workplace and religion, and on the characteristics of good wealth. Though engaging with difficult questions, this book is written in an accessible style to be enjoyed by laypeople and scholars alike.
