| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w29841
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| 来源ID | Working Paper 29841
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| Presidential Address: Corporate Finance and Reality |
| John Graham
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| 发表日期 | 2022-03-14
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| 出版年 | 2022
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| 语种 | 英语
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| 摘要 | This paper conducts surveys that document CFO perspectives on corporate planning, corporate investment, capital structure, payout, and the goal of the firm. Current policy choices are compared to CFO survey data from two decades prior, which allows me to identify decision-making themes that are common across policies and through time. These common elements of real-world corporate finance indicate that companies make decisions based on internal forecasts that are miscalibrated and thought to be reliable only two years ahead; use decision rules that are conservative, sticky, simple, and that attempt to market time; and, emphasize corporate objectives that increasingly focus on stakeholders and revenues. These themes can guide and discipline academic models and tests, with the aim of better explaining outcomes. A model of satisficing decision-making aligns with many of these practice-of-finance characteristics: optimization is difficult in a complex fast-changing world, so managers use simple rules to make incremental improvements and they stick with rules that have worked well enough in the past. Non-behavioral models with costly biases can also account for some of the themes. Implications and avenues for future research are discussed |
| 主题 | Financial Economics
; Corporate Finance
; Behavioral Finance
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| URL | https://www.nber.org/papers/w29841
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587513
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推荐引用方式
GB/T 7714 |
John Graham. Presidential Address: Corporate Finance and Reality. 2022.
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文件名：
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w29841.pdf
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格式：
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Adobe PDF
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