期刊文献+

An Empirical Test of Optimism Bias in Capital Budgeting Decisions

An Empirical Test of Optimism Bias in Capital Budgeting Decisions
下载PDF
导出
摘要 Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers' abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.
机构地区 Marmara University
出处 《Journal of Modern Accounting and Auditing》 2013年第2期287-296,共10页 现代会计与审计(英文版)
关键词 behavioral corporate finance optimism bias capital budgeting decisions TURKEY 企业资本 决策者 预算 检验 金融学 股票市场 企业融资 心理现象
  • 相关文献

参考文献43

  • 1Allison, P. J., Guichard, C., & Gilain, L. (2000). A prospective investigation of dispositional optimism as a predictor of health-related quality of life in head and neck cancer patients. Quality of Life Research, 9(8), 951-960. 被引量:1
  • 2Armstrong, C. S., Davila, A., Foster, G., & Hard, J. R. (2007). Biases in multi-year management financial forecasts: Evidence from private venture-backed US companies. Review of Accounting Studies, 12(2-3), 183-215. 被引量:1
  • 3Baker, M., Ruback, R. S., & Wurgler, J. (2004). Behavioral corporate finance: A survey. Working Paper, No. 10863, National Bureau of Economic Research, Cambridge, Massachusetts. 被引量:1
  • 4Boehmer, E., & Netter, J. M. (1997). Management optimism and corporate acquisitions: Evidence from insider trading. Managerial and Decision Economics, 18(7-8), 693-708. 被引量:1
  • 5Brown, T. A. (2006). Managerial optimism and market misevaluation: The effects on mergers and acquisitions (Unpublished dissertation, Graduate School of University of Nebraska). 被引量:1
  • 6Burrell, O. K. (1951). Possibility of an experimental approach to investment studies. Journal of Finance, 6(2), 211-219. 被引量:1
  • 7Carver, C. S., Scheier, M. F., & Segerstrom, S. C. (2010). Optimism. Clinical Psychology Review, 30(7), 879-889. 被引量:1
  • 8Cyert, R. M., March, J. G., & Starbuck, W. H. (1961). Two experiments on bias and conflict in organizational estimation. Management Science, 7(3), 254-264. 被引量:1
  • 9De Meza, D., & Southey, C. (1996). The borrower's curse: Optimism, finance, and entrepreneurship. The Economic Journal, 106(435), 375-386. 被引量:1
  • 10Felton, J., Gibson, B., & Sanbonmatsu, D. M. (2003). Preference for risk in investing as a function of trait optimism and gender The Journal of Behavioral Finance, 4(1), 33-40. 被引量:1

相关作者

内容加载中请稍等...

相关机构

内容加载中请稍等...

相关主题

内容加载中请稍等...

浏览历史

内容加载中请稍等...
;
使用帮助 返回顶部