講座題目：Biased Beliefs, Costly External Finance, and Firm Behavior: A Unified Theory
主 講 人：母從明 研究員
時(shí) 間：2019年5月21日（周二）下午13:30
地 點(diǎn)：3-300
主辦單位：中國金融研究院
歡迎大家參與！
主講人簡(jiǎn)介
母從明,，上海國際金融與經(jīng)濟(jì)研究院研究員,、上海財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院博士后。上海財(cái)經(jīng)大學(xué)金融學(xué)博士,。主要研究方向?yàn)閯?dòng)態(tài)公司金融,、資產(chǎn)定價(jià)。近幾年來,，在國際知名期刊《Quantitative Finance》,、《Economics Letters》、《International Review of Economics and Finance》和《Economic Modelling》以及國內(nèi)權(quán)威期刊《管理科學(xué)學(xué)報(bào)》,、《中國管理科學(xué)》接收和發(fā)表論文10余篇,。其研究受到中國博士后科學(xué)基金資助。
Abstract
We build a unified model in which managers' information processing biases interact with external financing costs. We consider overconfidence in soft signals and overextrapolation of past trends that distort managers' expectations of future productivity. We find that the influences of biases on investment, payout, refinancing, and risk management depend on firms' financial positions. In addition, firms with the same financial position but distinct behavioral biases behave differently in the simulated economic booms and busts. Our work illustrates that managerial traits can be a potential driver of the observed heterogeneity in firm behavior during business cycles.
