Behavioral corporate finance

@inproceedings{Shefrin2001BehavioralCF,
  title={Behavioral corporate finance},
  author={H. Shefrin},
  year={2001}
}
Managers and corporate directors need to recognize two key behavioral impediments that obstruct the process of value maximization, one internal to the firm and the other external. I call the first obstruction behavioral costs. Behavioral costs, like agency costs, tend to prevent value creation. Behavioral costs are the costs associated with errors that people make because of cognitive imperfections and emotional influences. The second obstruction stems from behavioral errors on the part of… Expand
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