دانلود رایگان مقاله لاتین تصمیمات مربوط به تامین مالی شرکت از سایت الزویر
عنوان فارسی مقاله:
تصمیمات مربوط به تامین مالی شرکت تحت ابهام: پیچیدگی سفارشات و پیامدهای خط مشی نقدینگی
عنوان انگلیسی مقاله:
Corporate financing decisions under ambiguity: Pecking order and liquidity policy implications
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Literature and theory
2.1. Behavioural corporate finance and ambiguity theory Corporate finance theory has recently started considering common personality traits of managers, behavioural biases, investors' sentiment in modeling the complex decision-making processes in corporations. For example, excessive optimism and overconfidence have been described as frequently observed managers' behaviours, since the survey evidence by Graham and Harvey (2001). DMs who tend to be overconfident about their abilities overestimate those abilities. Those who are overcon- fident about their knowledge (i.e., overconfidence in the sense of “miscalibration”, see Hackbarth, 2009) tend to establish excessively narrow confidence intervals. Alternative examples of biases are due to “mental accounting” (Thaler, 1980), where DMs set reference points for the accounts that determine gains and losses (leading eventually to “disposition effects”, Shefrin & Statman, 1985), and often assign different weights to events with negative or positive realizations. Thus, there may be “mistakes” that managers make because of cognitive imperfections and emotional influences, which add up to other behavioural errors by investors, too. As a result, “judgements may be based on feelings rather than underlying fundamentals” (Shefrin, 2009). These errors can create a wedge between fundamental values and market prices and may determine important implications for the practice of corporate finance. Such distortions seem to be further amplified when financial markets are abnormally uncertain. In times of economic turbulence, like the recent recession and the financial catastrophe that erupted in August 2007, new forms of uncertainty become truly relevant in financial strategies. In particular, ignorance and ambiguity attitudes may influence the valuation processes by the managers and the investors.2 In an ambiguity world, people are very insecure about what they know. Consequently, small slivers of information can cause prices to leap and plummet, with decisions far from a standard probabilistic rule. In some cases, unrealistic pessimism characterizes the DM's behaviour, involving overestimating the probabilities of unfavorable events and underestimating the probabilities of favourable events. Charness and Gneezy (2010) demonstrated experimentally that people are willing to pay a price to avoid ambiguity, and this affects their financial decisions. As recent psychometric tests and experimental evidence confirm, “there is a clear evidence that an average ambiguity aversion is the typical qualitative finding” (Trautman & Van De Kuilen, 2013). A recurrent issue concerns the omission of incalculable risk and the impact of investors' sentiment and ambiguity on managers' “cognitive assessment” (Kahneman & Tversky, 1979) of option values and investment/financing opportunities. Under uncertainty, DMs are not sure about the likelihood of the states of nature and their valuation of option payoffs “are subject to vagueness, behavioural biases and partial ignorance” (Driouchi, Trigeorgis and Gao, 2015).
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کلمات کلیدی:
Corporate financing decisions under ambiguity : pecking order and ... eprints.kingston.ac.uk/35292/ by E Agliardi - 2016 - Cited by 1 - Related articles Oct 4, 2016 - Agliardi, Elettra, Agliardi, Rossella and Spanjers, Willem (2016) Corporate financing decisions under ambiguity : pecking order and liquidity ... [PDF]Cash holdings and financing decisions under ambiguity amsacta.unibo.it/4111/1/WP979.pdf by E Agliardi - 2014 - Related articles become less attractive when the combined impact of ambiguity and ambiguity aversion is relatively low. Keywords: corporate finance decisions; ambiguity; cash ... [PDF]A Utility-Free Multiple-Priors Approach sfm.finance.nsysu.edu.tw/22ndSFM/pdf/pastawardpapers/2012-03.pdf by CC Chen - Cited by 1 - Related articles Corporate Financing under Ambiguity: A Utility-Free .... the cross section of corporate decisions (Acharya et al., 2012; and Chen et al., 2012). I embed this new ... [PDF]Corporate Financing under Ambiguity: A Utility-Free Multiple-Priors ... www.fin.ntu.edu.tw/~conference/conference2012/proceedings/.../A13_full_paper.pdf by CC Chen - Cited by 1 - Related articles Next consider the decision program of managers of the representative firm under ambiguity. In making the financing policies, the subjective belief managers hold ... [PDF]Ambiguity in Corporate Finance finance.uc.cl/docs/conferences/4th/RG%20GGL_Dec30_2012%20tex.pdf Dec 31, 2012 - We study the effect of ambiguity on corporate financial decisions using a ..... of E's ambiguity aversion under both MEU and CEU, equity is ... [PDF]Ambiguity in Corporate Finance: Real Investment Dynamics https://www.business.unsw.edu.au/...finance.../R.%20Giammarino%20-%20Ambiguit... by L Garlappi - Cited by 3 - Related articles known about the impact of ambiguity on corporate decisions. In this paper we .... We add to this literature by studying dynamic real investment decisions under. Cash Holdings and Financing Decisions Under Ambiguity by Elettra ... https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2526704 by E Agliardi - 2014 - Related articles Nov 18, 2014 - Cash Holdings and Financing Decisions Under Ambiguity ... Keywords: corporate finance decisions, ambiguity, cash holdings, optimal ...
