KaydedilenlerDerginizi ekleyin

Dergiler / International Journal of Economics and Finance Studies / 2011 / Cilt: 3 Sayı: 2

IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH

Ibrahim Emre Karaa
Sayfa
105–115
Yayın Tarihi
2011-12-01
DOI
—
🏛️Bu makalenin bibliyografik verileri ve tam metin bağlantısı DergiPark üzerinden sağlanmıştır.
DergiPark Kaydı ↗
✨

Yapay Zeka Hızlı Bakış & Çıkarımlar

AI Insight
⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

By using artificial dataset, I explicitly show the impact of this bias in borrowing that effect profitability of the company, shareholders wealth and costly time loses

📌 3 Maddede Bu Makale

🎯
Amaç & Hipotez:Behavioral Corporate Finance studies mainly concerned with irrationality in sense of overconfidence and optimism especially about the firms which are already take place in stock exchange.
📊
Temel Bulgular & Veri:In this paper, I examined impacts of the fixed opinion or a common belief of the statement “I never borrow money” which should be considered as a judgemental bias under the concept of anchoring in relatively small firms.
💡
Sonuç & Katkı:By using artificial dataset, I explicitly show the impact of this bias in borrowing that effect profitability of the company, shareholders wealth and costly time loses
🔬Tür:Araştırma Makalesi
📍Kapsam:Genişletilmiş Akademik Örneklem
⚙️Değişkenler:Behavioral Corporate Finance · Corporate Decision making · Irrationality

Abstract

Behavioral Corporate Finance studies mainly concerned with irrationality in sense of overconfidence and optimism especially about the firms which are already take place in stock exchange. In this paper, I examined impacts of the fixed opinion or a common belief of the statement “I never borrow money” which should be considered as a judgemental bias under the concept of anchoring in relatively small firms. By using artificial dataset, I explicitly show the impact of this bias in borrowing that effect profitability of the company, shareholders wealth and costly time loses

🔖

Bu Makaleye Atıf Yap

Karaa, I. E. (2011). IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH. International Journal of Economics and Finance Studies, Cilt: 3 Sayı: 2, 105–115. https://ajindex.com/articles/993798

📄 Tam Metin PDF Okuyucu

📄

PDF görüntüleyici hazırlanıyor...

Kaynakça (34)

  1. Akgüç, Ö., 1998, “Finansal Yönetim”, Yenilenmiş 7. Baskı, Muhasebe Enstitüsü Yayın No:, Avcıol Basım-Yayın, İstanbul
  2. Barberis, N., and Thaler R.H., 2003, “A survey of behavioral finance”, in George
  3. Constantinides, Milton Harris, Rene Stulz, eds., Handbook of the Economics of Finance, (Amsterdam: North-Holland). Berger, A. N. and G. F. Udell, 1998, "The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle", Journal of Banking and Finance, 22, 613-673.
  4. Bharath, S., 2004, “Agency costs, bank specialness and renegotiation”, Working Paper,
  5. Stephen M. Ross School of Business, University of Michigan Chittenden, F, G. Hall, and P. Hutchinson, 1996, "Small Firm Growth, Access to Capital
  6. Markets and Financial Structure: Review Of Issues and an Empirical Investigation", Small Business Economics, 8, 59-67. Copeland, T., F.Weston, and K. Shastri, 2004, “Financial Theory and Corporate Policy”, Ed Pearson, 4th Edition.
  7. Fama, E., and K.R. French, 1998, Taxes, Financing decisions and firm value, Journal of Finance 53, 819-843.
  8. Fazzari, S., R. G. Hubbard, and B.P., 1988a, “Finance constraints and Corporate investment,
  9. Brookings Papers on Economic Activity 1”, 141-195., 1988b, Investment, financing policy, and tax policy, American Economic Review, 78, 200-205., 1988b, Investment, financing policy, and tax policy, American Economic Review, 78, 205.
  10. Frank, M.Z and V.K. Goyal, 2007, “Trade-off and Pecking oder Theories of Debt, Handbook of Corporate Finance: Empirical Corporate Finance”, ed. Espen Eckbo, Elseiver, 2008
  11. Friedman, B. M., 1982, “Debt and economic activity”, in Benjamin M. Friedman, ed.: The Changing Roles of Debt and Equity in Financing U.S. Capital Formation (University of Chicago Press, Chicago)
  12. Graham, J.R., 2003, “Taxes and corporate finance: A review”, Review of Financial Studies 16, 1129.
  13. Kahneman, D., P. Slovic, and A.Tversky, 1982, “Judgment Under Uncertainty: Heuristics and Biases”, Cambridge University Press
  14. Karaa, E., 2010, “Yatırımcı Beklentilerinin Oluşumunda Rasyonel ve İrrasyonel Faktörler”,
  15. Yayınlanmamış Doktora Tezi, Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Manisa Kırlı, Mustafa, 2004, “Şirket Değerlemesi ve İndirgenmiş Nakit Akımları Yönteminin
  16. Determinist Bir Yaklaşımla Uygulanması”, Yayınlanmamış Doktora Tezi, Ankara Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Ankara Kraus A. and R.H. Litzenberger, "A State-Preference Model of Optimal Financial Leverage", Journal of Finance, September 1973, pp. 911-922.
  17. Modigliani, F. and M. Miller, 1958, “The Cost Of Capital, Corporation Finance and the Theory Of Investment”, American Economic Review, 48 (3), 261-297.
  18. Myers, Stewart C. and Nicolas Majluf, 1984, “Corporate financing and investment decisions when firms have information that investors do not have”, NBER Working Paper No. W1396
  19. Shefrin, Hersh, 2000, “Beyond Greed and Fear”, Boston, MA: Harvard Business School Press
  20. Shleifer, A., 2000, “Inefficient Markets: An Introduction to Behavioural Finance”, Clarendon
  21. Lectures in Economics, Oxford University Press, NY Stein, J.C., 1996, “Rational Capital Budgeting in an Irrational World”, Journal of Business,, 429-55
  22. Stephan E., 1999, “Die Rolle von Urteilshuristiken bei Finanzetscheidungen: Ankereffekte und Kognitive Verfügbarkeit:-The Role of Judgemental Heuristics in Financial Decisions:
  23. Anchoring and Availability Effects, in L Fisher, T. Kutsh, and E Stephan (eds.), Finanzpsychologie, Munich and Vienna: R. Oldenbourg Verlag, 101-134
  24. Stephan E. and Keil G., 2000, “Decision process in Professional investors: Does expertise moderate judgemental biases?”,in E.Hözl(ed) IAREP/SABE Conference Proceedings:
  25. Fairness and Competition, Vienna, WUv, Universtatsverlag, 416-20
  26. Storey, D., 1994, “Understanding the Small Business Sector”, Routledge, London
  27. Vasan, Srini and P.Vijay, 1986, “Credit rationing and corporate investment, Unpublished
  28. Ph.D. Dissertation, Harvard University. Whited, T.M., 1992, “Debt, Liquidity Constraints, and Corporate Investment: Evidence from
  29. Panel Data”,The Journal of Finance, Vol. 47, No. 4, pp. 1425-1460
  30. Akgüç, Ö., 1998, “Finansal Yönetim”, Yenilenmiş 7. Baskı, Muhasebe Enstitüsü Yayın No:, Avcıol Basım-Yayın, İstanbul
  31. Brookings Papers on Economic Activity 1”, 141-195., 1988b, Investment, financing policy, and tax policy, American Economic Review, 78, 200-205., 1988b, Investment, financing policy, and tax policy, American Economic Review, 78, 205.
  32. Lectures in Economics, Oxford University Press, NY Stein, J.C., 1996, “Rational Capital Budgeting in an Irrational World”, Journal of Business,, 429-55
  33. Stephan E., 1999, “Die Rolle von Urteilshuristiken bei Finanzetscheidungen: Ankereffekte und Kognitive Verfügbarkeit:-The Role of Judgemental Heuristics in Financial Decisions:
  34. Panel Data”,The Journal of Finance, Vol. 47, No. 4, pp. 1425-1460