讲座题目：Biased Beliefs, Costly External Finance, and Firm Behavior: A Unified Theory

主 讲 人：母从明 研究员

时   间：2019年5月21日（周二）下午13:30

地   点：3-300

主办单位：中国金融研究院

欢迎大家参与！

主讲人简介

母从明，上海国际金融与经济研究院研究员、上海财经大学经济学院博士后。上海财经大学金融学博士。主要研究方向为动态公司金融、资产定价。近几年来，在国际知名期刊《Quantitative Finance》、《Economics Letters》、《International Review of Economics and Finance》和《Economic Modelling》以及国内权威期刊《管理科学学报》、《中国管理科学》接收和发表论文10余篇。其研究受到中国博士后科学基金资助。

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.