by market behavioral biases. In addition, behavioral biases should also be considered when discussing high-tech venturing process, especially fund-rai

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1 The implications of Behavioral Finance on Corporate Finance Muh-Guei Shiau Associate Professor Department of Business Administration China Institute of Technology There are two ways to re-discuss the issues of Corporate Finance from the point of view in Behavioral Finance: 1) markets are rational but managers possess various kinds of behavior biases; 2) managers are rational and will explore every opportunity derived 1

2 by market behavioral biases. In addition, behavioral biases should also be considered when discussing high-tech venturing process, especially fund-raising in the early stage of a start-up. This research covers many issues in corporate finance which should consider behavior finance in, and provides a direction for further thinking to incorporate behavioral finance arguments into corporate finance theory. Keywords: Behavioral Finance, Corporate Finance, Venturing 2

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7 V ( x, p; y, q) = V ( y) + π ( p)[ V ( x) V ( y)] V (y) [ V ( x) V ( y)] 7

8 π ( 0) = 0 π ( 1) = 1 π ( rp) > rπ ( p) π ( p ) > p π ( p) + π (1 p) < 1 π ( pq) π ( pqr) logπ log p π ( p) π ( pr) (perceptual biases) (judgmental biases) (impression management) Bazerman (1998) 8

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10 Ang, J., J. Brau and A. Ljungqvist (2001), Irrational exuberance in the marketing of IPOs, Stern, NTU Working Paper. Benatzi, S., R. Michaely and R. Thaler (1995), Myopic loss aversion and the equity premium puzzle, Quarterly of Journal of Economics, 110. Caldwell, D.F. and C.A. O Reilly (1982), Responses to failures: The effects of choices and responsibility on impression management Academy of Management Journal, 25, Choi, J. and D. Ziebart (2000), An examination of bias in management earnings forecasts, University of Illinois Working Paper. Graham, J. and C. Harvey (2001), The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics, 60. Harford, J. (1999), Corporate cash reserves and acquisitions, Journal of Finance. 54. Heaton, J. B. (1998), Managerial optimism and corporate finance, University Chicago Working Paper. Irani, A. (2000), Ex post bias in management earnings forecasts, University of New Hampshire Working Paper. Kahneman, D. and D. Lovallo (1993), Timid choices and bold forecasts, Management Science, 39. Kahneman, D. and A. Tversky (1973), On the psychology of prediction, Psychology Review, 80. Lin, K. and H. Servaes (1999), International evidence on the value of corporate diversification, Journal of Finance. 54. Ljungqvist, A., V. Nanda and R. Singh (2001), Hot markets, investor sentiment and IPOunderpricing, Stern, NYU Working Paper. Lowry, M. (2001), Why does IPO volume fluctuate so much?, Penn State University Working Paper. Lowry, M. and G.. W. Schwert (2001), IPO markets cycles: Bubbles or sequential learning?, Journal of Financial Economics. 10

11 Miller, E. (1977), Risk, uncertainty and divergence of opinion, Journal of Finance, 32. Montier, J. (2002), Behavioural Finance Insights into Irrational Minds and Markets, Wiley. Myers, S. and N. Majluf (1984), Corporate financing and investment decisions when firms have information investors do not, Journal of Financial Economics, 13. Schwert, G. W. (2001), Anomalies and market efficiency, In Constantinides, Harris and Stulz (2002). Shiau, C.J. (2003), Information Asymmetry and Conflicts of Interest Embedded in Venture Capital, Unpublished working paper, National Taiwan University. Weinstein, N. (1980), Unrealistic optimism about future life events, Journal of Personality and Social Psychology,

保荐制度、过度包装与IPO定价效率关系研究.doc

保荐制度、过度包装与IPO定价效率关系研究.doc 保荐制度过度包装与 IPO 定价效率关系研究黄顺武胡贵平 ( 合肥工业大学经济学院, 安徽合肥 230601) 摘要 : 基于实施保荐制度后 IPO 上市的样本, 本文首次实证研究了保荐制度背景下 A 股 IPO 的过度包装与定价效率问题结果发现 :