BibTex RIS Kaynak Göster

IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH

Yıl 2011, Cilt: 3 Sayı: 2, 105 - 115, 01.12.2011

Öz

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

Kaynakça

  • Akgüç, Ö., 1998, “Finansal Yönetim”, Yenilenmiş 7. Baskı, Muhasebe Enstitüsü Yayın No : , Avcıol Basım-Yayın, İstanbul
  • Barberis, N., and Thaler R.H., 2003, “A survey of behavioral finance”, in George
  • 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.
  • Bharath, S., 2004, “Agency costs, bank specialness and renegotiation”, Working Paper,
  • Stephen M. Ross School of Business, University of Michigan Chittenden, F, G. Hall, and P. Hutchinson, 1996, "Small Firm Growth, Access to Capital
  • 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.
  • Fama, E., and K.R. French, 1998, Taxes, Financing decisions and firm value, Journal of Finance 53, 819-843.
  • Fazzari, S., R. G. Hubbard, and B.P., 1988a, “Finance constraints and Corporate investment,
  • 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.
  • 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
  • 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)
  • Graham, J.R., 2003, “Taxes and corporate finance: A review”, Review of Financial Studies 16, 1129.
  • Kahneman, D., P. Slovic, and A.Tversky, 1982, “Judgment Under Uncertainty: Heuristics and Biases”, Cambridge University Press
  • Karaa, E., 2010, “Yatırımcı Beklentilerinin Oluşumunda Rasyonel ve İrrasyonel Faktörler”,
  • Yayınlanmamış Doktora Tezi, Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Manisa Kırlı, Mustafa, 2004, “Şirket Değerlemesi ve İndirgenmiş Nakit Akımları Yönteminin
  • 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.
  • Modigliani, F. and M. Miller, 1958, “The Cost Of Capital, Corporation Finance and the Theory Of Investment”, American Economic Review, 48 (3), 261-297.
  • 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
  • Shefrin, Hersh, 2000, “Beyond Greed and Fear”, Boston, MA: Harvard Business School Press
  • Shleifer, A., 2000, “Inefficient Markets: An Introduction to Behavioural Finance”, Clarendon
  • Lectures in Economics, Oxford University Press, NY Stein, J.C., 1996, “Rational Capital Budgeting in an Irrational World”, Journal of Business, , 429-55
  • Stephan E., 1999, “Die Rolle von Urteilshuristiken bei Finanzetscheidungen : Ankereffekte und Kognitive Verfügbarkeit:-The Role of Judgemental Heuristics in Financial Decisions:
  • Anchoring and Availability Effects, in L Fisher, T. Kutsh, and E Stephan (eds.), Finanzpsychologie, Munich and Vienna: R. Oldenbourg Verlag, 101-134
  • Stephan E. and Keil G., 2000, “Decision process in Professional investors: Does expertise moderate judgemental biases?”,in E.Hözl(ed) IAREP/SABE Conference Proceedings:
  • Fairness and Competition, Vienna, WUv, Universtatsverlag, 416-20
  • Storey, D., 1994, “Understanding the Small Business Sector”, Routledge, London
  • Vasan, Srini and P.Vijay, 1986, “Credit rationing and corporate investment, Unpublished
  • Ph.D. Dissertation, Harvard University. Whited, T.M., 1992, “Debt, Liquidity Constraints, and Corporate Investment: Evidence from
  • Panel Data” ,The Journal of Finance, Vol. 47, No. 4 , pp. 1425-1460
Yıl 2011, Cilt: 3 Sayı: 2, 105 - 115, 01.12.2011

Öz

Kaynakça

  • Akgüç, Ö., 1998, “Finansal Yönetim”, Yenilenmiş 7. Baskı, Muhasebe Enstitüsü Yayın No : , Avcıol Basım-Yayın, İstanbul
  • Barberis, N., and Thaler R.H., 2003, “A survey of behavioral finance”, in George
  • 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.
  • Bharath, S., 2004, “Agency costs, bank specialness and renegotiation”, Working Paper,
  • Stephen M. Ross School of Business, University of Michigan Chittenden, F, G. Hall, and P. Hutchinson, 1996, "Small Firm Growth, Access to Capital
  • 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.
  • Fama, E., and K.R. French, 1998, Taxes, Financing decisions and firm value, Journal of Finance 53, 819-843.
  • Fazzari, S., R. G. Hubbard, and B.P., 1988a, “Finance constraints and Corporate investment,
  • 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.
  • 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
  • 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)
  • Graham, J.R., 2003, “Taxes and corporate finance: A review”, Review of Financial Studies 16, 1129.
  • Kahneman, D., P. Slovic, and A.Tversky, 1982, “Judgment Under Uncertainty: Heuristics and Biases”, Cambridge University Press
  • Karaa, E., 2010, “Yatırımcı Beklentilerinin Oluşumunda Rasyonel ve İrrasyonel Faktörler”,
  • Yayınlanmamış Doktora Tezi, Celal Bayar Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Manisa Kırlı, Mustafa, 2004, “Şirket Değerlemesi ve İndirgenmiş Nakit Akımları Yönteminin
  • 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.
  • Modigliani, F. and M. Miller, 1958, “The Cost Of Capital, Corporation Finance and the Theory Of Investment”, American Economic Review, 48 (3), 261-297.
  • 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
  • Shefrin, Hersh, 2000, “Beyond Greed and Fear”, Boston, MA: Harvard Business School Press
  • Shleifer, A., 2000, “Inefficient Markets: An Introduction to Behavioural Finance”, Clarendon
  • Lectures in Economics, Oxford University Press, NY Stein, J.C., 1996, “Rational Capital Budgeting in an Irrational World”, Journal of Business, , 429-55
  • Stephan E., 1999, “Die Rolle von Urteilshuristiken bei Finanzetscheidungen : Ankereffekte und Kognitive Verfügbarkeit:-The Role of Judgemental Heuristics in Financial Decisions:
  • Anchoring and Availability Effects, in L Fisher, T. Kutsh, and E Stephan (eds.), Finanzpsychologie, Munich and Vienna: R. Oldenbourg Verlag, 101-134
  • Stephan E. and Keil G., 2000, “Decision process in Professional investors: Does expertise moderate judgemental biases?”,in E.Hözl(ed) IAREP/SABE Conference Proceedings:
  • Fairness and Competition, Vienna, WUv, Universtatsverlag, 416-20
  • Storey, D., 1994, “Understanding the Small Business Sector”, Routledge, London
  • Vasan, Srini and P.Vijay, 1986, “Credit rationing and corporate investment, Unpublished
  • Ph.D. Dissertation, Harvard University. Whited, T.M., 1992, “Debt, Liquidity Constraints, and Corporate Investment: Evidence from
  • Panel Data” ,The Journal of Finance, Vol. 47, No. 4 , pp. 1425-1460
Toplam 29 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA57YK75UC
Bölüm Makaleler
Yazarlar

Ibrahim Emre Karaa Bu kişi benim

Yayımlanma Tarihi 1 Aralık 2011
Yayımlandığı Sayı Yıl 2011 Cilt: 3 Sayı: 2

Kaynak Göster

APA Karaa, I. . E. (2011). IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH. International Journal of Economics and Finance Studies, 3(2), 105-115.
AMA Karaa IE. IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH. IJEFS. Aralık 2011;3(2):105-115.
Chicago Karaa, Ibrahim Emre. “IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH”. International Journal of Economics and Finance Studies 3, sy. 2 (Aralık 2011): 105-15.
EndNote Karaa IE (01 Aralık 2011) IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH. International Journal of Economics and Finance Studies 3 2 105–115.
IEEE I. . E. Karaa, “IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH”, IJEFS, c. 3, sy. 2, ss. 105–115, 2011.
ISNAD Karaa, Ibrahim Emre. “IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH”. International Journal of Economics and Finance Studies 3/2 (Aralık 2011), 105-115.
JAMA Karaa IE. IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH. IJEFS. 2011;3:105–115.
MLA Karaa, Ibrahim Emre. “IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH”. International Journal of Economics and Finance Studies, c. 3, sy. 2, 2011, ss. 105-1.
Vancouver Karaa IE. IMPACT OF ANCHORING BIAS ON CORPORATE PROFITS AND SHAREHOLDERS WEALTH. IJEFS. 2011;3(2):105-1.