從行為財務及傳統財務兩種觀點探討公司四種財務決策議題之 ...

傳統的財務理論乃基於兩個假設，亦即理性人假設和效率市場假說。

然而，當學者們對資本市場之 ... 本研究初步推論，傳統財務觀點之決策分析，若未兼重行為財務學觀點之考量. 資料載入處理中... 跳到主要內容 臺灣博碩士論文加值系統 ::: 網站導覽| 首頁| 關於本站| 聯絡我們| 國圖首頁| 常見問題| 操作說明 English |FB專頁 |Mobile 免費會員 登入| 註冊 功能切換導覽列 (178.128.221.219)您好！臺灣時間：2022/10/1420:42 字體大小：       ::: 詳目顯示 recordfocus 第1筆/ 共1筆  /1頁 論文基本資料 摘要 外文摘要 目次 參考文獻 紙本論文 QRCode 本論文永久網址: 複製永久網址Twitter研究生:廖士模研究生(外文):Shi-MoLiao論文名稱:從行為財務及傳統財務兩種觀點探討公司四種財務決策議題之探索性研究論文名稱(外文):AnExploratoryStudyofFourCorporateFinancialDecisions:BehaviouralAspectsandTraditionalAspects.指導教授:黃國良指導教授(外文):Gow-liangHuang學位類別:碩士校院名稱:國立高雄第一科技大學系所名稱:金融營運所學門:商業及管理學門學類:財務金融學類論文種類:學術論文論文出版年:2008畢業學年度:96語文別:中文論文頁數:114中文關鍵詞:行為財務學、資本結構、資本預算、併購、股利政策、公司財務決策外文關鍵詞:behaviouralfinance、capitalstructure、capitalbudgeting、mergersandacquisitions、dividendpolicy、corporatefinancialdecisions相關次數: 被引用:1點閱:815評分:下載:0書目收藏:2 傳統的財務理論乃基於兩個假設，亦即理性人假設和效率市場假說。

然而，當學者們對資本市場之運行與對投資者之行為做更深入的研究後，學者們便發現這兩個基本假設一方面在現實中很難符合，另一方面市場中也出現了傳統財務理論所無法解釋的市場異象，行為財務理論便因此形成。

自從1980年代至今，行為財務學的出現及發展已對傳統的財務理論造成很大的影響，而行為財務理論的研究領域也已逐漸受到人們普遍的注意。

目前現有的研究多半都聚焦於透過行為財務理論來解釋證券市場中的各種異常現象，此類研究乃在於檢視投資者的行為偏誤對金融市場所造成的總體效果。

但是卻鮮少有將行為財務理論應用於公司財務管理議題中之研究，此類型的研究乃在於檢視管理者及投資者的心理偏誤對公司財務決策之個體影響。

這個部分的研究相對來說較為新穎。

本文將公司財務管理議題區分為四大部份，包括：資本結構（即融資）、資本預算（即投資）、併購決策以及股利政策。

本研究探索性地將行為財務學之觀點應用於上述公司財務管理四大議題之探討，將行為財務學之理論與傳統財務學之理論做一比較，並且透過個案分析的方式，分析公司管理者在進行財務決策時可能產生的行為偏誤。

本研究初步推論，傳統財務觀點之決策分析，若未兼重行為財務學觀點之考量，可能無法滿足公司價值極大化之原則，且很可能會造成對公司績效的負面影響。

Traditionalfinancetheoryisbasedonthetwohypotheses:rationalagentsandefficientmarkethypothesis.However,whilescholarsgetadeeperthoughtofthefunctionofthecapitalmarketandthebehaviorofinvestors,scholarsfindthatontheonehand,thesetwohypothesesarenotinaccordwiththefact,ontheotherhand,someanomaliesthattraditionalfinancetheorycannotexplainappearinthemarket.Hencebehavioralfinancetheorycomesintobeing.Since1980’s,theappearanceanddevelopmentofbehavioralfinancetheoryhavegivenagreatimpacttotraditionalfinancetheoryandbehavioralfinancetheorybecamearesearchfieldthatattractedpervasiveattention.Mostoftheexistingstudiesofbehavioralfinancefocusontheexplanationofunusualphenomenainsecuritymarketwithbehavioralfinancetheory,andthesestudiesexaminetheeffectsofinvestors’biasesonthebehaviorofthefinancialmarkets.Butbehavioralfinancetheoriesareseldomappliedincorporatefinancialmanagementissues,thiskindofresearchexaminetheeffectsofmanagerialandinvestorpsychologicalbiasesonafirm’scorporatefinancedecisions.Theemergingresearchinthispartisrelativelyyoung.Weseparatedthesecorporatefinancialmanagementissuesintofourparts,includingcapitalstructure（i.e.finance）,capitalbudgeting（i.e.investment）,mergersandacquisitions,anddividendpolicy.Inthispaper,wecasttheexistingresearchoftheapplicationofbehavioralfinancetheoriesincorporatefinancialmanagementsystematically,andcomparebehavioralfinancetheorywithtraditionalfinancetheory.Additionally,thisstudyusesseveralcasestudytoanalysistheirrationalmanager’sbehaviorbiaseswhilemakingfinancialdecisions.Thesefinancedecisionscannotsatisfytheprincipleofmaximizingthevalueofcorporate,andtheseprobablywillhavenegativeinfluenceonthecorporateperformance. 摘要.................................................................................................................................ⅠAbstract............................................................................................................................Ⅱ誌謝.................................................................................................................................Ⅳ目錄.................................................................................................................................Ⅴ表目錄.............................................................................................................................Ⅶ圖目錄.............................................................................................................................Ⅷ第壹章　緒論...................................................................................................................1第一節　研究動機、目的及架構...............................................................................1第二節　行為財務學概述...........................................................................................3第三節　各種心理現象...............................................................................................8第四節　傳統財務學之基礎.....................................................................................18第貳章　從行為財務學角度看公司的資本結構.........................................................23第一節　資本結構之傳統理論.................................................................................23第二節　關於資本結構之行為財務學研究.............................................................27第三節　個案分析.....................................................................................................30第四節　本章小結.....................................................................................................38第叁章　從行為財務學角度看公司的資本預算.........................................................40第一節　資本預算之傳統概念.................................................................................40第二節　關於資本預算之行為財務學研究.............................................................44第三節　個案分析.....................................................................................................51　第四節　本章小結.....................................................................................................59第肆章　從行為財務學角度看公司的併購決策.........................................................61第一節　併購決策之傳統概念.................................................................................61第二節　關於併購決策之行為財務學研究.............................................................65第三節　個案分析.....................................................................................................69　第四節　本章小結.....................................................................................................78第伍章　從行為財務學角度看公司的股利政策.........................................................80第一節　股利政策之傳統理論.................................................................................80第二節　關於股利政策之行為財務學研究.............................................................84第三節　個案分析.....................................................................................................91　第四節　本章小結.....................................................................................................98第陸章　結論與建議...................................................................................................100第一節　研究結論...................................................................................................100第二節　後續研究建議...........................................................................................104　第三節　研究限制...................................................................................................105參考文獻.......................................................................................................................106一、中文部分.............................................................................................................106二、英文部分.............................................................................................................106 一、中文部分1.MBALibrary智庫，2008年5月，http://www.mbalib.com。

2.Shefrin,Hersh(2007)，郭敏華譯，公司行為財務／BehavioralCorporateFinance，初版，雙葉書廊出版。

3.王新元(2000)，財務管理，初版，高立圖書出版。

4.朱武祥(2003)，“行為公司金融：理論研究發展及實踐意義”，證券市場導報，第5期，pp.53-58。

5.朱武祥(2003)，“行為公司金融理論及其發展”，經濟學動態，第4期，pp.63-67。

6.吳岱儒(2004)，財務管理，初版，全華科技圖書出版。

7.周愛民、張榮亮(2005)，行為金融學，初版，經濟管理出版社，pp.1-4。

8.周林毅(2005)，財務管理，初版，五南圖書出版。

9.周戰強(2004)，行為金融：理論與應用，初版，清華大學出版社，pp.2-9。

10.周賓凰、池祥萱、周冠男、龔怡霖(2002)，“行為財務學：文獻回顧與展望”，證券市場發展季刊，14(2)，pp.1-48。

11.奚愷元(2006)，別當正常的傻瓜，久石文化出版。

12.郭敏華(2008)，行為財務學—當財務學遇上心理學，智勝文化出版。

13.陳野華(2006)，行為金融學，六版，西南財經大學出版社，pp.31-70。

14.陳隆麒(2004)，當代財務管理，第二版，華泰文化出版。

15.葉重新(2004)，心理學，第三版，心理出版社。

16.楊慧伶、楊國樑、翁鶯娟、楊一峰、劉瀚榆、蕭淑華、戴安茹、邱京君(2007)，行為財務學，初版，五南圖書出版。

17.鄭麗玉、陳秀蓉、危芷芬、留佳莉(2006)，心理學，初版，五南圖書出版。

18.薛求知、黃佩燕、魯直、張曉蓉(2005)，行為經濟學：理論與應用，初版，智勝文化出版。

19.盧育明(2005)，行為財務學，第二版，商鼎文化出版社。

20.饒育蕾、劉達鋒(2003)，行為金融學，初版，上海財經大學出版社，pp.1-8。

21.龔怡霖(2001)，“行為財務學—文獻回顧與未來發展”，國立中央大學財務管理研究所碩士論文。

二、英文部分1.Altman,EdwardI.(1984),“AFurtherEmpiricalInvestigationoftheBankruptcyCostQuestion,”JournalofFinance,1067-1089.2.Ando,AlbertandFrancoModigliani(1963),“The‘Life-cycle’HypothesisofSaving:AggregateImplicationsandTests,”AmericanEconomicReview,53,55-84.3.Asquith,P.(1983),“MergerBids,Uncertainty,andStockholderReturns,”Journalof　FinancialEconomics,11,51-83.4.Baker,Malcolm,RichardS.Ruback,andJeffreyWurgler(2007),“BehavioralCorporateFinance:ASurvey,”HandbookofCorporateFinance:EmpiricalCorporateFinance,Volume1,pp.145-178,editedbyB.EspenEckbo,NewYork:Elsevier/Amsterdam:NorthHolland.5.Baker,MalcolmandJeffreyWurgler(2004a),“ACateringTheoryofDividends,”JournalofFinance,59,1125-1165.6.Baker,MalcolmandJeffreyWurgler(2004b),“AppearingandDisappearingDividends:TheLinktoCateringIncentives,”JournalofFinancialEconomics,73,271-288.7.Baker,MalcolmandJeffreyWurgler(2002),“MarketTimingandCapitalStructure,”JournalofFinance,57,1-32.8.Bange,MaryandWernerDeBondt(1998),“R&DBudgetsandCorporateEarningsTargets,”JournalofCorporateFinance,4,153-184.9.Banks,James,RichardBlundell,andSarahTanner(1998),“IsThereaRetirement-SavingsPuzzle?”,AmericanEconomicReview,88(4),769-788.10.Barberis,NicholasandRichardThaler(2003),“ASurveyofBehavioralFinance,”HandbookoftheEconomicsofFinance,Volume1,Part2,pp.1051-1121,editedbyG.M.Constantinides,M.HarrisandR.Stulz,ElsevierScienceB.V.11.Barberis,Nicholas,A.ShleiferandR.Vishny(1998),“Amodelofinvestorsentiment,”JournalofFinancialEconomics,49,307-343.12.Bauman,W.S.(1967),“Scientificinvestmentanalysis:scienceorfiction?”,FinancialAnalysisJournal,23,pp.93-97.13.Bernoulli,D.(1954),“ExpositionofANewTheoryontheMeasurementofRisk,”Econometrica,22,3-36.14.Bhattacharya,Sudipto(1979),“ImperfectInformation,DividendPolicyandtheBirdintheHandFallacy,”BellJournalofEconomics,10,259-270.15.Brealey,R.andS.Myers(2000),PrinciplesofCorporateFinance,NewYork:　Irwin/McGraw-Hill,p.123.16.Brigham,EugeneF.andMichaelC.Ehrhardt(2002),FinancialManagement:TheoryandPractice,10thedition,South-WesternEducationalPublishing.17.Burrell,O.K.(1951),“Inductivetestsofinvestmenttheories-PossibilityofanExperimentalApproachtoInvestmentStudies”,TheJournalofFinance,6(2):211-219.18.Capen,E.C.,R.V.ClappandW.M.Campbell(1971),“CompetitiveBiddinginHigh-RiskSituations,”JournalofPetroleumTechnology,23,641-653.19.Chase,Marilyn(1991),“AMatterofCandor:DidSyntexWithholdDataonSideEffectsofaPromisingDrug?”TheWallStreetJournal,January8,1991.20.Christensen,CarissaBryceandSuzetteBeard(2001),“Iridium:Failures&Successes,”ActaAstronautica,48(5-12),817-825.21.Cooper,ArnoldC.,CarolynY.Woo,andWilliamC.Dunkelberg(1988),“Entrepreneurs''perceivedchancesforsuccess,”JournalofBusinessVenturing,3(2),97-108.22.Cox,JamesC.andR.M.Isaac(1984),“InSearchoftheWinner’sCurse,”EconomicInquiry,22,579-592.23.Daniel,Kent,D.HirshleiferandA.Subrahmanyam(1998),“InvestorPsychologyandSecurityMarketUnder-andOverreactions,”JournalofFinance,53,1839-1886.24.DeBondt,W.F.M.andR.H.Thaler(1995),“Financialdecision-makinginmarketsandfirms:Abehavioralperspective.”Finance,HandbooksinOperationsResearchandManagementScience,9,385-410,editedbyRobertA.Jarrow,V.Maksimovic,andW.Z.Ziemba,Amsterdam:NorthHolland.25.DeBondt,W.F.M.andR.H.Thaler(1985),“Doesthestockmarketoverreact?”,JournalofFinance,40,793-808.26.DeLong,J.B.,A.Shleifer,L.SummersandR.J.Waldmann(1990),“Positivefeedbackinvestmentstrategiesanddestabilizingrationalspeculation,”JournalofFinance,45,375-395.27.Fama,EugeneF.(1998),“MarketEfficiency,Long-termReturns,andBehavioralFinance,”JournalofFinancialEconomics,49(3),283-306.28.Fama,EugeneF.(1991),“EfficientcapitalmarketsⅡ,”JournalofFinance,46,1575-1643.29.Fama,EugeneF.(1970),“EfficientCapitalMarkets:AReviewofTheoryandEmpiricalWork,”JournalofFinance,25,383-417.30.Fairchild,RichardJ.(2007),“BehaviouralCorporateFinance:ExistingResearchandFutureDirections,”UniversityofBath,WorkingPaper,SSRN,1011976.31.Firth,Michael(1980),“Takeovers,ShareholderReturns,andtheTheoryoftheFirm,”TheQuarterlyJournalofEconomics,94(2),235-260.32.Flynn,James,PaulSlovic,andC.K.Mertz(1994),“Gender,Race,andthePerceptionofEnvironmentalHealthRisks,”RiskAnalysis,14,1101-1198.33.Friend,IrwinandLarryH.P.Lang(1988),“AnEmpiricalTestoftheImpactofManagerialSelf-InterestonCorporateCapitalStructure,”JournalofFinance,43(2),271–281.34.Gervais,Simon,J.B.Heaton,andTerranceOdean(2003),“Overconfidence,InvestmentPolicy,andExecutiveStockOptions,”Unpublishedworkingpaper,DukeUniversity,TheFuquaSchool.35.Glaser,M.,T.Langer,J.Reynders,andM.Weber(2007),“ScaleDependenceofOverconfidenceinStockMarketVolatilityForecasts,”WorkingPaper,SSRN,996849.36.Gordon,MyronJ.(1963),“OptimalInvestmentandFinancingPolicy,”JournalofFinance,264-272.37.Gordon,MyronJ.(1959),“Dividends,Earnings,andStockPrices,”ReviewofEconomicsandStatistics,5,99-105.38.Graham,JohnR.,CampbellR.Harvey,ShivaRajgopal(2005),“TheEconomicImplicationsofCorporateFinancialReporting,”JournalofAccountingandEconomics,40,3–73.39.Graham,JohnR.,CampbellR.Harvey(2001),“TheoryandPracticeofCorporateFinance:EvidencefromtheField,”JournalofFinancialEconomics,60,187–243.40.Guedj,IlanandDavidScharfstein(2004),“OrganizationalScopeandInvestment:EvidencefromtheDrugDevelopmentStrategiesofBiopharmaceuticalFirms,”NBERWorkingPaper,No.W10933.41.Hackbarth,Dirk(2003),“ManagerialOptimism,Overconfidence,andCapitalStructureDecisions,”WorkingPaper,HaasBusinessSchool(UniversityofCalifornia,Berkeley).42.Haugen,RobertA.(1999),TheNewFinance:TheCaseAgainstEfficientMarkets,2ndEdition,PrenticeHall.43.Hayward,M.L.andD.C.Hambrick(1995),“Explainingpremiumspaidforlargeacquisitions:EvidenceofCEOhubris,”AdministrativeScienceQuarterly,42(1),103-127.44.Heaton,J.B.(2002),“ManagerialOptimismandCorporateFinance,”FinancialManagement,31(2),33-45.45.Hong,HarrisonandJeremyC.Stein(1999),“Aunifiedtheoryofunderreaction,momentumtrading,andoverreactioninassetmarkets,”JournalofFinance,54,2143–2184.46.Hubbard,JeffandRoniMichaely(1997),“DoInvestorsIgnoreDividendTaxation?AReexaminationoftheCitizensUtilitiesCase,”JournalofFinancialandQuantitativeAnalysis,32(1),117-135.47.Janis,IrvingL.(1982),“Groupthink:PsychologicalStudiesofPolicyDecisionsandFiascoes,”SecondEdition,NewYork:HoughtonMifflin.48.Jensen,MichaelC.andWilliamH.Meckling(1976),“TheoryoftheFirm:ManagerialBehavior,AgencyCost,andOwnershipStructure,”JournalofFinancialEconomics,305-360.49.Jenter,Dirk(2005),“MarketTimingandManagerialPortfolioDecisions,”JournalofFinance,60(4),1903-1949.50.Jolls,Christine,CassR.Sunstein,andRichardThaler(1998),“ABehavioralApproachtoLawandEconomics,”50StanfordLawReview,1471.51.Jovanovic,BoyanandPeterL.Rousseau(2002),“TheQ-TheoryofMergers,”AmericanEconomicReview,92(2),198-204.52.Kahneman,Daniel,andMarkW.Riepe(1998),“Aspectsofinvestorpsychology,”JournalofPortfolioManagement,52-65.53.Kahneman,Daniel,andAmosTversky(1982),JudgmentUnderUncertainty:HeuristicsAndBiases,NewYork,CambridgeUniversityPress.54.Kahneman,Daniel,andAmosTversky(1979),“Prospecttheory:Ananalysisofdecisionunderrisk,”Econometrica,47(2),263-291.55.Kahneman,Daniel,andAmosTversky(1973),“Onthepsychologyofprediction,”PsychologicalReview,80,237-251.56.Kerstetter,JimandPeterBurrows(2004),“SUN:ACEO''sLastStand,”BusinessWeek,3893,July26,64-70.57.Keynes,J.M.(1936),TheGeneralTheoryofEmployment,Interest,andMoney,Harcourt,Brace,andCo.,NewYork.58.Kim,KennethA.andJohnR.Nofsinger(2008),“BehavioralFinanceinAsia,”Pacific-BasinFinanceJournal,16(1-2),1-7.59.Langer,EllenJ.(1975),“TheIllusionofControl,”JournalofPersonalityandSocialPsychology,32(2),311-328.60.Levin,I.P.,Schneider,S.L.,&Gaeth,G.J.(1998),“Allframesarenotcreatedequal:Atypologyandcriticalanalysisofframingeffects,”OrganizationalBehaviorandHumanDecisionProcesses,76,149-188.61.Levin,I.P.,&Gaeth,G.J.(1988),“Howconsumerareaffectedbytheframingofattributeinformationbeforeandafterconsumingtheproduct,”JournalofPersonalityandSocialPsychology,52,269-278.62.Lewellen,W.G.,K.L.Stanley,R.C.LeaseandG.G.Schlarbaum(1978),“SomeDirectEvidenceontheDividendClientelePhenomenon,”JournalofFinance,1385-1399.63.Lichtenstein,S.,Fischhoff,B.andPhillips,L.D.(1982.),“Calibrationofprobabilities:thestateoftheartto1980,”in:Kahneman,D.,P.SlovicandA.Tversky(eds.),JudgmentunderUncertainty:HeuristicsandBiases,CambridgeUniversityPress,Cambridge,pp.306–334.64.Lintner,John(1965),“SecurityPrices,RiskandMaximalGainsfromDiversification,”JournalofFinance,20,587-615.65.Lintner,John(1962),“Dividends,Earnings,Leverage,StockPrices,andtheSupplyofCapitaltoCorporations,”ReviewofEconomicsandStatistics,243-269.66.Litzenberger,RobertH.andKrishnaRamaswamy(1979),“TheEffectofPersonalTaxesandDividendsonCapitalAssetPrices,”JournalofFinance,163-196.67.Long,JohnB.(1978),“TheMarketValuationofCashDividends:ACasetoConsider,”JournalofFinancialEconomics,6(2),235-264.68.Lowry,Michelle(2003),“WhyDoesIPOVolumeFluctuateSoMuch?,”JournalofFinancialEconomics,67,3-40.69.Lys,ThomasandLindaVincent(1995),“AnAnalysisofValueDestructioninAT&T’sAcquisitionofNCR,”JournalofFinancialEconomics,39(2-3),353-378.70.Malmendier,UlrikeandGeoffreyTate(2008),“WhoMakesAcquisitions?CEOOverconfidenceandtheMarket’sReaction,”JournalofFinancialEconomics,89(1),20-43.71.Malmendier,UlrikeandGeoffreyTate(2005),“CEOOverconfidenceandCorporateInvestment,”JournalofFinance,60(6),2661-2700.72.Markowitz,Harry(1952),“PortfolioSelection,”JournalofFinance,7,77-91.73.Marnet,Oliver(2004),“BehaviouralAspectsofCorporateGovernance,”AdvancesinFinancialEconomics,9,265-285.74.Meyerowitz,B.E.,&Chaiken,S.(1987),“TheEffectofMessageFramingonBreastSelf-examinationAttitudes,Intentions,andBehavior,”JournalofpersonalityandSocialPsychology,52,500-510.75.Miller,MertonH.andFrancoModigliani(1961),“DividendPolicy,Growth,andtheValuationofShares,”JournalofBusiness,411-433.76.MillmanG.(2000),“CapitalAllocation:WhentheRightThingIsHardtoDo,”FinancialExecutive,September/October,28-40.77.Modigliani,FrancoandMertonH.Miller(1963),“CorporateIncomeTaxesandtheCostofCapital:ACorrection,”AmericanEconomicReview,53,433-443.78.Modigliani,FrancoandMertonH.Miller(1958),“TheCostofCapital,CorporateFinance,andTheTheoryofInvestment,”AmericanEconomicReview,48,261-297.79.Montier,James(2002),BehaviouralFinance:InsightsintoIrrationalMindsandMarkets,JohnWiley&Sons.80.Morck,Randall(2007),“BehavioralFinanceinCorporateGovernance-IndependentDirectorsandNon-ExecutiveChairs,”WorkingPaper,SSRN,979880.81.Mossin,J.(1966),“EquilibriuminACapitalAssetMarket,”Econometrica,34,768-783.82.Myers,StewartC.(1984),“TheCapitalStructurePuzzle,”JournalofFinance,575-592.83.Myers,StewartC.andNicholasS.Majluf(1984),“CorporateFinancingandInvestmentDecisionsWhenFirmsHaveInformationThatInvestorsDoNotHave,”JournalofFinancialEconomics,13,187-221.84.Nathan,John(1999),Sony:ThePrivateLife.,Boston:HoughtonMifflinCompany.85.Nichols,NancyA.(1994),“ScientificManagementatMerck:AnInterviewwithCFOJudyLewent,”HarvardBusinessReview,72(1),88-98.86.Olsen,RobertA.(1998),“BehavioralFinanceandItsImplicationsforStock-PriceVolatility,”FinancialAnalystsJournal,10-18.87.Perdue,RobertJ.(1997),“Thewaywewere:Speechtechnology,platformsandapplicationsinthe‘Old’AT&T,”SpeechCommunication,23(1-2),31-39.88.Pettit,R.Richardson(1977),“Taxes,TransactionsCostandtheClienteleEffectofDividends,”JournalofFinancialEconomics,5,419-436.89.Polk,ChristopherK.andPaolaSapienza(2004),“TheRealEffectsofInvestorSentiment,”NBERWorkingPaper,No.W10563.90.Poterba,JamesM.(1986),“TheMarketValuationofCashDividends:TheCitizensUtilitiesCaseReconsidered,”JournalofFinancialEconomics,15(3),395-405.91.Rajan,RaghuramandHenriServaes(1997),“AnalystFollowingofInitialPublicOfferings,”JournalofFinance,52(2),507-529.92.Ritter,JayR.(2003),“BehavioralFinance,”Pacific-BasinFinanceJournal,11(4),429-437.93.Roll,Richard(1986),“TheHubrisHypothesisofCorporateTakeovers,”JournalofBusiness,59(2),197-216.94.Ross,StephenA.,RandolphW.Westerfield,andJeffreyJaffe(2005),CorporateFinance,7thedition,McGraw-HillHigherEducation.95.Russell,J.Fuller(1998),“BehavioralFinanceandtheSourcesofAlpha,”JournalofPensionPlanInvesting,2(3).96.Russo,J.Edward,andPaulShoemaker(1989),DecisionTraps:TheTenBarrierstoBrilliantDecision-MakingandHowtoOvercomeThem.,NewYork:Simon&Schuster.97.Scharfstein,DavidS.andJeremyC.Stein(1990),“HerdBehaviorandInvestment,”AmericanEconomicReview,80(3),465-479.98.Sharpe,WilliamF.(1964),“CapitalAssetPrices:ATheoryofMarketEquilibriumUnderConditionsofRisk,”JournalofFinance,19,425-442.99.Shefrin,Hersh(2007),BehavioralCorporateFinance:DecisionsthatCreateValue,McGraw-Hill/Irwin,1-194.100.Shefrin,Hersh(2002),BeyondGreedandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,OxfordUniversityPress,NewYork.101.Shefrin,Hersh(2001),“BehavioralCorporateFinance,”JournalofAppliedCorporateFinance,14(3),113-124.102.Shefrin,HershandMeirStatman(2000),“Behavioralportfoliotheory,”JournalofFinanceandQuantitativeAnalysis,35,127-151.103.Shefrin,HershandMeirStatman(1994),“BehavioralCapitalAssetPricingTheory,”JournalofFinanceandQuantitativeAnalysis,29,323-349.104.Shefrin,HershM.andRichardH.Thaler(1988),“TheBehavioralLifeofCycleHypothesis,”EconomicInquiry,XXⅣ,609-643.105.Shefrin,HershandMeirStatman(1985),“Thedispositiontosellwinnerstooearlyandrideloserstoolong:Theoryandevidence,”JournalofFinance,40,777-790.106.Shefrin,HershandMeirStatman(1984),“ExplainingInvestorPreferenceforCashDividends,”JournalofFinancialEconomics,13(2),253-282.107.Shepard,StephenB.spokewithScottG.McNealy(2002),“ATalkwithScottMcNealy,”BusinessWeek,3776,April1,66-68.108.Shiller,RobertJ.(1999),“HumanBehaviorandtheEfficiencyoftheFinancialSystem,”HandbookofMacroeconomics,Vol.1,Part3,Ch.20,pp.1305-1340,editedbyJohnB.TaylorandMichaelWoodford,Amsterdam:North-Holland.109.Shleifer,AndreiandRobertW.Vishny(2003),“StockMarketDrivenAcquisitions,”JournalofFinancialEconomics,70,295-311.110.Shleifer,Andrei(2000),InefficientMarket,OxfordU.Press,Oxford.111.Slovic,Paul,MelissaL.Finucane,EllenPeters,DonaldG.MacGregor(2007),“TheAffectHeuristic,”EuropeanJournalofOperationalResearch,177(3),1333-1352.112.Slovic,Paul(1972),“PsychologicalStudyofHumanJudgment:ImplicationsforInvestmentDecisionMaking”,TheJournalofFinance,27(4),779-799.113.Slovic,PaulandS.Lichtenstein(1971),“ComparisonofBayesianandregressionapproachestothestudyofinformationprocessinginjudgment,”OrganizationalBehaviorandHumanPerformance,6,649-744.114.Statman,Meir(1999),“BehavioralFinance:PastBattlesandFutureEngagements,”FinancialAnalystsJournal,November/December,55(6),18-27.115.Staw,BarryM.(1981),“TheEscalationofCommitmenttoaCourseofAction,”AcademyofManagementReview,6(4),577-587.116.Staw,BarryM.(1976),“Knee-DeepintheBigMuddy:AStudyofEscalatingCommitmenttowardaChosenCourseofAction,”OrganizationalBehaviorandHumanPerformance,20,27-44.117.Stein,JeremyC.(1996),“RationalCapitalBudgetinginAnIrrationalWorld,”JournalofBusiness,69,429-455.118.Subrahmanyam,Avanidhar(2008),“BehaviouralFinance:AReviewandSynthesis,”EuropeanFinancialManagement,14(1),12-29.119.Tate,Geoffrey(2003),“DoestheMarketRecognizeOverconfidence?PressCoverageasaProxyforManagerialBeliefs,”EssaysinBehavioralCorporateFinance,HarvardUniversity,124-165.120.Thaler,RichardH.(1999a),“MentalAccountingMatters,”JournalofBehavioralDecisionMaking,12(3),183-206.121.Thaler,RichardH.(1999b),“TheEndofBehavioralFinance,”FinancialAnalystsJournal,November/December,55(6),12-17.122.Thaler,RichardH.(1992),TheWinner’sCurse:AnomaliesandParadoxesofEconomicsLife,NewYork:FreePress.123.Thaler,RichardH.(1985),“MentalAccountingandConsumerChoice,”MarketingScience,4,199-214.124.Thaler,RichardH.andHershM.Shefrin,(1981),“AnEconomicTheoryofSelf-Control,”JournalofPoliticalEconomy,89(2),392-406.125.Thaler,RichardH.(1980),“TowardaPositiveTheoryofConsumerChoice,”JournalofEconomicBehaviorandOrganization,1,39-60.126.Tvede,Lars(2002),ThePsychologyofFinance:UnderstandingtheBehaviouralDynamicsofMarkets,RevisedEdition,JohnWiley.127.Tversky,A.,andD.Kahneman(1984),“Choices,Values,andFrames,”AmericanPsychologist,39,341-350.128.Tversky,A.,andD.Kahneman(1981),“TheFramingofDecisionsandthePsychologyofChoice,”Science,211,453-458.129.Tversky,A.,andD.Kahneman(1974),“Judgmentunderuncertainty:HeuristicsandBiases,”Science,185,1124-1131.130.Tversky,A.,andD.Kahneman(1973),“Availability:aheuristicforjudgingfrequencyandprobability,”CognitivePsychology,5,207-232.131.Welch,Ivo(2004),“CapitalStructureandStockReturns,”JournalofPoliticalEconomy,112(1),106-131.132.WhyteG.(1993),“EscalatingCommitmentinIndividualsandGroupDecisionMaking:AProspectTheoryApproach,”OrganizationalBehaviorandHumanDecisionProcesses,54,430-455.133.Wolinsky,H.(2003),“IridiumFailureBroughtMotorolaBackDowntoEarth,”ChicagoSun-Times,September25,2003.134.Young,David(2001),PresentationmadebyAdaptec’schieffinancialofficeratthetime,madeonNovember9,2001,atSantaClaraUniversity.  國圖紙本論文 推文 網路書籤 推薦 評分 引用網址 轉寄                                                                                                                                                                                                                    top 相關論文 相關期刊 熱門點閱論文 1. 行為財務學—文獻回顧與未來發展 2. 所得稅對資本結構及股利政策影響之研究 3. 資金成本、資本結構與股利政策之研究 4. 兩稅合一對企業財務決策影響之探討 5. 資本結構、股權結構與股利政策對公司價值之影響 6. 多國籍企業跨國節稅策略之實證研究－以我國上市上櫃電子業為例 7. 台灣證券市場投資人對公司財務政策改變之解析與反映 8. 上市公司資金成本問題之研究－以台灣地區製造業為例 9. 探討資本結構、股利政策對公司價值之影響－訊號理論暨代理成本觀點 10. 國內上市公司資本結構決策短視行為之研究 11. 過度自信管理者對股票併購意願及績效之影響 12. 公司融資來源與營運績效:公司併購為例 13. 外部董事與公司決策 14. 併購策略對股價的影響-以宏碁、華碩及鴻海為探討對象 15. 資本結構、股權結構和股利政策   1. 10.周賓凰、池祥萱、周冠男、龔怡霖(2002)，“行為財務學：文獻回顧與展望”，證券市場發展季刊，14(2)，pp.1-48。

  1. 行為財務學—文獻回顧與未來發展 2. 投資人對金融商品的風險態度與投資決策行為：行為財務學的觀點 3. 行為財務：不同風險情況下面臨獲利和損失之決策行為 4. 應用人工智慧方法於行為財務學之主導市場的異常行為發現 5. 以行為財務學架構分析臺灣股王漲勢動能 6. 公司治理與公司績效及財務決策關係之研究 7. 行為財務決策模型之探討 8. 機構投資者持股對公司財務決策之影響 9. 行為財務基金之績效與其未來展望 10. 行為財務學因子對股票報酬率偏離影響程度之探討 11. 同業公司是否會影響公司財務決策 12. 過度自信管理者對股票併購意願及績效之影響 13. 行為財務決策函數之實証研究 14. 財務決策對公司績效的影響 15. 不確定性與時間遞延對於財務決策行為之影響     簡易查詢 | 進階查詢 | 熱門排行 | 我的研究室