Gervais, Simon (contributor); Heaton, J. B. (contributor); … - 2002 - [Elektronische Ressource]
their greater risk aversion, rational
managers will postpone the decision to exercise real options longer than is in the …
shareholders. This two-step approach allows us to disentangle the effects of risk aversion, behavioral
biases, and compensation on … manager is unskilled.
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3.3 The Effect of Risk Aversion
The first-best outcome maximizes the current value of the firm to its …