A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power … to predict stock or bond market returns. Recent research argues that these results may be driven by an aggregate time … aggregate pseudo market timing bias for a variety of predictive regressions based on managerial decision variables. We find that …

be chosen later than earlier; (ii) decision time is higher when the likelihood of choosing each alternative is closer to … fifty percent; and (iii) the ultimate quality of the chosen alternative may increase or decrease with decision time … decision rises with decision time; (ii) average decision time is higher when our estimated probability of a positive decision …

financial choices, providing a rationale for the common practice of interpreting MEL choices as a proxy for time preferences …