We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The … securities mispricing. The managerial biases approach studies the direct effects of managers' biases and nonstandard preferences …

We survey 401 financial executives, and conduct in-depth interviews with an additional 20, to determine the key factors … smooth earnings. We find that 55% of managers would avoid initiating a very positive NPV project if it meant falling short of … find that managers make voluntary disclosures to reduce information risk associated with their stock but try to avoid …

motivation is market timing, providing an excellent framework for studying whether security issues reflect managers' ability to …

We survey 384 CFOs and Treasurers, and conduct in-depth interviews with an additional two dozen, to determine the key … factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize …