A number of studies claim that aggregate managerial decision variables, such as aggregate equity issuance, have power … aggregate pseudo market timing bias for a variety of predictive regressions based on managerial decision variables. We find that …

differences in underlying individual characteristics, or by biased decision makers. Becker (1957) proposed an outcome test for … bias leading to a large body of related empirical work, with recent innovations in settings where decision makers are … exogenously assigned to cases and vary progressively in their decision tendencies. We carefully examine what can be learned about …

errors in decision making are inevitable. Moreover, under the appropriate conditions, these decisions are random conditional … situations than would be possible with randomized control trials. This point is illustrated with data from medical decision …