This Professor Cunningham's Introduction to his edited collection of Warren Buffett's noted letters to shareholders of Berkshire Hathaway Inc. The collection was prepared for a symposium held at Cardozo Law School in New York City in 1997 and originally published in the Cardozo Law Review. The...

This paper examines how adding leading non-financial measures to a lagging summary financial measure affects managerial decision making in firms where either intangible assets or tangible assets are more important for future financial performance. Using an experiment, I compare a performance...

This paper examines how adding leading non-financial value drivers to a lagging summary financial measure affects managerial decision making in firms where either intangible assets (intangible assets firm) or tangible assets (tangible assets firm) are more important for future financial...

This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and...

Most UK companies separate the roles of CEO and Chairman. The former runs the company and the latter runs the board. Using turnover data on 2,180 separate Chairmanships of the top 460 UK firms over the 1990-1998 period, I find that the Chairman is more likely to be replaced when the CEO is...

The paper uses a standard principal agent model to study the merits of separating operational responsibilities and performance reporting. The two tasks are either allocated jointly to one agent or a second agent is hired and tasks are separated. In the latter case, one agent undertakes...

Behavioral finance is useful only if it can be applied to help people make better decisions. This chapter offers reflections on the good, bad, and ugly of practical applications of behavioral finance in a commercial banking setting. It explores the difficulties of nonexperts experimenting with...

The future of behavioral finance necessitates that the research areas of behavioral corporate finance and investor psychology develop richer models of financial decision-making behavior. Behavioral corporate finance requires expanding the focus from chief executive officer characteristics to...

This chapter reviews various behavioral concepts and strategies to help clients avoid behavioral errors, with the result of increasing the probability of a successful plan design and implementation. The chapter discusses how the concepts introduced by research in behavioral finance have become...