Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market be...Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers＇ abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.展开更多
The contribution of this paper is threefold. Firstly, it develops a typology of corporate group development in terms of the pattern of corporate group formation in the Czech Republic and Slovakia. It identifies briefl...The contribution of this paper is threefold. Firstly, it develops a typology of corporate group development in terms of the pattern of corporate group formation in the Czech Republic and Slovakia. It identifies briefly three important types of corporate groups--industrial groups （type I groups）, pyramid-like （type II） groups, and financial （type IIl or FIGs） groups. Using original typology for corporate groups, the paper examines development trajectory of some of the biggest FIGs and shows what effects their existence have in the two economies. Finally, some lessons resulting from this corporate group-related type of ownership concentration for other pre-transitive countries are mentioned.展开更多
文摘Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers＇ abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.
文摘The contribution of this paper is threefold. Firstly, it develops a typology of corporate group development in terms of the pattern of corporate group formation in the Czech Republic and Slovakia. It identifies briefly three important types of corporate groups--industrial groups （type I groups）, pyramid-like （type II） groups, and financial （type IIl or FIGs） groups. Using original typology for corporate groups, the paper examines development trajectory of some of the biggest FIGs and shows what effects their existence have in the two economies. Finally, some lessons resulting from this corporate group-related type of ownership concentration for other pre-transitive countries are mentioned.
