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行为金融学曾经是一门边缘学科,如今却出现在美国所有商学院的教学活动中。该学科讲的是心理因素可能对金融决策产生误导,尽管大家对这种误导的市场影响还颇有争议,但这一理念已广泛被人接受。研究人员发现,CFO会受到心理偏见的影响,因此他们的判断和决策也可能并非最佳。当把行为学原理应用到公司财务这一领域时,就会很容易解释为什么财务主管经常会错过实现公司价值最大化的机遇。
Behavioral finance, once a marginal subject, now appears in teaching activities at all business schools in the United States. The discipline teaches that psychological factors may mislead financial decisions, and despite all the controversy over this misleading market impact, the idea has been widely accepted. Researchers have found that CFOs can be affected by psychological prejudices, so their judgments and decisions may not be optimal. When applying the principles of behavior to the field of corporate finance, it is easy to explain why financial executives often miss the opportunity to maximize the value of the company.