Behavioral Corporate Finance: An Updated Survey

This survey updates and extends a survey coauthored with Rick Ruback that was published in the Handbook in Corporate Finance: Empirical Corporate Finance, edited by Espen Eckbo, in 2007. We thank him for his many contributions that carried over to this version, and we thank Milt Harris for extensive and helpful comments. Baker gratefully acknowledges financial support from the Division of Research of the Harvard Business School. Malcolm Baker serve as a compensated consultant for Acadian Asset Management, a global equity manager and a director for TAL, a publicly traded lessor of containers and chassis. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.