摘要:

AbstractThis paper examines the management of foreign exchange risk in multinational corporations in light of the conclusions of previous empirical and theoretical investigations into decision making under uncertainty. Cognitive perceptions of risk and uncertainty are shown to underlie the hedging decisions made by corporate treasury managers, which are often demonstrably sub‐optimal in a Bayesian expected utility framework. The findings suggest that simple principal‐agent approaches to explaining seemingly sub‐optimal corporate risk management preferences are inadequate inasmuch as they fail to account for the markedly different perspectives on risk and uncertainty taken by financial economists (qua economists) and corporate financial risk man

ISSN:0894-3257    

DOI:10.1002/bdm.3960060102

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractBased on a two‐dimensional model of affect that views Pleasantness and Arousal as affect's two primary dimensions, this study investigates the effects of emotions on choice processes and outcomes. In Study 1, subjects first described their naturally occurring emotional state and then performed two multi‐attribute product choice tasks. Subjects in more pleasant mood deliberated longer, used more decision‐related information, re‐examined more previously examined information, and made more interdimensional moves. Subjects in more aroused mood spent less time deliberating, revealed less information, ignored more product‐describing attributes, and re‐examined less of previously examined information. Study 2 replicated many of these effects with experimentally manipulated emotions and using a managerial decision‐making task. The results are interpreted in terms of (1) a congruency between one's hedonic state and selected decision strategy and (2) a restriction in attentional capacity induced by incr

ISSN:0894-3257    

DOI:10.1002/bdm.3960060103

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

摘要:

AbstractThe impact of motivational and cognitive factors on post‐decisional confidence (PDC) level was tested in two experiments. In the first experiment, subjects were first identified as having an intuitive preference toward using either a compensatory or a noncompensatory decision strategy and later on were forced to use either a compatible or a non‐compatible strategy. PDC level decreased after using a noncompensatory strategy, and the decrease was higher when it was a noncompatible strategy. In a second experiment, subjects received feedback about their preferred strategy but were not later forced to use any specific strategy. Most subjects continued to utilize their preferred strategy and PDC level was not changed. Overall, intuitive PDC was not found to be sensitive to differences between compensatory and noncompensatory strategies. The result suggested that PDC is a function of an internal cost‐benefit analysis which includes both cognitive and motivational fa

ISSN:0894-3257    

DOI:10.1002/bdm.3960060104

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

ISSN:0894-3257    

DOI:10.1002/bdm.3960060105

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY

ISSN:0894-3257    

DOI:10.1002/bdm.3960060101

出版商:John Wiley&Sons, Ltd.    

年代:1993

数据来源: WILEY