Journal of Financial Economics·Volume 126, Issue 1·October 2017·Pages 97-121

管理者是否对重大风险反应过度？ 来自飓风袭击的证据

作者：Olivier Dessaint（Rotman School of Management, University of Toronto）

Adrien Matray（Bendheim Center for Finance, Princeton University）

摘要： 我们研究当公司位于飓风灾区附近时，公司管理者如何应对飓风事件。我们发现，感知流动性风险的突然冲击导致管理者增加公司现金持有量，并在10-Ks/10-Qs（年度报表/季度报表）中表达对飓风风险的更多担忧，尽管实际风险保持不变。这两种效应都是暂时的。随着时间的推移，感知风险降低，偏差消失。感知风险和实际风险之间的扭曲很大，而现金的增加并不理想。总的来说，对飓风的管理反应与选择的显著性理论是一致的。

关键词：行为偏差，风险认知，公司现金持有量，可用性启发式，风险管理

Do managers overreact to salient risks? Evidence from hurricane strikes

Olivier Dessaint（Rotman School of Management, University of Toronto）

Adrien Matray（Bendheim Center for Finance, Princeton University）

ABSTRACT

We study how managers respond to hurricane events when their firms are located in the neighborhood of the disaster area. We find that the sudden shock to the perceived liquidity risk leads managers to increase corporate cash holdings and to express more concerns about hurricane risk in 10-Ks/10-Qs, even though the actual risk remains unchanged. Both effects are temporary. Over time, the perceived risk decreases, and the bias disappears. The distortion between perceived and actual risk is large, and the increase in cash is suboptimal. Overall, managerial reaction to hurricanes is consistent with salience theories of choice.

Keywords：Behavioral bias, Risk perception, Corporate cash holdings, Availability heuristic, Risk management

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X17301496#!

翻译：何杉