Focal points and firm risk
基于March-Shapira模型，研究企业相对行业地位如何影响其风险状况，发现股权回报、经营现金流、收购活动、营运资本和资本结构决策中均存在显著的焦点效应。
Abstract The ‘better than average’ effect suggests that relative industry standing should serve as an important focal point for corporate managers. March and Shapira ( Psychological Review , 99 , 172–183, 1992) develop a framework to analyze the impact of focal points on firms’ risk profiles. This paper uses the March–Shapira model to investigate the relationship between firms’ relative industry standings and their risk profiles. We find that firms’ equity returns display strong March–Shapira effects. When we examine the different firm decisions that impact risk, we find the strong presence of March–Shapira effects in firms’ decisions about operating cash flows, diversifying acquisition activity, working capital, and capital structure.