Managerial optimism: New observations on the unifying theory
回顾了管理者乐观主义作为统一理论的发展，通过测度变换将风险厌恶的乐观转化为风险中性概率，发现其随财富变化可呈悲观或乐观，对过度乐观管理者的薪酬激励有启示。
Abstract Managerial optimism theory is behavioral finance's greatest achievement. It explains two prominent features of corporate financial behavior – over‐investment and pecking‐order capital structure preferences – that otherwise require two different theories with mutually incompatible assumptions about managerial loyalties to shareholder‐value maximization. After reviewing the development of managerial optimism as a unifying theory, I use a simple change of measure to transform risk‐averse optimism to risk‐neutral probabilities that can be pessimistic or optimistic depending on wealth changes. This unexplored feature has implications for, among other things, pay for performance when managers are excessively optimistic.