Presidential Address: Corporate Finance and Reality
通过调查CFO，发现公司决策规则保守、粘性且择时，内部预测仅两年可靠，目标日益关注利益相关者和收入，这些实践可约束学术模型以更好解释现实。
ABSTRACT This paper uses surveys to document CFO perspectives on corporate planning, investment, capital structure, payout, and shareholder versus stakeholder focus. Comparing policy decisions today to those 20 years ago, I find that companies employ decision rules that are conservative, sticky, and geared to time the market; rely on internal forecasts that are miscalibrated and considered reliable only two years ahead; and emphasize corporate objectives that focus increasingly on stakeholders and revenues. These practice of corporate finance themes can discipline academic models toward better explaining outcomes. Models of satisficing decision‐making or costly managerial biases align with many of the themes.