When is market the benchmark? Reinforcement evidence from repurchase decisions

Reinforcement relative to an adaptive benchmark is a well-established model of behavior outside finance. Recently, reinforcement has been identified as an important driver of decisions to repurchase a stock. In this paper, we enrich the existing reinforcement model of repurchasing by an aspiration-b...

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Bibliográfalaš dieđut
Váldodahkkit: Jiao, P, Nax, H
Materiálatiipa: Working paper
Almmustuhtton: University of Oxford 2016