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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| 格式: | Working paper |
| 出版: |
University of Oxford
2016
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