Finance - Research Publications

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Start date: 2010 × End date: 2019 × Author: Pinder, Sean ×

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    Documenting the functional form of dynamic risk-taking behaviour in a real options context using sporting contests
    Pinder, S ; Easton, S ; Stern, S (Wiley, 2018-11-01)
    Changes in risk-taking behaviour based on interim performance are examined in high-stakes competition. A real options framework is used to provide a richer characterisation of risk-taking behaviour than examined in extant studies. This framework is applied to an examination of ball-by-ball data from 1207 cricket matches. Consistent with modelled expectations, risk taking is found to increase (decrease) at a decreasing rate following below par (above par) interim performance. This result is especially strong in situations where the resources remaining are low, a result predicted by the real options model.
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    Narratives in managers' corporate finance decisions
    Coleman, L ; Maheswaran, K ; Pinder, S (WILEY, 2010-09)
    Abstract This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.