El exceso de confianza y el statu quo dentro de la estructuración de capital: una perspectiva de las finanzas corporativas del comportamiento Thesis

short description

  • Undergraduate thesis

Thesis author

  • Morales Porras, Iván Leonardo


  • This paper presents an analysis of the financing decisions in a particular case of Merck Sharp & Dome S.A.S from the perspective of behavioral finance, comparing the methods currently used by the selected company, in terms of capital structure, with the traditional theory of corporate finance, to evaluate the theoretical and real performance. The incorporation of behavioral elements brings the possibility of studied the traditional decisions in the organizations but in a context of the behavioral corporate finance. this article focuses on the identification and understanding of biases such as overconfidence and status quo, and their involvement in funding decisions. Finally seeing that according to the traditional theory the process of structuring capital is guided by costs, but this case study allowed us to observed that in practice this cost-decision relation is in second place after the relationship of risk-decision about the capital structure decisions.

publication date

  • 2016-10-13


  • Behavioral corporate finance
  • Capital structure
  • Overconfidence
  • Statu quo

Document Id

  • b118c8cd-7c38-4cfd-af38-95f393e4a6c3