BP's Failure to Debias: Underscoring the Importance of Behavioral Corporate Finance with Professor Hersh Shefrin (NYU)

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Complimentary Webinar Recording

BP's Failure to Debias: Underscoring the Importance of Behavioral Corporate Finance

Presented by Hersh Shefrin, Professor of Finance at Santa Clara University, faculty member Master of Science in Risk Management Program at NYU Stern

Original Webcast took place on April 21, 2011 


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Click here to view the presentation material


Based on the joint work with Enrico Cervellanti, University of Bologna this presentation will cover a behavioral analysis of BP, whose risk management practices in respect to capital budgeting decisions during the last decade have resulted in a series of high profile accidents, including the worst environmental disaster in U.S. history. The analysis uses BP as a vehicle to discuss the application of business processes and psychological pitfalls to analyze corporate culture, especially in respect to risk management. The presentation identifies weaknesses and vulnerabilities in BP's culture, makes comparisons with the corporate financial practices at other firms and offers suggestions about how BP can engage in debiasing. A key point is that insufficient knowledge of behavioral decision making resulted in analysts, investors and regulators attaching insufficient emphasis to the risks in BP's operations.

This webinar will last 60 to 75 minutes.


 

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PRESENTER: Hersh Shefrin is the Mario L. Belotti Professor of Finance at Santa Clara University. He also teaches in the Master of Science in Risk Management Program at NYU Stern. He received his PhD from the London School of Economics in 1974 and holds an honorary doctorate from the University of Oulu, Finland, and is an honorary guest professor at Central-South University in Changsha, China. His book Beyond Greed and Fear provides a comprehensive approach to behavioral finance, and in 2009 was recognized by J.P. Morgan Chase as one of the top ten books published since 2000. 

Among Professor Shefrin's other works include: A Behavioral Approach to Asset Pricing, Behavioral Corporate Finance, and Ending the Management Illusiion. His work entitled "Role of Behavioral Finance in Risk Management," appears as a chapter in Risk Management: A Modern Perspective, edited by Micheal Ong. According to a 2003 article that appeared in the American Economic Review, he is one of the top 15 economic theorists to have influenced empirical work. Professor Shefrin is frequently interviewed by the media on financial matters.


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To learn more about the Master of Science in Risk Management for Executives held jointly by NYU Stern School of Business and Amsterdam Institute of Finance (AIF), click here.


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