Un nouveau regard sur le paradoxe de Bowman

Frantz Maurer

Revue française de gestion, 2007, vol. n° 173, issue 4, 85-105

Abstract: This article examines the risk-return relationship from a sample of 34 firms listed on the CAC 40 stock market index over the period 1993-2002. Two distinct risk measures are used: ordinal strategic risk and the conventional variance of returns. The total sample is then divided into two sub-samples employing the median performance criterion. The aim is to evaluate reality of Bowman?s paradox and validity of arguments derived from prospect theory used to explain it. The results suggest reconsidering the traditional approach of Bowman?s paradox.

Date: 2007
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