La « finance comportementale »: un état des lieux

Nihat Aktas

Reflets et perspectives de la vie économique, 2004, vol. XLIII, issue 2, 19-33

Abstract: After a detailed exposition of the behavioral underpinnings of the standard version of the EMH, this contribution is aiming at characterizing the specificities of « behavioral finance». This new area is explicitly taking into consideration the existence of « noise traders», i.e. market participants who are making decisions based on beliefs and emotions rather than on « rational» valuation based on economic fundamentals. They therefore cause inefficiencies in the pricing system, due to the costs and risks borne by rational « arbitrageurs» who are striving to bring prices back to the fundamental value.

Keywords: Financial markets; efficient market hypothesis; behavioral finance (search for similar items in EconPapers)
Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RPVE_432_0019 (application/pdf)
http://www.cairn.info/revue-reflets-et-perspective ... e-2004-2-page-19.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:rpvedb:rpve_432_0019

Access Statistics for this article

More articles in Reflets et perspectives de la vie économique from De Boeck Université
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().