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