Financial markets anomalies: a research review from the perspective of rational and irrational arguments

Yassire Elotmani, Omar Hniche, Nabil Sifouh, Khadija Oubal, Ismail Benslimane and Sanae Benjelloun
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Yassire Elotmani: UM5 - Université Mohammed V de Rabat [Agdal]
Omar Hniche: UM5 - Université Mohammed V de Rabat [Agdal]
Nabil Sifouh: UM5 - Université Mohammed V de Rabat [Agdal]
Khadija Oubal: UM5 - Université Mohammed V de Rabat [Agdal]
Ismail Benslimane: ERMOT - Laboratoire "Etudes et recherches en Management des Organisations et des Territoires" [Fez] - USMBA - Université Sidi Mohamed Ben Abdellah
Sanae Benjelloun: ERMOT - Laboratoire "Etudes et recherches en Management des Organisations et des Territoires" [Fez] - USMBA - Université Sidi Mohamed Ben Abdellah

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Abstract: The purpose of this paper is to analyze, through a theoretical synthesis, the various arguments provided by the financial literature in order to comprehend the nature of the irregularities observed in financial centers that contradict the Efficient Market Hypothesis (EMH). Our findings reveal differences of opinion regarding the nature of these anomalies; however, two groups of arguments can be identified. The first group concerns the rational explanations embraced by the proponents of the efficiency hypothesis, while the second group of arguments relates to the insights of behavioral finance, which support the notion of irrational behavior in order to explain the divergence of financial market dynamics from the rationality predicted by traditional finance.

Keywords: anomalies; efficiency; rationality; irrationality; financial markets (search for similar items in EconPapers)
Date: 2024-02-06
Note: View the original document on HAL open archive server: https://hal.science/hal-04936820v1
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Published in International Journal of Strategic Management and Economic Studies (IJSMES), In press, 3 (1), https://ijsmes.com/index.php/ijsmes/article/view/321. ⟨10.5281/zenodo.10625677⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04936820

DOI: 10.5281/zenodo.10625677

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