Finance comportementale et fonds de pension

Anne Lavigne and Florence Legros ()
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Florence Legros: SDF - Laboratoire Structure et Dynamiques Financières - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: Behavioural finance has recently developed against the traditional efficient market hypothesis. It mainly focuses on individual behaviour. This paper presents a survey on the behavioural biases of pension funds. We argue that the strategic allocation of pension funds is subject to "anormal" behaviours due to the investment biases of the individuals affiliated to pensiob funds, mainly guided by their preferences and their beliefs. On the opposite, their tactical allocation is influenced by behavioural biases driven by the agency relationships between pension funds stakeholders.

Keywords: Behavioral Finance; Pension Funds; Agency relationships.; Finance comportementale; fonds de pension; relations d'agence.; relations d'agence (search for similar items in EconPapers)
Date: 2006-01-06
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00007693v1
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Working Paper: Finance comportementale et fonds de pension (2006)
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