Finance comportementale et fonds de pension

Anne Lavigne and Florence Legros ()

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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 "abnormal" behaviours due to investment biases of the individuals affiliated to pension 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: Finance comportementale; fonds de pension (search for similar items in EconPapers)
Date: 2006
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00135480
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Working Paper: Finance comportementale et fonds de pension (2006)
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