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Impact des résultats passés sur l’aversion au risque de l’investisseur (The impact of past results on the investor's risk)

Eric Vernier () and Aymeric Bouchie de Belle ()
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Eric Vernier: labrii, ULCO
Aymeric Bouchie de Belle: labrii, ULCO

No 209, Working Papers from Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation

Abstract: Dans un contexte de crise, il est facile de perdre ses repères, et les comportements irrationnels actuels, la panique généralisée des investisseurs le démontrent. Alors que de nombreuses cessations de paiement des ménages américains étaient constatées depuis plusieurs mois, de nombreux investisseurs ont continué à acheter des produits liés au marché des subprimes. Une lecture de l’histoire financière souligne le caractère récurrent et global des anomalies de marché. Le présent article cherche à savoir en quoi de bons résultats financiers passés influencent l’aversion au risque d’un investisseur. In a context of crisis, it is easy to lose its points of reference; the current irrational behaviours and the general panic of investors demonstrate it. While for sevenal months, many american households have been unable to meet their financial obligation, some investors have kept on buying financial products linked to the market of the subprimes. An interpretation of the financial history underlines the recurring and global character of the markets' abnormalities. The present article tries to know how good financial results achieved in the past can influence the investor’s risk aversion.

Keywords: irrational behaviors; financial history; investor’s risk aversion (search for similar items in EconPapers)
JEL-codes: G14 G19 O16 (search for similar items in EconPapers)
Date: 2009-02
New Economics Papers: this item is included in nep-cfn and nep-upt
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Published in Cahiers du Lab.RII, Febrary 2009

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Persistent link: https://EconPapers.repec.org/RePEc:rii:riidoc:209

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