La finance comportementale : Un état des lieux
(2004) Reflets et perspectives de la vie économique — Vol. XLIII, n° 2 (2004)
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- Authors
- 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.
- Affiliations
Louvain School of Management Accounting & Finance
Citations
Aktas, N. (2004). La finance comportementale : Un état des lieux. Reflets et perspectives de la vie économique, XLIII(2). https://doi.org/10.3917/rpve.432.0019 (Original work published 2004)