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La financiarisation de l’économie : Une nouvelle variante du capitalisme qui a impacté la structure des marchés financiers : cas du Maroc
Get PDFLa financiarisation est le modèle systémique de richesse dans le capitalisme qui découle de l'effondrement du système de Bretton Woods. C'est un modèle qui, simultanément, a stimulé et résulté d'un ensemble de changements dans les systèmes monétaires et financiers. Parmi ces changements, on peut citer la consolidation d'un standard de dollar flexible ; la gestion du patrimoine financier par les investisseurs institutionnels; la libéralisation financière et la déréglementation économique (Boubel et al., 2004).
La fin du système de Bretton Woods et l'avènement de la « diplomatie du dollar fort », qui s'exprime surtout lors du choc des taux d'intérêt en 1979, inaugurent une nouvelle ère d'instabilité pour les principaux pays, principalement ceux de la périphérie du capitalisme (Tavares & Fiori, 2019) et ont donné naissance à un nouveau modèle systémique de richesse ; la financiarisation, dans lequel les opérations avec des actifs financiers ont reçu une importance accrue dans la gestion de la richesse. Cet article a pour objectif de montrer l'impact de la financiarisation de l’économie sur la structure du marché financier marocain, ainsi de mettre en relief le rôle dynamique des investisseurs institutionnels
Behavioral biases influencing the investment decision-making process of institutional investors
No full textRésumé :
Dans la vie quotidienne, les gens doivent prendre plusieurs décisions, grandes ou petites. Peu de choix sont faciles et semblent simples, tandis que d'autres sont complexes et nécessitent un processus en plusieurs étapes pour prendre les bonnes décisions. Cette étude évalue l'impact des biais comportementaux auxquels les investisseurs institutionnels doivent faire face au moment de la prise de décision d’investissement. Le biais comportemental est défini comme un modèle de variation du jugement qui se produit dans des situations particulières, ce qui peut parfois conduire à une altération de la perception, à un jugement inexact, à une interprétation illogique ou à ce que l'on appelle généralement l'irrationalité. La prise de décision est le processus mental ou cognitif qui aboutit à la sélection d'un plan d'action parmi plusieurs situations alternatives. Chaque processus de prise de décision se termine par un choix final. L'objectif de cette étude est de préciser l’impact des biais comportementaux bien précisément ; le biais d'excès de confiance, l’effet de troupeau, le biais de représentativité, et le biais domestique sur la prise de décision d’investissement chez les investisseurs institutionnels. Tout d’abord, nous allons présenter les biais émotionnels et cognitifs, ensuite, nous allons expliquer théoriquement le processus de la prise de décision d’investissement et les stratégies d’investissement des investisseurs institutionnels, pour pouvoir finalement définir l’impact des biais comportementaux les plus dominants sur la prise de décision d’investissement des investisseurs institutionnels à partir des études antérieures.
Mot clés : Biais comportementaux, Biais d'excès de confiance, Effet de troupeau, Biais de représentativité, Biais domestique, Investisseurs institutionnels, Décision d’investissement.
Abstract:
Nowadays people must take variety of large or small decisions. Some choices are easy and simple, while others are complex and require a multi-step approach in making the right decisions. This study evaluates the impact of behavioral biases that institutional investors must face while making investment decision. Behavioral bias is defined as a pattern of variation in judgment that occurs situations, which may sometimes lead to perceptual alteration, inaccurate judgment, illogical interpretation, or what is largely called irrationality. Decision making is the mental or the cognitive process that results in the selection of a course of action among several alternative situations. Every decision-making process comes to its end with a final choice. The aim of this study is to specify the impact of behavioral biases such as overconfidence bias, herding bias, representativeness, and home bias on investment decision making among institutional investors.
First, we are going to present emotional and cognitive biases, then we will try to theoretically explain the processes of investment decision making and investment strategies of the institutional investors, and finally we will evaluate and define the impact of these behavioral biases on the investment decision making of the institutional investors following the previous studies in literature.
Keywords: behavioral biases, overconfidence bias, herding bias effect, representativeness, home bias, institutional investors, investment decision
La théorie de la finance traditionnelle contre la théorie de la finance comportementale
No full textAccording to traditional finance theorists, in an efficient market, investors think and behave "rationally" when trading, buying, and selling stocks, and each investor considers carefully all available information before making any trading or investment decisions. The theory of the financial market efficiency or efficient market hypothesis (EMH) corresponds to the theory of competitive equilibrium applied to the financial securities market. Indeed, efficiency assumes the atomicity of the market actors and that all the participants are in active competition with the aim of maximizing profits, so that none of them can alone influence the level of prices which will establish themselves in the market.
However, behavioral finance, whose main purpose is to study the real behavior of investors in the financial markets, based on social and cognitive psychology, has come to demonstrate with convincing evidence that investors make major systematic errors and that psychological biases affect investors' investment decision-making. In other words, behavioral finance claims that investors tend to have psychological and emotional biases that lead to making irrational investment decisions.
In this article, we will try in the first part to examine the nature and the extent of knowledge on the theory of the financial markets efficiency, one of the fundamental paradigms in traditional finance. Despite its considerable contribution to economic and financial theory, it has been hotly contested in recent years. In the second part, we will focus on the theory of behavioral finance, its main theory (prospect theory), its main biases and heuristics as well as its contribution and its limits.
JEL Classification: G41
Paper type: Theoretical Researchcomportent « rationnellement » lorsqu'ils négocient, achètent et vendent des actions, et chaque investisseur tient soigneusement compte de toutes les informations disponibles avant de prendre des décisions d'investissement. La théorie de l’efficience des marchés financiers correspond à la théorie de l’équilibre concurrentiel appliquée au marché des titres financiers. En effet, l’efficience suppose l’atomicité des agents et que les participants sont en concurrence active dans le but de réaliser des profits, de telle sorte qu’aucun d’entre eux ne puisse à lui seul influencer sur le niveau des prix qui s’établiront sur le marché.
Cependant, la finance comportementale, ayant pour finalité l’étude des comportements réels des investisseurs au niveau des marchés financiers, en se basant sur la psychologie sociale et cognitive, est venue démontrer avec des preuves convaincantes que les investisseurs commettent des erreurs systématiques majeures et que les biais psychologiques affectent la prise de décision d'investissement des investisseurs. En d'autres termes, la finance comportementale prétend que les investisseurs ont tendance à avoir des préjugés psychologiques et émotionnels qui conduisent à l'irrationalité.
Dans cet article, nous allons essayer dans une première partie d’examiner la nature et l’étendue des connaissances sur la théorie de l’efficience des marchés financiers l’un des paradigmes fondamentaux en finance traditionnelle. En dépit de son apport considérable à la théorie économique et financière, elle se trouve vivement contestée depuis ces dernières années. En deuxième partie, nous allons nous focaliser sur la théorie de la finance comportementale, sa principale théorie (théorie des perspectives), ses principaux biais et heuristiques ainsi que son apport et ses limites.
Classification JEL : G41
Type de l’article : Article théorique
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
koamabayili/VECTRON-author-checklist: VECTRON author checklist
No full textWe have done our best to complete the author checklist relating to the use of animals in the hut study. Note that the objective for the hut study was to evaluate the IRS treatment applications for residual efficacy against Anopheles mosquitoes, including the local An. coluzzii mosquito population. Cows were only used to attract mosquitoes into the huts and no tests were carried out directly on the cows. The author checklist is intended for use with studies where experiments are carried out on animals, which is why we have had such difficulty in completing this for the hut study, as many of the questions do not relate to how the cows were used
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