Skip to Main content Skip to Navigation
Theses

Approches de la genèse des comportements mimétiques sur le marché des actions

Abstract : This PhD dissertation deals with the comprehension of the origin of herding behaviors, in financial markets. After a literature review, the development of Scharfstein and Stein's (1990) model enables us to structure several hypotheses on herding behavior, considered as a binary choice: to follow other agents or act as contrarian. Since herding behavior cannot be clearly proved by econometric tests, two alternative empiric approaches are successively envisaged. An exploratory questioning of portfolio managers bring fruitful testimonies on this topic.On the other hand, an experimental design, inspired from Cote and Sanders (1997), allows us to measure the variables at stake. The main contribution of this research is to provide concrete empiric elements on real herding behavior, and its reasons. The two essential factors revealed by these approaches are (1) the importance of the preservation of the manager's reputation and (2) the inverse correlation between herding behaviors and the ability of actors.
Document type :
Theses
Complete list of metadatas

Cited literature [57 references]  Display  Hide  Download

https://tel.archives-ouvertes.fr/tel-00688682
Contributor : Camille Meyer <>
Submitted on : Wednesday, April 18, 2012 - 1:56:46 PM
Last modification on : Thursday, November 26, 2020 - 12:40:02 PM
Long-term archiving on: : Thursday, July 19, 2012 - 2:25:36 AM

Identifiers

  • HAL Id : tel-00688682, version 1

Collections

Citation

Sylvain Marsat. Approches de la genèse des comportements mimétiques sur le marché des actions. Economies et finances. Université d'Auvergne - Clermont-Ferrand I, 2006. Français. ⟨NNT : 2006CLF10294⟩. ⟨tel-00688682⟩

Share

Metrics

Record views

671

Files downloads

8400