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Les déterminants de la décision d'achat des investisseurs individuels : l'exemple français

Abstract : This dissertation draws from a sample of 13 000 clients of an online broker and 1.3M movements of buys and sells from January 2006 to June 2008. The results show that:1/ By regressing the buys and sells to the returns of the domestic index (CAC 40), the french individual investors have a contrarian behavior. This result is in line with the existing literature on "noise traders" and the market liquidity.2/ Through logistic regression of the purchase decision, we show that sophistication (that we proxy with the use of the SRD), is a strong factor explaining the purchase decision.These results can bring insights to the financial industry and help to the development of the financial litteracy.
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  • HAL Id : tel-02426198, version 1

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Daniel Haguet. Les déterminants de la décision d'achat des investisseurs individuels : l'exemple français. Gestion et management. Université Nice Sophia Antipolis, 2016. Français. ⟨NNT : 2016NICE0003⟩. ⟨tel-02426198⟩

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