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Pourquoi le rendement moyen des actifs risqués est-il trop faible ? Le rôle de la concurrence entre fonds d'investissement

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  • Patrick Artus

Abstract

[fre] Nous partons de l'observation que le rendement moyen des actifs risqués (par exemple les marchés émergents) n'est pas assez élevé par rapport à celui des actifs moins risqués. . Nous modélisons plusieurs situations de concurrence entre des fonds d'investissement pour l'obtention de la gestion de l'épargne, et exhibons quelques cas vraisemblables où la demande pour l'actif plus risqué est trop élevée à l'équilibre par rapport aux goûts des épargnants finaux. [eng] Why is the average return on risky assets too low? The role of competition between investment funds. . . We start from the observation that the average return on risky assets (for instance emerging markets) is not high enough compared to the return obtained on less risky assets. We modelize several situations where investment funds compete to obtain the management of the financial wealth of final investors, and exhibit some realistic case, where the demand for the more risky assets is too large, in equilibrium compared to the one that would maximise the welfore of final investors.

Suggested Citation

  • Patrick Artus, 2000. "Pourquoi le rendement moyen des actifs risqués est-il trop faible ? Le rôle de la concurrence entre fonds d'investissement," Revue Économique, Programme National Persée, vol. 51(1), pages 207-222.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2000_hos_51_1_410491
    DOI: 10.3406/reco.2000.410491
    Note: DOI:10.3406/reco.2000.410491
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