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Impact des résultats passés sur l’aversion au risque de l’investisseur (The impact of past results on the investor's risk)

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Author Info

  • Eric VERNIER

    ()
    (labrii, ULCO)

  • Aymeric BOUCHIE DE BELLE

    ()
    (labrii, ULCO)

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    Abstract

    Dans un contexte de crise, il est facile de perdre ses repères, et les comportements irrationnels actuels, la panique généralisée des investisseurs le démontrent. Alors que de nombreuses cessations de paiement des ménages américains étaient constatées depuis plusieurs mois, de nombreux investisseurs ont continué à acheter des produits liés au marché des subprimes. Une lecture de l’histoire financière souligne le caractère récurrent et global des anomalies de marché. Le présent article cherche à savoir en quoi de bons résultats financiers passés influencent l’aversion au risque d’un investisseur. In a context of crisis, it is easy to lose its points of reference; the current irrational behaviours and the general panic of investors demonstrate it. While for sevenal months, many american households have been unable to meet their financial obligation, some investors have kept on buying financial products linked to the market of the subprimes. An interpretation of the financial history underlines the recurring and global character of the markets' abnormalities. The present article tries to know how good financial results achieved in the past can influence the investor’s risk aversion.

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    File Function: First version, 2009
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    Bibliographic Info

    Paper provided by Laboratoire de Recherche sur l'Industrie et l'Innovation. ULCO / Research Unit on Industry and Innovation in its series Working Papers with number 209.

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    Date of creation: Feb 2009
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    Publication status: Published in Cahiers du Lab.RII, Febrary 2009
    Handle: RePEc:rii:riidoc:209

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    Related research

    Keywords: irrational behaviors; financial history; investor’s risk aversion;

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