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L'hypoth�se de l'efficience des march�s : apports � l'�tude des investissements directs � l'�tranger

  • Floarea Iosub Dobrica


    (The Department of Economics, Quantitative Analysis and Business Information Systems, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University)

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    Traditionnellement, l'�tude des investissements directs � l'�tranger repose sur des hypoth�ses concernant surtout les march�s de biens et services sur lesquels op�rent les entreprises multinationales. Le paradigme OLI de Dunning devient ainsi le cadre usuel d'analyse des IDE. Dans ce cadre, les march�s de capitaux sont suppos�s respecter l'hypoth�se d'efficience des march�s. Tout arbitrage de nature financi�re est alors impossible, ne pouvant pas contribuer � expliquer les flux d'IDE. Des travaux r�cents attestent, pourtant, que les march�s de capitaux sont loin d'�tre efficients. Traduisant l'irrationalit� des investisseurs sur les march�s financiers, des �carts de valorisation des actifs peuvent ainsi �tre observ�s. Deux approches int�grant ces �carts de valorisation dans l'�tude des IDE prennent contour : l'approche des affaires « bon march� » et l'approche du « capital pas cher ». Une revue du cadre th�orique des IDE permettra d'illustrer les apports du rejet de l'hypoth�se d'efficience de march� � l'analyse des mouvements d'IDE des derni�res ann�es.

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    Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi.

    Volume (Year): 52-53 (2006)
    Issue (Month): (November)
    Pages: 95-100

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    Handle: RePEc:aic:journl:y:2006:v:13:p:95-100
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    Universitatea Al. I. Cuza; B-dul Carol I nr. 22; Iasi

    Phone: 004 0232 201070
    Fax: 004 0232 217000
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