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Efficience des marchés : un siècle après Bachelier

  • Alexander S. Sangare
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    [eng] The efficient market theory : a century after the Bachelier’s thesis . A century after the publication of Bachelier’s thesis, the efficient market theory has made a so prodigious development during the last decades that the boundaries between mathematics, economics, business, and psychology are becoming blurred. Curiously the theory lives on its own contradictions : findings are confirming and contradicting themselves as analytical and empirical approaches dictate. The author reviews the advances of this prolific literature which seems no more suitable with the traditional classification of Fama. The general typology that the author proposes channels the research in this field among three paradigms : Informational efficiency ; Fundamental efficiency ; and Allocational efficiency. Although not entirely independent, these three paradigms use different approaches to answer the same question : are capital markets efficient ? . JEL classification : D52, D82, E44, G14 [fre] Un siècle après la publication de la thèse de Bachelier, la théorie de l’efficience des marchés a connu un développement prodigieux au cours des dernières décennies au point de rendre floues les frontières entre les disciplines mathématique, économique, managériale et psychologique. Curieusement, la théorie se nourrit de ses propres contradictions : les résultats se disent et se contredisent au gré des approches analytiques et empiriques. L’auteur a revu l’évolution de cette prolifique littérature qui ne semblait plus cadrer avec la classification traditionnelle de Fama. La typologie générale qu’il propose canalise les recherches dans ce domaine en trois paradigmes : l’efficience informationnelle, l’efficience fondamentale et l’efficience allocationnelle. Bien que n’étant pas indépendants, ces trois paradigmes correspondent à des approches différentes pour répondre à une même question : les marchés financiers sont-ils efficients ? . Classification JEL : D52, D82, E44, G14

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    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 81 (2005)
    Issue (Month): 4 ()
    Pages: 107-132

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_81_4_4015
    Note: DOI:10.3406/ecofi.2005.4015
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