Crises financières : rôle de l'information et mimétisme légal
Several phenomena are at the origin of the stock exchange crises and the mimetic aspect of the behaviours of the investors would prevail on the fundamental analysis of the values. In this direction, the interpretation of information seems to play a central role in these particular events. One of the innovations of the current crisis is related to a world legislative alignment of financial accountancies. Standards IAS-IFRS would have had procyclic effects generated by a "legal herd behaviored". Fair Value [Chatelain and Levy 2007] and the pricing of the financial instruments, appeared to be one of the principal sources of the crisis.
|Date of creation:||31 Dec 2009|
|Date of revision:|
|Publication status:||Published in Gestion 2000, Recherches et Publications en Management A.S.B.L., 2009, pp.65-78|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00593988|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sushil Bikhchandani & Sunil Sharma, 2001. "Herd Behavior in Financial Markets," IMF Staff Papers, Palgrave Macmillan, vol. 47(3), pages 1.
- Blanchard, Olivier Jean, 1979. "Speculative bubbles, crashes and rational expectations," Economics Letters, Elsevier, vol. 3(4), pages 387-389.
- Meltzer, Allan H., 1976. "Monetary and other explanations of the start of the great depression," Journal of Monetary Economics, Elsevier, vol. 2(4), pages 455-471, November.
- V. V. Chari & Patrick J. Kehoe, 2003.
"Financial crises as herds: overturning the critiques,"
316, Federal Reserve Bank of Minneapolis.
- Chari, V. V. & Kehoe, Patrick J., 2004. "Financial crises as herds: overturning the critiques," Journal of Economic Theory, Elsevier, vol. 119(1), pages 128-150, November.
- V. V. Chari & Patrick J. Kehoe, 2003. "Financial Crises as Herds: Overturning the Critiques," NBER Working Papers 9658, National Bureau of Economic Research, Inc.
- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 1998. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 151-170, Summer.
- J. Bradford De Long & Andrei Shleifer & Lawrence H. Summers & Robert J. Waldmann, .
"Noise Trader Risk in Financial Markets,"
J. Bradford De Long's Working Papers
_124, University of California at Berkeley, Economics Department.
- Robert J. Shiller, 1987. "Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence," NBER Working Papers 2446, National Bureau of Economic Research, Inc.
- Rudiger Dornbusch & Stanley Fischer, 1984.
"The Open Economy: Implications for Monetary and Fiscal Policy,"
NBER Working Papers
1422, National Bureau of Economic Research, Inc.
- Rudiger Dornbusch & Stanley Fischer, 1986. "The Open Economy: Implications for Monetary and Fiscal Policy," NBER Chapters, in: The American Business Cycle: Continuity and Change, pages 459-516 National Bureau of Economic Research, Inc.
- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
- Mark Rubinstein., 2000. "Rational Markets: Yes or No? The Affirmative Case," Research Program in Finance Working Papers RPF-294, University of California at Berkeley.
- Garber, Peter M, 1990. "Famous First Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 35-54, Spring.
- Harrison Hong & Jeremy C. Stein, 2003. "Differences of Opinion, Short-Sales Constraints, and Market Crashes," Review of Financial Studies, Society for Financial Studies, vol. 16(2), pages 487-525.
When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00593988. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.