REVUE DE LITTERATURE DE L'IMPACT DES BIAIS COMPORTEMENTAUX SUR LES DECISIONS FINANCIERES DES INVESTISSEURS DANS LES MARCHES FINANCIERS

Résumé

The 1960s witnessed the advent of the concept of Financial market efficiency developed as a result of the work of FAMA and MARKOVITZ. Today, even if this concept constitutes the hard core of modern finance, it is the subject of many criticisms from Behavioural Finance advocates who have noted a number of anomalies aimed at contradicting the theory of the efficiency of Financial markets, particularly during the crisis of the 2000s and more recently the Subprime crisis. Indeed, recent studies from Behavioural Finance show that investors are subject to cognitive biases that are likely to change both their beliefs and their preferences. This work has therefore called into question the hypothesis of investor rationality and, at the same time, the corollary of the informational efficiency of Financial markets.