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Are normative models in Finance realistic?

Author

Listed:
  • David Peón

    (Grupo BBVA and Departamento de Economía Financeira e Contabilidade, Universidade da Coruña, A Coruña, Spain)

  • Manel Antelo

    (Departamento de Fundamentos da Análise Económica, Universidade de Santiago de Compostela, Santiago de Compostela, Spain)

Abstract

En este artículo abordamos cómo los agentes que adquieren productos financieros toman sus decisiones de inversión. El objetivo es averiguar si las pautas de actuación emanadas de las modernas teorías de Finanzas se reproducen o no en la práctica. Para ello ofrecemos una panorámica de las principales teorías financieras de tipo normativo y descriptivo, así como evidencia empírica del comportamiento de los inversores. La conclusión es que el comportamiento de los inversores suele discrepar a menudo de las indicaciones ofrecidas por las teorías financieras de carácter normativo.

Suggested Citation

  • David Peón & Manel Antelo, 2012. "Are normative models in Finance realistic?," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 35(98), pages 89-99, Agosto.
    • Handle: RePEc:cud:journl:v:35:y:2012:i:98:p:89-99
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    More about this item

    Keywords

    Models in Finance; Investor behaviour; Biases;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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