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Gestion institutionnelle et volatilité des marchés financiers

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  • Éric Jondeau

Abstract

[fre] Le développement spectaculaire de la gestion institutionnelle au cours des dernières décennies a été accompagné du renforcement des mécanismes de contrôle des gestionnaires de fonds. Ces contraintes ont profondément modifié le comportement des gestionnaires, les incitant à adopter une vision de plus court terme et,une stratégie de gestion plus passive. Si elles peuvent avoir des effets notables sur la volatilité de court terme des titres, ces nouvelles composantes de la gestion institutionnelle ne paraissent pas toutefois jouer un rôle déstabilisateur. Tout au plus jouent-elles un rôle amplificateur des mouvements de prix sur les marchés financiers. . Classification JEL : G23, G14 [eng] Institutional asset management and Financial market volatility . The sharp increase in institutional asset management over recent decades has been accompanied by an increase in the control of individual investors over fund managers. These constraints have deeply affected the behaviour of fund managers, providing an incentive to adopt both shortened horizons and passive strategies. While it may have a significant effect on the short-term volatility of stocks, the recent development in the design of institutional management does not seem to contribute to large-scale misalignments. At the most, institutional investors are likely to accentuate financial price movements. . JEL classification : G23, G14

Suggested Citation

  • Éric Jondeau, 2004. "Gestion institutionnelle et volatilité des marchés financiers," Revue d'Économie Financière, Programme National Persée, vol. 74(1), pages 157-175.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_74_1_5037
    DOI: 10.3406/ecofi.2004.5037
    Note: DOI:10.3406/ecofi.2004.5037
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    Cited by:

    1. Anne Lavigne, 2006. "Gouvernance et investissement des fonds de pension privés aux Etats-Unis," Working Papers halshs-00081401, HAL.

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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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