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Le court-termisme institutionnalisé : les effets de la gestion de portefeuille déléguée

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  • Sabine Montagne

Abstract

[fre] La gouvernance des investisseurs ne leur permet pas de développer des investissements de long terme. En déléguant la gestion de leur investissement à des firmes de gestion d'actifs et en externalisant l'évaluation vers des intermédiaires (consultants et agences de notation), ils ont contribué à la création de marchés de prestataires dominés par une logique de rendement à court terme. L'impératif de comparabilité des performances et la concurrence sur ces marchés ont, en effet, favorisé une évaluation des prestataires au moyen d'indicateurs synthétiques. Ces derniers représentent l'activité économique de manière abstraite et font obstacle à des représentations alternatives et spécifiques aux investisseurs de long terme. Parce que ces différentes pratiques ont été institutionnalisées en normes légitimes, il est aujourd'hui difficile d'en faire advenir de nouvelles. . Classification JEL : G20, C23, G24, L14, L22 [eng] Short-Termism as a Rule : the Effects of Portfolio Management Delegation . Because of their governance, investors are notable to develop long-term investment policies. While they have been outsourcing investment decision making to asset management firms and evaluation to intermediaries (consulting firms and credit raring agencies), they have contributed to the creation of markets of providers which are dominated by the logic of short-term profit. The dictates of performances comparison and competition have fostered evaluation of providers through synthetic indexes. These provide an abstract representation of economic activity that hinders alternative representations, specific to long-term investors. These various practises have been institutionalized into legitimate norms hard to be challenged. . JEL Classification : G20, G23, G24, L14, L22

Suggested Citation

  • Sabine Montagne, 2009. "Le court-termisme institutionnalisé : les effets de la gestion de portefeuille déléguée," Revue d'Économie Financière, Programme National Persée, vol. 9(1), pages 417-432.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_hos_9_1_5448
    DOI: 10.3406/ecofi.2009.5448
    Note: DOI:10.3406/ecofi.2009.5448
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    1. repec:dau:papers:123456789/1499 is not listed on IDEAS
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    3. Robert A. G. Monks, 2007. "Two Challenges for Fiduciary Capitalism," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(3), pages 486-492, May.
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    1. Jean-Christophe Duhamel & Réda Sefsaf, 2017. "Valeur de la gouvernance d'entreprise et gouvernance des valeurs de l'entreprise. Recherche sur les effets des codes de gouvernance et les stratégies de communication en matière de gouvernance," Working Papers halshs-01633982, HAL.

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    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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