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Finance comportementale et fonds de pension

Author

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  • Anne Lavigne

    (LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

  • Florence Legros

Abstract

Behavioural finance has recently developed against the traditional efficient market hypothesis. It mainly focuses on individual behaviour. This paper presents a survey on the behavioural biases of pension funds. We argue that the strategic allocation of pension funds is subject to "abnormal" behaviours due to investment biases of the individuals affiliated to pension funds, mainly guided by their preferences and their beliefs. On the opposite, their tactical allocation is influenced by behavioural biases driven by the agency relationships between pension funds stakeholders.

Suggested Citation

  • Anne Lavigne & Florence Legros, 2006. "Finance comportementale et fonds de pension," Working Papers halshs-00135480, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00135480
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00135480
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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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    Keywords

    Finance comportementale; fonds de pension;

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