We estimate in this paper a non probabilistic Markovien model of stocks prices with an evolutionary selection of heterogeneous strategies. We chose to proceed by estimation relating on 27 companies from the CAC 40 and the composite index corresponding to these 27 companies to avoid the risk of...

The main aim of this work is to incorporate selected findings from behavioural finance into a Heterogeneous Agent Model using the Brock and Hommes (1998) [34] framework. Behavioural patterns are injected into an asset pricing framework through the so-called ‘Break Point Date’, which allows...

Purpose – The purpose of this paper is to systematically profile investors’ personality traits to examine if, and how, those traits are associated with phenomena observed in financial markets. In particular, the paper looks at overconfidence and overreaction in an experimental foreign...

This article looks inside the black box of order flows to understand why order flows models of exchange rate are more competitive than traditional models of exchange rate. We set a theoretical model that relies on a behavioural exchange rate model and a microstructure model. The model puts...

This paper examines the behavioural finance aspects of developed countries which invest significantly in R%D, while trying to benefit from this investment, within the framework of the so called 'creative intelligence'. At this level, creative intelligence lies in the framework of the...

We employ the Barberis et al. (2005) methodology to investigate the impact of changes to the FTSE 100 index on return comovement 1992-2002. For FTSE entries, the average weekly increase in the beta coefficient is 0.38 in univariate regressions and 0.60 in bivariate regressions that control for...

This paper investigates the impact of social and psychological factors on the quality of boardroom decision-making. It is argued that bias in the boardroom undermines the monitoring function of boards, with a particularly negative impact on the functional independence of non-executive directors....

The findings of behavioural economics can help guide public policy, particularly regulatory design. While behavioural economics has only recently arisen as a defined discipline, many long-established regulations employed by governments are found to be consistent with the findings of behavioural...

This article advocates for more experimental finance research and emphasises that combining knowledge from various academic disciplines has the potential to inform all types of financial decisions. The psychology literature shows how the limits of human cognition affect financial...

Individual characteristics are important in explaining investor trading behaviour. The clients of a small cooperative bank are analysed over the three-year period 2005-2007 to measure the effect that age, gender, income, job position and status of online trader has on the number of stock trades...