Titre : |
Irrationality in the French Investor |
Type de document : |
Mémoire |
Auteurs : |
Ethan DRAY, Auteur |
Année de publication : |
2021 |
Importance : |
53 p. |
Note générale : |
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Langues : |
Anglais (eng) |
Mots-clés : |
Management INVESTISSEMENT ; RENTABILITE ; MARCHE FINANCIER
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Résumé : |
Over the last two decades, financial markets have evolved dramatically, driven by deregulation, decompartmentalisation and disintermediation of the system. The multiplication of financial products and the internationalisation of markets have responded to the need for optimal allocation of savings at the global level and have allowed the development of arbitrage, hedging and speculation operations. This increase in the supply of financial products has greatly modified the behaviour of economic agents. Indeed, until the early 1970s, most savers were looking for liquid investments with no risks and low returns. After the oil shocks, the inflationary movements that followed and the multiplication of financial products gradually led them to change their investment profile to seek riskier but also more beneficial products. In parallel with this change in agent behaviour, financial markets have made important structural changes to cope with the massive demand. For the most part, they have moved from a fixed-quotation mode, where transactions and order collection were carried out over specific time intervals, to one where trades are recorded almost continuously (every second for the most liquid securities).
The development of a portfolio strategy is the main issue in maintaining the long-term performance of an investment. The performance of this portfolio should be understood as the best risk/return trade-off for a given asset.
However, the asset allocation industry takes into account factors that significantly change the way wealth is distributed.
In this context, one can clearly imagine that the so-called "strategic" asset allocations can be a vector to face major challenges: it is a personalized offer aiming at ensuring the performance of the portfolio and also taking into account the new strategies.
Risk management is an essential component of understanding and optimizing one's portfolio. There are many models that provide a scientific and mathematical approach to the problems associated with optimizing a portfolio of assets, one of the most widely recognized and used is the "modern portfolio theory" established by Markowitz in 1952.
We will look at the current trend through savings flows but also at the state of play at the end of 2020 through the composition of financial assets held. |
Programme : |
MSc Finance & Big Data |
Permalink : |
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