期刊名称：Cahiers de la Maison des Sciences Economiques
出版年度：2003
卷号：1
出版社：Centre d'Economie de la Sorbonne
摘要：Since the creation of the stock exchange markets, the scientist endeavoured to give them a theoretical representation. The mathematicians, tried to show that the Gaussian character of these markets should lead to neutralize any speculative temptation. The astrophysicists went further by refering to the Brownian movement. The economists, observe however, that these markets know an alternation of euphoric and depressive phases. Thus, the main question is : «how to beat the market ». Some, being based on the covariances analysis, recommend the portfolio diversification ; others are inclined to the reflexive interaction of the players and the market; others again, basing their theory on their own experiments, are very attentive to the intrinsic value of the company and preach a strong distinction between the investor and the speculator. Gradually the range of theoretical constructions widens up to include the chaos on a side and the gregarious behaviors of the other. Does the recent introduction of ethical indexes can remouve the doubts about the possibility of a true theorization of the financial markets?
