期刊名称：Asian Journal of Business and Management Sciences
电子版ISSN：2047-2528
出版年度：2013
卷号：3
期号：05
页码：29-41
出版社：Society for Business Research Promotion
摘要：The search for understanding the behaviour of capital markets has generated several attempts to model their functioning. The models have evolved from those based on hypotheses on the existence of favourable conditions for negotiations between investors regarding transaction costs, information asymmetry, and other barriers to trade flow. Nevertheless, some questions raised by empirical studies still lack a widely accepted explanation derived from these models. The new study field of behavioural finances opens new possibilities for the understanding of such questions by flexibilising the premise that investors act unlimitedly in a rational way in terms of market decisions. This work explores and discusses how this new theoretical field can shed lights on four controversial questions whose definitive explanation cannot be given by the classic market theories: the asymmetric relationship between prices and trade volume; cash dividend payment by major corporations; over-valorisation of popular company assets, and policy favouring assets of local companies in the composition of investment portfolios. By means of a bibliographic review, it is possible to conclude that behavioural theories provide not only an alternative model for explaining the relationship between prices and trade volumes, but also arguments supporting the existence of systematic human judgement failures which, in turn, would account for the other three questions. Full Text
