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dc.contributor.authorCharron, Jacques-Olivier
dc.date.accessioned2013-02-12T08:20:45Z
dc.date.available2013-02-12T08:20:45Z
dc.date.issued2013
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/11000
dc.language.isoenen
dc.subjectActionnairesen
dc.subjectJugementen
dc.subjectÉvaluationen
dc.subjectMarché financieren
dc.subject.ddc332en
dc.titleTransacting Without Pricing, Pricing Without Transactingen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe paper argues in favor of a radical disconnection between the exchange function and the valuation function of financial markets. It defends it from an investee’s point of view, mainly on the grounds that valuing financial assets is a matter of judgment. Financial assets do not have any intrinsic utility; hence allowing markets to price them implies their price changes are determined by expectations. These latter rely on information that can be variously framed and interpreted, hence no a priori and stable valuation criteria can prevail. Consequently, investees bear the consequences of judgments that do not meet basic criteria of justice. Insulating the valuation function from the transaction function of financial markets through the creation of independent valuation institutions could be a way to tackle this problem.en
dc.relation.isversionofjnlnameWorld Economic Review
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate2013
dc.relation.isversionofjnlpages48-53en
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen


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