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Valuing financial assets out of markets: a case for disconnecting the valuation function from the exchange function of financial markets

Charron, Jacques-Olivier (2013-07), Valuing financial assets out of markets: a case for disconnecting the valuation function from the exchange function of financial markets, "Political Economy, Activism and Alternative Economic Strategies" : International Initiative for Promoting Political Economy, Fourth Annual Conference in Political Economy, 2013-07, La Haye, Pays-Bas

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Valuing financial assets.pdf (160.0Kb)
Type
Communication / Conférence
Date
2013-07
Conference title
"Political Economy, Activism and Alternative Economic Strategies" : International Initiative for Promoting Political Economy, Fourth Annual Conference in Political Economy
Conference date
2013-07
Conference city
La Haye
Conference country
Pays-Bas
Pages
13
Metadata
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Author(s)
Charron, Jacques-Olivier
Abstract (EN)
The 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.
Subjects / Keywords
investee; investor; judgment; valuation; financial markets; Investissements; Actionnaires; Évaluation; Places financières; Marché financier

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