Early Evidence of "Finance for Normal People" in the First Era of Globalization.
In this paper, we unearth a forgotten study of Pierre Des Essars, the director of research at the Banque de France in the late 19th century, enriched with comments from contemporary financial analysts. Des Essars provides the first and only existing example of the actual composition of French indivi...
| Publicado en: | Kyklos Vol. 78; no. 2; pp. 718 - 729 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
May2025
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=184274590&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 184274590 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00235962 KYK jtl: Kyklos issn: 00235962 maglogo: Y pubinfo: dt: May2025 vid: 78 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 184274590 10.1111/kykl.12439 ppf: 718 ppct: 11 formats: fmt: – @attributes: type: T – @attributes: type: P size: 348KB tig: atl: Early Evidence of "Finance for Normal People" in the First Era of Globalization. aug: au: Merli, Maxime Parent, Antoine affil: LaRGE Research Center, EM Strasbourg Business School, University of Strasbourg, Strasbourg, France University Paris 8, LED, OFCE – Sciences Po and CAC‐IXXI, "Cliometrics and Complexity Institut Rhône – Alpin des Systèmes Complexes", Lyon, France su: Banque de France Individual investors Financial analysts Cognitive psychology Behavioral economics Nineteenth century sug: subj: Banque de France Miscellaneous Intermediation Individual investors Financial analysts Cognitive psychology Behavioral economics Nineteenth century keyword: behavioral portfolio theory cognitive psychology finance for normal people rationality of individual investors behavioral portfolio theory cognitive psychology finance for normal people rationality of individual investors ab: In this paper, we unearth a forgotten study of Pierre Des Essars, the director of research at the Banque de France in the late 19th century, enriched with comments from contemporary financial analysts. Des Essars provides the first and only existing example of the actual composition of French individual portfolios during the Belle Époque. By revisiting what is generally taught, our analyses show that many of the intuitions of "finance for normal people" were already present in the financial analysts' writings during the Belle Époque. Specifically, we show in an unprecedented way that these writings prefigure behavioral portfolio theory word for word a century before its emergence. In addition, our findings highlight that this popular science of investment was born from observations of individual portfolios and the objective of providing financial education for the masses. Finally, we reveal strong invariants in the construction of behavioral finance versus standard finance a century apart. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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