The volume of transaction varies according to several factors. Of a point of view of the behavioural finance, a high level of this last can be assigned to a phenomenon of overconfidence or a disposition effect. This paper studies these two phenomena as well as the one of the asymmetry of the...

With the objective of understanding the human behavior to better value the financial assets, we try in this paper to introduce a conditional asset pricing model in the states of nature present in the market. This constitutes an application of prospect theory that tests the main hypotheses. Our...

Researches on the momentum effect are generally effectuated on aggregated portfolios consisting of both high and low performance stocks. This paper looks for the differences in the momentum effect at the firm level, through stocks with high and low performance, using the FMOLS method. This...

The hypothesis of financial market efficiency predicts that the stock prices show instantaneously all the applicable information available on the market (Fama, 1970). If the market is efficient, and if the investors are neutral to the risk, then the stock prices are unpredictable. This paper...

On the basis of a sample of Tunisian non-financial listed companies between 2001-2014, following the multiple regression technique, our results allow us to show that the determinants of the financial structure can have a negative relationship proxies (the level of debt) or positive proxies (the...

In an attempt to examine the influence of the leader's social relation on dividend distribution policy in a context of listed non-financial Tunisian firms, a multiple linear model is constructed in a period stretching between 2001-2014.Thus, our empirical study is based on the estimation of a...