L' impact de la pandémie de COVID-19 sur la relation entre les facteurs d'incertitude, les biais comportementaux des investisseurs et la réaction boursière des Fintech américaines
DOI :
https://doi.org/10.59051/joaf.v13i1.557Mots-clés :
Fintech ; COVID-19 ; facteurs d'incertitudes; biais comportementaux des investisseurs, réaction des marchés boursiers, méthode des moindres carrés ordinairesRésumé
Objectif : Le but de l’étude est d’identifier l’impact de la pandémie COVID-19 sur la relation entre les facteurs d’incertitudes (volatilité des marchés boursiers -maladies infectieuses, incertitude de la politique économique et le stress financier) et les biais comportementaux des investisseurs (le comportement grégaire, l’aversion aux pertes, la comptabilité mentale et l’excès de confiance) avec les rendements anormaux du marché Américain de la Fintech.
Méthode : Pour parvenir à cet objectif, cet article fait recours au test de cointégration de Johensen, test de causalité de Granger et méthode des moindres carrés ordinaires pour la période allant du 16 Juillet 2016 au 31 décembre 2021.
Résultats : Les résultats obtenus démontrent qu’il existe une relation à long terme entre les variables étudiées avant et durant la période de la pandémie COVID-19. En fait, ces résultats indiquent que cette pandémie est une source cruciale pour résulter des rendements anormaux dans le marché boursier américain de la Fintech. En particulier, pendant l’épidémie de COVID-19, le marché Fintech a sous-réagi au signal commun de stress financier. De plus, les biais comportementaux, en particulier l'excès de confiance et le comportement grégaire, ont un effet positif sur la réaction anormale du marché boursier américain de la Fintech, comparativement à la période avant COVID-19.
Originalité/ Pertinence: Cette étude est l'une des rares études qui ont comparé l’effet des biais comportementaux et des facteurs d'incertitude sur la réaction du marché américain de la Fintech avant et pendant la pandémie COVID-19.
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