ARHIVELE OLTENIEI - Universitatea din Craiova

342Gheorghe Bică, Mădălina Constantinescusomebody. Thus, particular actions on the financial markets are not considered in aisolated manner, but often they are socially influenced.PsychologySociologyBehaviouralFinancesFinanceFigure 1 – Sciences linked by behavioural financeSource: Ricciardi, V.; Simon, H.K., What is Behavioural Finance? în: The BusinessEducation and Technology Journal, 2(1), 2000, p. 26 – 34.Figure 1 shows the interdisciplinary characteristics of the behaviouralfinance. Concluding, traditional finance represents the core of conceptual studiesof the behavioural finances, which integrates behavioural aspects from sociologyand from psychology. The oneness of the behavioural finances consists in theintegration and the grounding of these different scientific areas of research.■ The link between rumours and behavioural financesThe information’s evaluation, the manner that the information also, couldaffect the allocation of the limited resources represents the foundation on whichbehavioural finances is based. The rumours are a special form of information, sowe must analyse them from the financial point of view. Then, implicitly, therumours contain a social element, because without communication the rumourscan not be disseminated. Psychology is very important too because rumours canlead to anxiety and fear. In this case, people can not take a decision as usually.These characteristics make us to use behavioural finances in order toanalyse rumours, because this analysis is integrated in those sciences mentionedbelow. First, our analyse stars from the individual level, when a investigationdecision is analysed and the second is represented by the aggregate market level.Initially, behavioural finances find the circumstances in which people take ainvestment decision which deviates from a perfect rational behaviour postulatedby the traditional theory of finances. Secondly, behavioural finances claim,together with some another factors, non-perfect rational behaviour as beingresponsible for the failure of Efficient Market Hypotheses (EMH).■ Financial markets as a favourable background for rumoursFinancial markets are always a propitious background for rumours becausein the universe of transactions all the actions are based on news. The acquaintanceof the participants to these transactions by the participants of another kind ofmarkets can be a way to have a real benefit on financial markets. Like a trader