ARHIVELE OLTENIEI - Universitatea din Craiova

346Gheorghe Bică, Mădălina Constantinescubenefit. The application of both behavioural finance and neoclassic can be use toreform the social security and to introduce personal account.It seems that the history of financial theory from the half of the lastcentury can be systematised in the terms of two distinctive revolutions. First, itwas the neoclassic revolution which begins with the capital price pattern and thetheory of efficient markets, in 1960, and the inter-temporal pattern of the capitalprice, plus the theory of arbitrating based on the options price in 1970 7 .Behavioural perspective was the second revolution in finance and it begins in1970, once with the question of the volatility of the financial markets, with thediscovery of numerous anomalies and with the intention to incorporate infinancial theory the theory of Kahnemman and Tvesky and some other theoriesfrom psychology.The two revolutions took place in different period of time and they werepropagated by different people so that we can think that they are really different.In reality, the two revolutions are interfering and some of the most importantapplications of them necessitated the use of the two methods.■ Empirical studies about the rumours on the capital marketsIn one of the first studies, A.M. Rose 8 analysed, on a short period of time,the influences of the rumours to the share prices taking as example Americanshare between 1937 – 1938 and 1948 – 1949. The study is based on the theorythat if “a rumour influences share markets a few days, then it will create aunidirectional trend in share prices of that days” 9 . Unidirectional means, forA.M. Rose, that the price moves to a single direction (up or down) in a shortperiod of time. J. Pound and R. Zeckhauser 10 have investigated the effects of therumours undertaken from Wall Street Journal. In their example they take intoconsideration every day rumours from January 1 st to December 31 st . Thefollowing conclusions are representative. First, markets react efficiently to thatrumours that are published, appreciating correctly the probability that the rumourto be fallowed by the request entered into function. They conclude that there isno big benefit from buying or selling shares of the firms that are the subject ofthe rumours. Some participants that are very close to the market could profit by7 The term neoclassic economy is more used than neoclassic finances. While thedefinitions seems to varied nowadays, neoclassic economy refers to the introducing in economicaltheory of the ending of XIX century by Stanley Jevons, Alfred Marshall, Carl Menger and LeonWalras of the concept called the maximisation of utility and is consequences to the generalequilibrium. These concepts are definitive to neoclassic finances too. Stephen A. Ross, in his workNeoclassical Finance (2005), states that the results of the neoclassic finances are non-arbitratingtheory, Kernel price theory and efficient markets.8 A. M. Rose, Rumor in the stock market, in: Public Option Quarterly, 15(3), 1951,p. 461-468.9 A. M. Rose, op. cit., p. 468.10 J. Pound, R. Zeckhauser, Clearly heard in the street: The effect of takeover rumours onstock prices, in: Journal of Business, 63(3), 1990, p. 291-308.