Conference Presentations by Mihai Chisu
Strategica International Academic Conference, 2018
The basic expression of today's decision base in any banking institution or asset management comp... more The basic expression of today's decision base in any banking institution or asset management company is risk management. Nothing new would say, its risk and profound implications have been the subject of study since the beginning of the last century when Knight, von Neumann, Morgenstern, or Arrow prefetted this field. And yet, why today, more than ever, does everything go from interpreting it in a way that becomes almost obsessive? Often invoked risk management motivation leads us into a banking system that fails to credit the economy, companies have increasingly difficult access to finance, whole sectors suffer, large companies collapse. The question that is naturally born is what has changed in the interpretation of risk in recent years? Can we talk about a subjective element that defines the risk? Referring to modern times, we notice that the barrier that delimits this change of paradigm is 2008, a time that has fundamentally transformed the approach of risk, not necessarily its quantification. This is why we need to address the risk through human behavior with its subjective valences and its implications for decision-makers.
International conference of business excellence, 2018
This presentation reviews some real examples from a trading daily basis behavior proving the sent... more This presentation reviews some real examples from a trading daily basis behavior proving the sentiment is one of the most important drivers when it comes to investment decision. During decades of studying and observing the financial markets we have seen different approaches in the light of many prestigious writers. Are we rational enough to be good candidates for Fama's theory of Efficient Market Hypothesis? Is it true what John Maynard Keynes stated 90 years ago when he said "the market is subject to waves of optimistic and pessimistic sentiment"? Is the financial behavior the new trend in the financial markets? Are Daniel Kahneman (Nobel Prize winner 2002) and Amos Tversky the new challengers in the market theories league? Future research should concentrate on various symptoms of sentiment and what makes investors become prone to sentiment. This is an important issue to be debated since investors constantly have to analyze, process and interpret huge data of information which provides the basis for their actions.
Future of Europe Conference, 2018
Capital markets around the world are classified according to relevant criteria that give them eco... more Capital markets around the world are classified according to relevant criteria that give them economic dimension, evolution, accountability, dynamics, transparency, safety. All of these criteria and categories come to help all types of investors, from retail investors to large institutional investors, to better define the risks associated with those markets, to have a clearer picture of the expectations and reversals of those capital markets, existing or potential advantages and disadvantages. The Romanian capital market is at an important moment of its existence with real chances of evolution in the emerging markets universe. Criteria and relevant indicators, indexes and investor typologies.
Papers by Mihai Chisu
Romanian Economic and Business Review, 2019
In order to understand the capital market and the principles underlying its administration, it is... more In order to understand the capital market and the principles underlying its administration, it is necessary to know, on the one hand, the economic and financial models that express its balance and its performance in the context of globalization and, on the other hand, explain, in scientific terms, people’s behaviour regarding money management on this market.
Proceedings of the International Conference on Business Excellence, 2018
This presentation reviews some real examples from a trading daily basis behavior proving the sent... more This presentation reviews some real examples from a trading daily basis behavior proving the sentiment is one of the most important drivers when it comes to investment decision. During decades of studying and observing the financial markets we have seen different approaches in the light of many prestigious writers. Are we rational enough to be good candidates for Fama’s theory of Efficient Market Hypothesis? Is it true what John Maynard Keynes stated 90 years ago when he said „the market is subject to waves of optimistic and pessimistic sentiment”? Is the financial behavior the new trend in the financial markets? Are Daniel Kahneman (Nobel Prize winner 2002) and Amos Tversky the new challengers in the market theories league? Future research should concentrate on various symptoms of sentiment and what makes investors become prone to sentiment. This is an important issue to be debated since investors constantly have to analyze, process and interpret huge data of information which prov...
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Conference Presentations by Mihai Chisu
Papers by Mihai Chisu