Iluzia deciziei raționale - aspecte inovative din prisma teoriei fractalilor, econofizicii, finanțelor comportamentale

Short resume in English:

This book examines the financing decision from the perspective of enterprises listed on the stock market and also of those not listed on the stock exchange. The paper also examines the risks born by the decision maker by selecting a particular financing source for a project and the impact on yields according to the various funding source selected. Research objectives relate to the decision-making mechanism in order to identify the specific characteristics of an individual involved in a profitable, risk-bearing activity. In this regard the innovative elements of the paper regard the new theories studied such as the fractal theory or agent-based modeling. Thus, the present study is twofold, firstly it develops a model of economic decision making under risk and uncertainty and secondly it tests an econometric model of the decision-making process in financing businesses from the capital market. The potential impact of scientific research conducted covers practical results obtained through empirical testing of the econometric model. Its viability stands in detecting risk existing on international capital markets and the performance expected by investors from various financial transactions. The practical utility of the empirically tested model refers to its ability to be used in other local markets thus assisting decision making processes on financing companies on the stock market. The innovative value of the model empirically tested on the stock market refers to its ability to quantify risk and performance of companies listed on the stock exchange so that any manager whose company is listed on the stock exchange can take the decision to finance new development projects.