Abstract

The efficient market hypothesis (EMH) theory has been vigorously challenged for its inability to explain certain anomalies, stimulating the development of behavioral finance. This discipline, emerging over the past thirty years, provides a new perspective on the analysis of financial markets, highlighting the behavioral biases of investors. Faced with this issue, our study aims to evaluate the impact of behavioral biases on Moroccan financial markets by testing the hypothesis that these biases influence investment decisions and short- and long-term performance. Thus, we seek to understand how the behaviors of Moroccan investors, influenced by psychological biases, can affect financial returns in a context where the efficient market hypothesis is being questioned

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