Des évaluateurs financiers indépendants? Un impératif de la théorie économique soumis à l'enquête sociologique

Abstract

The independence of expert evaluators in finance, advocated by financial theory, does not resist sociological investigation. The proximity of knowledge and expertise and collusion of interests of evaluators and evaluated people are attributable to the origin of financial firms considered, the economic incentives that arise from their business strategy in the field, as well as pressures they put on professionals in the process of internal evaluation. If the dependence is therefore structural, the financial theory and its statutory byproducts keep nevertheless on defending the exteriority of evaluators. The numerous counter-examples are certainly recognized but are qualified as economic failures. This posture reflects a theoretical issue is involved : the principle of the exteriority of the evaluation supports the belief in the existence of fundamental value of financial securities, pillar of financial theory.