Depuis plusieurs décennies, les prix des énergies sont sujets à une volatilité croissante pesant considérablement sur l’ensemble de l’économie. Comparée aux prix des autres matières premières (comme, par exemple, les métaux précieux, ou encore les produits agricoles), l’évolution des produits énergétiques est apparue exceptionnellement incertaine, tant à long terme qu’à court terme. Dans un contexte économique global, ce phénomène acquiert toute son importance tant les dommages sur l’économie réelle d’une forte variation des prix des matières premières peuvent être conséquents. Cette thèse s’intéresse donc aux causes profondes expliquant ces fluctuations. Plus spécifiquement, en unissant les différents champs de l’économie de l’énergie, de l’économétrie, de la finance et de la psychologie, elle s’attache à comprendre le phénomène de financiarisation des commodités et les relations étroites entre marchés financiers et marchés des matières premières. Cette réflexion s’articule en trois thèmes : d’une part la relation entre les prix des différentes énergies et leurs propriétés financières est analysée, d’autre part les aspects émotionnels et comportementaux des marchés sont étudiés, enfin les liens directs entre marchés boursiers et marchés de commodités sont abordés. / Since decades, energy prices are subject to increasing volatility affecting the whole economy. Compared to other commodity prices (for example precious metals and agro-industrial), energy price dynamics appear to be extremely uncertain both at short and long run. In a global economic context, this phenomenon is very important since intense variations of commodity prices can be tragic to real economy. This thesis focuses on the true nature of these movements. More formally, we investigate the commodity markets’ financialization, as well as the relationships between commodity and stock markets by unifying the fields of energy economics, econometrics, finance and psychology. This analysis is based on three themes: first energy prices relationships and their financial properties are analyzed, and then the behavioral and emotional specification of energy markets are studied, finally comovements between stock and commodity markets’ volatility are considered

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2018-11-21T11:51:02Z No. of bitstreams: 1 Augusto Felippe Caramico dos Santos.pdf: 1308243 bytes, checksum: 4a9f444e0b4ed4d812a0cacfb653b505 (MD5) / Made available in DSpace on 2018-11-21T11:51:02Z (GMT). No. of bitstreams: 1 Augusto Felippe Caramico dos Santos.pdf: 1308243 bytes, checksum: 4a9f444e0b4ed4d812a0cacfb653b505 (MD5) Previous issue date: 2018-10-11 / Fundação São Paulo - FUNDASP / This thesis aims to investigate if traders have better decision management under stress, obtaining greater financial results. The Iowa Gambling Task was used to verify the hypothesis of research and the influence of the somatic markers in decision making, integrated to the theories of Behavioral Finance and Emotional Finance. The results indicated trading floor operators has better quality of decision making, faster learning, greater adaptability and superior financial result compared to control group. Among the subgroups of operators, there was a significant difference in the learning process and financial result obtained, demonstrating better ability to recognize patterns and higher financial results of the floor traders when compared to the group of electronic desk traders / Esta tese tem como objetivo investigar se traders possuem melhor qualidade decisória sob estresse, obtendo maiores resultados financeiros. Foi utilizada a metodologia do Iowa Gambling Task como meio de verificar as hipóteses de pesquisa e a influência dos marcadores somáticos na tomada de decisão dos indivíduos, integrada às teorias das Finanças Comportamentais e das Finanças Emocionais. Os resultados indicaram que os operadores de pregão apresentaram melhor qualidade de tomada de decisão, aprendizado mais rápido, maior adaptabilidade e resultado financeiro superior ante o grupo de controle. Entre os subgrupos de operadores foi verificada diferença significativa no processo de aprendizagem e resultado financeiro obtido, demonstrando melhor capacidade no reconhecimento de padrões e maiores resultados financeiros dos operadores de mesa quando comparados ao grupo de operadores viva-voz