Target of the thesis is to analyze the financial situation in Fruko - Schulz s.r.o. company by using selected indicators of financial analytics during 2008 - 2013 from the perspective of external analyst. By this, the image of current business is gained. In connection to the company's financial situation, the investment plan is evaluated according to the company's draft, which is being reviewed by the method of efficient investment. The investment project is remitted to the assessment of eligibility for gaining grants form EU structurals funds by means of feasibility study. The conclusion of this thesis summarizes gained konwledge and recommends to apply the demand for funding through grants. The result is to propose procedures and recommendations, which company could implement and improve its position on the market.

Características sensoriais diferenciadas e qualidade química podem garantir a competitividade de uma bebida destilada. O uísque é uma bebida alcoólica produzida a partir da destilação do mosto fermentado de cereais e que passa por um período de maturação em barris de carvalho. A cachaça, por sua vez, é produzida a partir da destilação do caldo de cana-de-açúcar fermentado. O objetivo deste trabalho foi analisar a qualidade química e sensorial da bebida destilada oriunda das matérias-primas cana-de-açúcar e cevada e produzida mediante técnicas já existentes em processos produtivos de cachaça e uísque. O mosto combinado teve como fonte de açúcares o mosto de caldo de cana e o mosto de malte de cevada, que foram preparados separadamente e depois misturados nas seguintes proporções em porcentagem: 100 (A), 75 (B), 50 (C), 25 (D) e 0 (E) de caldo de cana, complementado com o mosto de malte de cevada. O processo fermentativo foi conduzido a 30ºC, mediante adição de leveduras Saccharomyces cerevisiae, cepas CA-11 e S-33, inoculando-se 1,5 g/L de cada levedura. As destilações foram realizadas em alambique de cobre, seguindo a metodologia de dupla-destilação utilizada para a produção de Scotch malt whisky. As bebidas duplamente destiladas foram acondicionadas em barris de carvalho por 60 dias. Os mostos foram submetidos às análises de pH, Brix, Pol, Açúcares Redutores (AR), Açúcares Redutores Totais (ART) e Acidez Total; e os vinhos foram analisados quanto a Teor Alcoólico, pH, Açúcares Redutores Residuais (ARR) e Acidez Total. Os flegmas, bidestilados e as bebidas envelhecidas foram submetidos a análises de teor alcoólico (densitometria), cobre (colorimetria), congêneres voláteis (CG-FID) e carbamato de etila (CG-EM). As bebidas envelhecidas também foram submetidas a análises de intensidade de cor e compostos fenólicos totais (espectrofotometria) e congêneres de maturação (CLAE). Testes sensoriais foram realizados para verificar a preferência entre as amostras pelos consumidores. Análises estatísticas foram realizadas pelo programa SAS (ANOVA e Testes de Tukey). Foi comprovada a eficiência da técnica de bidestilação na redução de alguns compostos limitados pela legislação. Mostos combinados com maior porcentagem de malte de cevada apresentaram menor formação de carbamato de etila. O envelhecimento aumentou a concentração de carbamato de etila nos destilados A, B e C sendo ao final o único contaminante presente acima dos limites permitidos pela legislação de aguardente de cana. Siringaldeído e ácido gálico foram os congêneres de maturação com as maiores concentrações nos destilados. O destilado do tratamento A apresentou a maior concentração total de compostos de envelhecimento. Na análise sensorial o destilado do tratamento C apresentou a maior preferência pelos provadores. Este estudo comprova que a produção de uma nova bebida a partir da combinação de matérias-primas diferentes pode apresentar resultados satisfatórios. Entretanto, ressalta-se a importância da continuidade desse estudo para afinar a definição da combinação de mostos mais adequada, para assim confirmar a viabilidade e eficiência do processo. / Differentiated sensory characteristics and chemical quality can ensure the competitiveness of a distilled beverage. Whisky is an alcoholic beverage produced from the distillation of fermented worts of cereals and aged in oak barrels. Cachaça, in turn, is produced from the distillation of fermented sugarcane juice. The objective of this study was to analyze the chemical and sensory quality of distilled spirit derived sugarcane and barley and produced by existing techniques in production processes of cachaça and whisky. The combined wort had as a source of sugars the sugarcane juice and barley malt wort, that were prepared separately and then mixed in the following proportions by percentage: 100 (A) 75 (B), 50 (C), 25 (D) and 0 (E) of sugarcane juice, supplemented with barley malt wort. The fermentation was conducted at 30° C by addition of Saccharomyces cerevisiae, CA-11 and S-33 strains, inoculating 1,5 g/L of each yeast. The distillations were performed in copper still, according to double-distillation method used for production of Scotch malt whisky. Double-distilled spirits were stored in oak barrels for 60 days. Worts were submitted to analysis of pH, Brix, Pol, Reducing Sugars (AR), Total Reducing Sugars (ART) and Total Acidity; and the wines were analyzed for Alcohol, pH, Residual Reducing Sugars (ARR) and Total Acidity. Low wines, double-distilled spirits and aged spirits were analyzed for alcohol content (densitometry), copper (colorimetry), volatile congeners (GC-FID) and ethyl carbamate (GC-MS). Aged spirits were also analyzed for color intensity and total phenolic compounds (spectrophotometry) and aged congeners (HPLC). Sensory tests were conducted to verify preference between samples by consumers. Statistical analyzes were performed using SAS (ANOVA and Tukey tests). The efficiency of double-distillation technique in reduce some compounds limited by legislation was confirmed. Worts combined with a higher percentage of barley malt showed lower formation of ethyl carbamate. Aging increased the concentration of ethyl carbamate in spirits A, B and C being at the end the only contaminant found above the limits allowed by the cachaça legislation. Syringaldehyde and gallic acid were the aged congeners with the highest concentrations in the spirits. Spirit A had the highest total concentration of aged congeners. Sensory analysis showed that spirit C was the most preferred by tasters. This study demonstrates that the production of a new beverage from the combination of different raw materials can provide satisfactory results. However, it emphasizes the importance of continuing this study to refine the definition of the most appropriate combination of worts, thus to confirm the feasibility and process efficiency.

Le « pouvoir » des femmes (Étude du monde féminin Bassari à Ethiolo). Sous une apparence simple et réservée, le monde féminin bassari dissimule une grande complexité caractérisé par une façon d'être des femmes, tout à la fois mystérieuse et déterminée. Cette façon d'être constitue le pouvoir des femmes d'Ethiolo. Ce travail se propose d'étudier le monde féminin bassari à Ethiolo (un village situé à l'extrémité du Sénégal oriental à la frontière avec la Guinée Conakry). Un monde qui ne peut être compris si l'on n'observe pas conjointement le monde masculin bassari et l'imbrication entre ces deux univers. L'analyse du système d'âge, qui est à la base de l'organisation sociale de cette population, l'analyse de l'administration du pouvoir, qui se base sur la détention des secrets des masques (pour les hommes) et sur l'affinité particulière avec le monde des esprits (pour les femmes), l'analyse du rôle des femmes pendant l'initiation masculine sont les arguments principaux traités dans cette thèse. Les femmes bassari avec leur attachement aux traditions, leur conscience de la valeur de leur culture et, néanmoins leur capacité d'adaptation aux bouleversements inévitables du monde moderne contribuent à la préservation de l'avenir des Bassari. / The « power » of women (A study of the feminine world of the Bassari in Ethiolo). Behind an apparently simple and « shy » demeanor, the Bassari feminine world conceals great complexity, characterized by women being mysterious and decisive at the same time. Such behavior is the power of the women of Ethiolo. The purpose of the project is to study the Bassari feminine world in Ethiolo (a village located in Eastern Senegal on the border with Guinea-Conakry). Such world cannot be understood without simultaneously observing the masculine world of the Bassari and the interaction of between the two. The main subjects of the following paper are: the analysis of the age system, which lays at the basis of the social organization of the Bassari population, the analysis of the administration of power, based on the control of the secrets of masks (for men) and the peculiar affinity with the world of spirits (for women), and lastly the role of women during male initiation. Bassari women, with their attachment to traditions, their awareness of the value of their culture and nonetheless their ability to adapt to the inevitable changes of the modern world, contribute to the preservation of the future of the Bassari.

No description available.

This study is going to convey knowledge about New Age as a word and some specializations and their meaning. Five persons who practice New Age have been interviewed about thier belief, relevant terms and related phenomena. The most common New Age-specializations is meeting with spirits, spirituality and healing, the study aslo mention how the informants defines New Age as a word or belief. The result present deep information about NEw Age as a word and phenomena, meeting with spirits, spirituality and healing.

During the 1990's high expectations were put on telemedicine technology in health care organizations, which can be seen as a reflexion of the society's interest in IT. The use of tele-medicine is expected to improve the quality and decrease costs of health care services. However, if these expectations are to be attained the visions have to be translated into fields of application in local settings where the technology would be used. This could be seen as an infusion process, which means that the technology would incrementally be used in a comprehensive and integrated manner. In this thesis, four Swedish telemedicine projects are analyzed. The approach used is that of Actor network theory (ANT), which has enabled the development of a theory of the infusion process, implementation of IT-projects, and parts of ANT, e.g. the model of the translation process and the notion of inscription. By using the concept of translation, it is possible to see the infusion process as a process where the generic features of the technology (transmitting sound and pictures in real time) are translated into concrete activities in local settings. These fields of application are realized by the mobilization of different task-based networks, where the roles of the actors are defined by the task to be solved. An iterated mobilization of the network implies further that the network will become stabilized, which is a central dimension in the process of infusion. Another way to understand the process of infusion is to describe it as cycles of implementation, where one cycle symbolizes the implementation of a field of application, which is a result of the translation of the generic features of the technology. The inscriptions in the studied technology allow a high degree of flexibility of use and flexibility of action. The flexibility means that fields of application ought to be developed in interaction between actors in local settings, and supporting programs of action are to be identified, or developed, in order to integrate technology use into daily routines. The considerable numbers of failed of IT-project implementations can be explained by the fact that a traditional planning perspective has been used on technologies, which allow a high degree of flexibility of use and flexibility of action. However, by categorizing inscriptions in technological artifacts, it becomes possible to predict what kinds of implementation strategies are appropriate for different kinds of technologies. By viewing the implementation of open networking technologies as a process of translation, the infusion process will be facilitated and a comprehensive and integrated use of technology will be enabled. / digitalisering@umu

La sympathie comme principe par lequel une idée se convertit en impression n’est pas la seule espèce de sympathie employée par David Hume dans ses ouvrages. Le terme «sympathie» possédait des sens variés dans le langage courant au XVIIIème siècle, et il arrive que le philosophe écossais se serve du terme «sympathie» dans l’un ou l’autre de ces sens. C’est ainsi que, outre son concept philosophique, Hume se sert du terme «sympathie» suivant cinq autres sens. L’identification des différentes sortes de sympathie présentes dans les ouvrages de Hume a permis de mieux comprendre ce qu’il en était de la nature de son concept philosophique de sympathie. Ainsi, on a pu comprendre quels rapports la sympathie entretenait avec un autre principe de production d’affections mentionné à l’occasion par Hume : la contagion. Ainsi, on a également pu comprendre quels rapports la sympathie entretenait avec d’autres éléments de la philosophie humienne, tels que les esprits animaux, leurs mouvements et les émotions. Les analyses ont démontré, par ailleurs, que les esprits animaux et leurs mouvements jouaient un rôle de premier plan dans la théorie humienne des passions et que le principe de la sympathie, au final, désignait l’augmentation de l’agitation des esprits animaux. C’est ainsi que la sympathie entendue comme principe par lequel une idée était convertie en impression désignait un mécanisme physiologique chez Hume. Les analyses ont également démontré que les impressions que Hume nommait «émotions» désignaient plus particulièrement le mouvement des esprits animaux. Qu’ainsi, l’on devait considérer qu’il y avait dans la taxonomie du philosophe écossais non seulement des perceptions de l’entendement humain (idées, passions, sentiments, etc.) mais également des perceptions du corps humain (émotions) et que celles-ci étaient en correspondance étroite avec celles-là. On peut ainsi faire l’hypothèse qu’il y a dans la philosophie humienne des éléments susceptibles de fonder une théorie de l’union entre l’âme et le corps. La considération de la sympathie comme un principe physiologique d’agitation des esprits animaux permet que l’on jette un regard nouveau sur la façon dont David Hume concevait la nature humaine. / Sympathy, as a principle by which an idea is converted into an impression, is not the only kind of sympathy that David Hume employs in his works. Hume refers to several of the multiple distinct meanings that the term afforded in 18th century vernacular. The thesis argue that in the end the Scottish philosopher uses the word “sympathy” with five different meanings, besides his own philosophical concept. Identifying these meanings as they appear throughout Hume’s body of work provided a greater understanding of the nature of his own philosophical concept of sympathy. This brought to light the relationship between sympathy and another affection-producing principle that Hume occasionally mentions: contagion. Similarly, this granted insight into the interplay between sympathy and other elements in Hume’s philosophy, especially the animal spirits, their movements, and emotions. Indeed, this analysis has uncovered the key role that animal spirits and their movements play in Hume’s theory of passions, observing that his principle of sympathy merely describes an increase in the agitation of animal spirits. Consequently, sympathy as a principle of conversion of an idea into an impression describes what is in fact in Hume’s thinking a physiological mechanism. Further, this investigation has shown that those impressions which Hume calls “emotions” specifically refer to the movement of animal spirits. Therefore, we must recognize that Hume’s taxonomy not only includes perceptions in human understanding (ideas, passions, sentiments, etc.), but also integrates perceptions in the human body (emotions), and that they are closely correlated. This leads to the hypothesis that there are in Hume’s philosophical works enough elements to delineate a theory of the relationship between body and mind (or soul). Understanding sympathy as a physiological mechanism involving the agitation of animal spirits offers a new outlook on David Hume's conception of human nature.

The diploma thesis analyses the influence of money on the economic instability by the view of Post Keynesian economic theory. The paper answers the question, what creates the economic instability and if it's possible to eliminate or least reduce the instability. The money is here always seen as credit, which is made by institutions on the financial market. We need trust to create money. However the confidence is based on long-term expectations, which are not rational. The result of the analysis is that the trust growth in economy leads to growth of creation of money, whereby more money based on irrational, by psychology influenced expectations, is made. The economy becomes less stable, because there is more money in it, than people will have in the future to pay for its extinction. As the irrational expectation is an exogenous variable, which basically cannot be influenced, the economic instability is ineliminable and therefore allied to economy. We can only reduce instability by focusing on limiting factors in the creation of money, or on areas, where the irrational action can vent itself. Into consideration comes regulation of the financial institutions size, or regulation of international capital flow.

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / Este trabalho teve como objetivo desenvolver/adaptar e validar metodologias analÃticas para identificaÃÃo e quantificaÃÃo dos congÃneres mais relevantes para a qualidade das aguardentes de cana de aÃÃcar artesanais e industriais produzidas em algumas Ilhas de Cabo Verde (C-V) e no Brasil (BRA), em especial no estado do Cearà visando uma comparaÃÃo desses produtos. ApÃs o estudo das melhores condiÃÃes cromatogrÃficas foi possÃvel uma anÃlise simultÃnea de seis compostos orgÃnicos volÃteis: acetaldeÃdo, acetato de etila, e os Ãlcoois, n-propÃlico, isobutÃlico, n-butÃlico e isoamÃlico. TambÃm foram estudados os compostos inorgÃnicos, cÃtions (Na+, K+, Cu2+, Ca2+, Mg2+,Mn2+,Pb2+, Zn2+,Cd2+, Se2+ e Fe3+) e Ãnions (Cl-, CH3COO-, SO42- , CO3= e HCO3- ). Os Ãnions foram determinados por cromatografia de Ãons (CI) e cÃtions por espectrometria de emissÃo Ãtica com Plasma indutivamente acoplado (ICP- OES). A validaÃÃo dos mÃtodos foi estudada em funÃÃo dos parÃmetros, precisÃo intermediÃria (repetibilidade), recuperaÃÃo, linearidade da curva analÃtica, limite de deteÃÃo e de quantificaÃÃo. A precisÃo e a recuperaÃÃo obtidas para os Ãlcoois, aldeÃdo e Ãster presentes nas aguardentes apresentaram uma variaÃÃo na faixa de 0,2 % - 7,0 %, 0,9% -3,2%, 0,3%-0,7%; e 97,0% -103,0%, 99,3 - 104,0%, 98,2% - 102,7% respectivamente.Os limites de detecÃÃo do equipamento obtidos em mg/100 mL de Ãlcool Anidro (A.A), foram 4,2, para acetaldeÃdo; 2,8 para o acetato de etila; 9,2 para o Ãlcool n-propÃlico ; 7,8 para o Ãlcool isobutÃlico; 3,1 para o Ãlcool n-butÃlico e 44,6 para o Ãlcool isoamÃlico. Os resultados quantitativos dos compostos orgÃnicos mostraram, que de acordo com limites mÃximos permitidos pela legislaÃÃo brasileira, dos compostos volÃteis estudados, apenas cinco das aguardentes de Cabo Verde (quatro artesanais, uma industrial) e trÃs artesanais das aguardentes do Brasil ultrapassaram o limite permitido pela legislaÃÃo em teores de acetaldeÃdo;relativamente a n-butanol, 60% e 50% das aguardentes industrial e artesanal de Cabo-Verde e Brasil respectivamente apresentam teores superiores ao limite mÃximo estipulado (3,0 mg/100 mL A.A). Das dez aguardentes brasileiras, que ultrapassaram o limite, trÃs sÃo industriaise sete artesanais enquanto que das doze aguardentes de Cabo-Verde que ultrapassaram em teores esse limite, seis sÃo artesanais e seis industriais. Dentre Ãlcoois superiores, duas industriais e uma artesanal de Cabo-Verde e duasartesanais do Brasil ultrapassaram o limite mÃximo referido. Os resultados mÃdios, em mg/100 mL A.A, para os compostos orgÃnicos presentes nas aguardentes de Cabo Verde e do Brasil, indicam que oacetaldeÃdo e Ãlcoois superiores se encontram dentro dos padrÃes de qualidade exigidos pela legislaÃÃo brasileira (30 mg/100 mL A.A para aldeÃdos; 360 mg/100 mL A.A para Ãlcoois superiores) e tem a mesma magnitude para as aguardentes de ambos paÃses 17,2 (BRA) -17,6 (CV) mg/100 mL A.A em acetaldeÃdo, e 247,4 (BRA) -240,6 (CV) mg/100 mL A.A em Ãlcoois superiores. Em contraste o acetato de etila se encontra em menor concentraÃÃo nas aguardentes do Brasil estudadas (24,8 mg/100 mL A.A) em relaÃÃo aos aguardentes de Cabo Verde (70,0mg/100 mL A.A). A comparaÃÃo dos resultados obtidos, em mg/100 mL A.A, para os cÃtions e Ãnions estudados mostrou a seguinte relaÃÃo: Ni2+ 0,7(BRA) - 0,6(C-V); Se2+ 1,6(BRA) - 0,62(C-V); Cd2+0,03 (BRA) - 0,04(C-V); Cu2+.5,6(BRA)-9,2(C-V); CH3COO- 055 (BRA) -1,3(C-V); SO42- 0,07(BRA) - 4,9(C-V); HCO3-0,04 (BRA) - 9,2(C-V); e Cl- 0,56 (BRA) - 2,0(CV). Os valores mÃdios das concentraÃÃes dos compostos inorgÃnicos nas aguardentes estudadas do Brasil e de Cabo Verde diferem entre si, mas sÃo concordantes com os dados da literatura exceto para o cobre, que ultrapassa o limite permitido em ambos os paÃses. Na anÃlise para reconhecimento de padrÃes utilizou-se a ferramenta quimiomÃtrica âAnÃlise de Componentes Principaisâ, PCA, que mostrou uma evidente separaÃÃo das amostras das aguardentes artesanais e industriais dos dois paÃses estudadas. / The aim of this work was to develop/adapt and validate analytical methods to both identify and quantify constituents of greater concern regarding the quality of homemade and industrial sugar cane spirits produced in some islands from Cape-Vert (CV) and in some states â especially Cearà and Piauà â from Brazil (BRA), so that different products can be compared to one another. After optimization of chromatographic conditions, simultaneous analysis was feasible for six volatile compounds, namely: acetaldehyde and ethyl acetate, as well as n-propyl, isobutyl, nbutyl, and isoamyl alcohols. The inorganic composition of the samples was also investigated. Anions (Cl-, CH3COO-, SO4 2- , CO3 = e HCO3 -) were analysed by Ion Chromatography, while cations (Na+, K+, Cu2+, Ca2+, Mg2+,Mn2+,Pb2+, Zn2+,Cd2+, Se2+ e Fe3+) were analysed by Inductively Coupled Plasma-Optical Emission Spectrometry. The methodologies were validated considering the parameters repeatability, recovery, linearity of analytical curve, limit of detection, and limit of quantitation. For alcohols, aldehyde, and ester analysed, precision was respectively in the ranges 0,2 % - 7,0 %, 0,9% -3,2%, 0,3%-0,7%, while recovery varied in the ranges 97,0% - 103,0%, 99,3 - 104,0%, 98,2% - 102,7%, respectively. The limits of detection (mg/100 mL A.A) were 4.2 for acetaldehyde, 2.8 for ethyl acetate, 9.2 for npropyl alcohol, 7.8 for isobutyl alcohol, 3.1 for n-butyl alcohol, and 44.6 for isoamyl alcohol. The results showed that in only five samples from Cape-Vert (four homemade; one industrial) and in three home-made samples from Brazil, the levels of acetaldehyde were found to be higher than the upper limits allowed by Brazilian legislation; the concentrations of n-butyl alcohol were higher than the allowed limits in two samples from Cape-Vert (one home-made; one industrial) and three home-made samples from Brazil. The levels of higher alcohols were higher than the limit concentrations in three samples from Cape-Vert (one home-made; two industrial) and in two home-made samples from Brazil. However, average concentrations (mg/100 mL A.A) of both acetaldehyde (17,2 BRA; 17,6 C-V) and higher alcohols (247,4 BRA; 240,6 C-V) are in accordance with the requirements of Brazilian legislation (30 mg/100 mL A.A for aldehydes; 360 mg/100 mL A.A for higher alcohols). Ethyl acetate concentration (mg/100 mL A.A) was found to be lower in samples from Brazil (24.8 BRA; 70.0 C-V). The concentrations (mg/100 mL AA) of both cations and anions were found to be: Ni2+ 0,7 (BRA) - 0,6(C-V); Se 1,6(BRA)- 0,62(C-V); Cd2+0,03 (BRA)- 0,04(C-V); Cu2+.5,6 (BRA) - 9,2 (C-V); CH3COO- 055 (BRA) - 1,3 (C-V); SO4 2- 0,07 (BRA) - 4,9 (C-V); HCO3 - 0,04 (BRA) - 9,2(C-V); e Cl- 0,56 (BRA) - 2,0(CV). Average concentrations of inorganic compounds in the samples from Brazil and from Cape-Vert differ from each other, but are in accordance with the literature, except for copper, which is in higher concentrations than allowed in both countries. By PCA analysis, groups were identified in bi-dimensional graphs, in which both artisanal and industrial samples were clearly separated

La crise qui a démarré en 2007 a remis en cause les fondations de la théorie et du système financier. Cette théorie s’articule autour des postulats de la finance classique dont la « main invisible » et l’hypothèse de rationalité des investisseurs dont découle celle d’efficience des marchés.Cette crise a mis en lumière l’aspect psychologique des marchés financiers, aspect abordé par J.M Keynes lorsqu’il développait la notion d’ « esprits animaux » pour rendre compte de l’incertitude de l’économie. Jusqu’au début des années 1980, la compréhension de la psychologie a été le fruit d’une approche informelle.Depuis lors, la psychologie des marchés financiers est formalisée par la finance comportementale. Tout au long de son développement, ses tenants ont remis en cause l’hypothèse de rationalité des investisseurs sur des bases empiriques. Néanmoins, aucun évènement de l’ampleur de cette crise n’a autant invalidé les postulats du mainstream dominant.La théorie financière est à la croisée des chemins. L’hypothèse de rationalité des investisseurs est-elle valide ? Si oui, quelles sont les conditions de sa validité ? Si non, doit-on sortir du cadre de la finance classique et adopter celui de la finance comportementale? Ce sont autant de questions qui appellent à une refondation de la théorie financière.Le jury du Prix d’économie en la mémoire d’Alfred Nobel ne s’est d’ailleurs pas trompé en décernant le prix 2013 aux deux écoles. Cependant, les académiciens ne semblent pas trancher entre elles, reconnaissant ainsi leurs apports respectifs pour la théorie et la pratique financière. Cette récompense suggère néanmoins la question centrale suivante : les deux écoles sont-elles parallèles, complémentaires ou antinomiques?Le premier chapitre traite de la remise en cause des hypothèses centrales de la finance, à la base des modèles de gestion les plus courus. Le cadre de la finance classique n’a pas permis de donner une explication à la formation de la bulle immobilière pas plus qu’il n’a permis de fournir une solution unifiée à la crise. L’inadéquation des hypothèses du cadre classique avec la réalité apparaît notamment dans un contexte de forte volatilité et d’incertitude exacerbée. Cette remise en cause ouvre la voie à l’introduction de paramètres psychologiques dans la compréhension des phénomènes du marché.La finance comportementale développe la psychologie des marchés financiers. Le second chapitre aborde les concepts centraux de ce courant. L’analyse de ces concepts et du développement historique, épistémologique et paradigmatique du courant montre qu’il s’inscrit à l’opposé et, parfois, en complément du classique. Il n’en demeure pas moins que le cadre théorique de ce courant n’est pas encore achevé pas plus que la formation d’un paradigme dominant.Parmi les principaux résultats de la finance comportementale, les outils psychologiques apportent des clefs de lecture pertinentes des marchés financiers. Le troisième chapitre aborde les biais et heuristiques à la lumière de la crise. L’analyse de la crise montre que les heuristiques et les biais émotionnels ont pu conduire les investisseurs à des erreurs de jugements. L’attention et l’analyse se sont focalisées sur des croyances dans un contexte d’opacité de l’information et de l’environnement.La finance comportementale cherche à établir un cadre conceptuel plus élaboré. La théorie des « esprits animaux » a repris de la vigueur notamment chez les comportementalistes à orientation néo-keynésienne. Le retour à cette notion s’explique par l’importance prise de concepts liés comme la confiance, la corruption ou le rôle des histoires. D’ailleurs, les collusions corruptives et le fonctionnement du système ont failli saper durablement la confiance dans l’économie financière. Ce quatrième chapitre montre que la confiance et la corruption procèdent de la psychologie humaine et montrent le poids de celle-ci en situation d’incertitude et le rapport des hommes aux gains. / The crisis that started in 2007 have challenged the foundations of the financial system and the financial theory. This theory is based on assumptions of conventional finance including the "invisible hand" and the rationality assumption of investors which builds that of market efficiency.This crisis has highlighted the psychology of financial markets, aspects already addressed by J.M Keynes when he developed the concept of "animal spirits" to reflect the uncertainty of the economy. Until the early 1980s, the understanding of psychology has always been the result of an informal approach.Since, the psychology of financial markets has been formalized by behavioral finance. Throughout its development, its theoricians have questioned the rationality assumption of investors on empirical bases. However, no paramount event such this crisis has struck much the postulates of the dominant mainstream.Consequently, the financial theory is at the crossroads. Is the assumption of rationality of investors valid? If so, what are the conditions of its validity? If not, are we departing from the scope of conventional finance and adopt that of behavioral finance? These are all issues that are calling for an overhaul of the financial theory.The Jury of the prize in economics in memory of Alfred Nobel did not err in fact by awarding the 2013 prize to these two schools. However, academics do not seem to decide between them, recognizing their contributions to financial theory and practice. This award suggests the following central question: are the two schools parallel, complementary or contradictory?The first chapter deals with the questioning of the central assumptions of finance, at the base of the most popular business models. The framework of conventional finance has failed to give an explanation to the formation of the housing bubble nor has it helped to provide a unified solution to the crisis. The inadequacy of the assumptions of the classical framework with reality appears especially in a context of high volatility and heightened uncertainty. This challenge opens the way for the introduction of psychological parameters in understanding the phenomena of the market.Behavioral finance develops the psychology of financial markets. The second chapter covers the central concepts of this trend, in order to answer the central question of this thesis. The analysis of this trend and its historical epistemological and paradigmatic development shows it is opposite and sometimes in addition to the classic one. The fact remains that the theoretical framework of this trend is not yet completed nor the formation of a new dominant paradigm achieved.Among the key findings of behavioral finance, psychological tools provide relevant insights to developments in financial markets. The third chapter addresses the biases and heuristics in light of the crisis. The analysis of the crisis shows that heuristics and emotional biases may have led investors to judgment errors. The attention and analysis has focused on beliefs in an abstruse information and environmental context, allowing the development of heuristics. Consequently, the tools of behavioral finance can develop a mental map to this crisis.Behavioral finance seeks to establish a more sophisticated conceptual framework. The theory of "animal spirits" has regained momentum especially among behaviorists of neo-Keynesian orientation. The return to this concept is explained by the growing importance of certain concepts such as confidence, corruption and the role of stories in the context of this crisis. Moreover, collusion and corrupt system operation almost permanently undermine confidence in the financial economy. This fourth chapter shows that trust and corruption stem from human psychology and show the weight of the latter in situations of uncertainty and the relationship between men and earnings.