Behavioural finance and markets efficiency: is there a dialogue? A preliminary reflection on Regulation 596/2014/EU

The paper analyzes the application of the market abuse regulation in Europe, by using tools taken not only from the “efficient capital markets theory” (ECMH) but also from “behavioural finance and economics theories”. Indeed, even if ECMH represents the main pattern in Europe on market abuse regulation, this paper explores the possibility to use in such context instruments coming from other fields, without necessarily re-thinking the architecture of European market abuse regulation. Finally, this paper concludes that the approach suggested herein could lead to a positive improvement of regulation on market abuse in Europe also by reducing the risk of «over-shooting» or «under-shooting».