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Home Bias bei privaten und institutionellen Investoren

Home Bias bei privaten und institutionellen Investoren


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About the Book

Aufgrund der zunehmenden Verflechtung der internationalen Volkswirtschaften ergeben sich für Investoren vermehrt Investmentalternativen. So ist es für Investoren einfacher geworden ihr Risiko bei der Anlage zu diversifizieren. Wie allerdings Menschen beispielsweise häufig Fan ihres lokalen Sportvereins sind, so belegen viele Studien, dass Investoren trotz zunehmender Investmentalternativen ebenso auf die internationale Streuung ihrer Investmentrisiken verzichten und einheimische Wertpapiere präferieren. Diese überproportionale Gewichtung einheimischer Anlagen wird allgemein als Home Bias bezeichnet und bedeutet einen zu hohen Anteil an einheimischen Wertpapieren im Portfolio. Hieraus resultieren eine suboptimale Diversifikation des Vermögens und das Akzeptieren von zusätzlichem Risiko. In der empirischen Analyse wurden 100 institutionelle Investoren und 397 Privatanleger befragt. Für die Identifikation von Home Bias wurde zum Vergleich das Weltmarktportfolio, angenähert durch den der MSCI World Index, herangezogen. Bei der Untersuchung wurde insbesondere zwischen dem Verhalten der Privatanleger und der institutionellen Investoren unterschieden. Die beiden Anlegergruppen wurden dabei nochmals nach ihrem beruflichen Umfeld und die institutionellen Investoren ergänzend noch nach ihrer beruflichen Hierarchiestufe unterteilt. Die Kernfrage der ausgewerteten empirischen Untersuchung war, wie die tatsächliche internationale Asset Allocation der befragten Investoren aussieht. Existiert ein Home Bias und welche Faktoren könnten für dieses Verhalten verantwortlich sein? Als Ergebnis kam heraus, dass knapp 97 Prozent der befragten Investoren Home Bias aufwiesen. Dieser war bei den beiden Investorengruppen allerdings unterschiedlich ausgeprägt. In der wissenschaftlichen Literatur ist der Home Bias relativ gut untersucht. Es gibt eine Reihe von potentiellen Erklärungen, wobei sich zwei Erklärungen als deren Hauptbestandteil herauskristallisiert haben. Sowohl in den vielfältigen
About the Author: Dennis Huchzermeier, Diplom-Ökonom, Wirtschaftswissenschaftliches Studium an der Universität Hannover Abschluss 2005 als Diplom-Ökonom.


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Product Details
  • ISBN-13: 9783836651660
  • Publisher: Diplomica Verlag Gmbh
  • Publisher Imprint: Diplomica Verlag Gmbh
  • Height: 254 mm
  • No of Pages: 114
  • Series Title: German
  • Sub Title: Eine empirische Studie
  • Width: 178 mm
  • ISBN-10: 3836651661
  • Publisher Date: 07 Apr 2009
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Weight: 263 gr


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Home Bias bei privaten und institutionellen Investoren
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