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Neoklassische Kapitalmarkttheorie und Behavioral Finance

Neoklassische Kapitalmarkttheorie und Behavioral Finance


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About the Book

An den Finanzmärkten kommt es immer wieder zu ungewöhnlichen und unvorhergesehenen Marktbewegungen, wie die Kursblase am Neuen Markt Ende der 1990er, die sich durch rapide und besonders starke Aktienkursanstiege auszeichnete, die wenige Jahre darauf allerdings platzte und den ebenso schnellen und starken Abfall der Kurse mit sich brachte. Die herrschende finanzwirtschaftliche Theorie, in Form der neoklassischen Kapitalmarkttheorie, erklärt ein solches Phänomen mit einer '(...) abrupten, besonders signifikanten und im Voraus nicht antizipierbaren Verschlechterung der fundamentalen Rahmenbedingungen (...)'.Die Kursabfälle werden dann auf den sich einstellenden, besonders ungünstigen Umweltzustand, aus der Menge aller möglichen Umweltzustände, zurückgeführt. Doch sind diese Begründungen in der Realität haltbar? So waren die Kursanstiege im Neuen Markt absurd hoch und hätten selbst mit den optimistischsten Prognosen kaum vorhergesagt werden können. Diese und andere Phänomene gaben Wirtschaftswissenschaftlern und Psychologen den Anlass, psychologische Einflüsse auf die Preisbildung an Finanzmärkten zu untersuchen und verhaltenswissenschaftliche Erkenntnisse in die Modellbildung einzubeziehen. Aus diesen Bemühungen heraus entstand die Behavioral Finance. Sie versucht mehr Realitätsnähe in die Preisbildungsmodelle einzubringen, indem die sehr restriktiven Annahmen bezüglich der Rationalität des Investors und der Effizienz der Märkte der Kapitalmarkttheorie widerlegt und durch realistischere Annahmen ersetzt werden. Innerhalb dieser Arbeit wird untersucht, welche Gründe es für das Entstehen und die Entwicklung der Behavioral Finance gibt und ob die Zweifel, die sie an der Kapitalmarkttheorie aufkommen lässt, begründet sind. Zielsetzung der Arbeit ist es, den Stand der jeweiligen Forschung zu untersuchen und die Haltung der jeweiligen Vertreter gegenüber dem alternativen Wissenschaftszweig zu ergründen. Insgesamt soll geprüft werden, ob die Behavioral Finance zum heutigen Zeit


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Product Details
  • ISBN-13: 9783954851171
  • Publisher: Igel Verlag Gmbh
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Weight: 186 gr
  • ISBN-10: 3954851172
  • Publisher Date: 10 Jul 2014
  • Height: 210 mm
  • No of Pages: 104
  • Spine Width: 6 mm
  • Width: 148 mm


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