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Directors´ Dealings und Finanzmarktkrise - Eine empirische Untersuchung

Directors´ Dealings und Finanzmarktkrise - Eine empirische Untersuchung

          
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About the Book

Bachelorarbeit aus dem Jahr 2010 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,7, Friedrich-Alexander-Universität Erlangen-Nürnberg, Sprache: Deutsch, Abstract: Auf den Aktienmärkten beeinflussen Informationen die Anlageentscheidungen der Marktteilnehmer in hohem Maße. Unternehmensinsider haben regelmäßig einen besseren Informationsstand als andere Marktteilnehmer. Durch diesen Informationsvorsprung ergibt sich die Chance für Insider, höhere Renditen durch das Handeln mit Aktien des eigenen Unternehmens zu erwirtschaften. Seit 1994 ist der Insiderhandel in Deutschland gesetzlich verboten. Eine Offenlegungspflicht für Directors´ Dealings besteht seit 2002. Da nach § 15 WpHG alle Insiderinformationen, welche für potenzielle Anleger relevant sind, unverzüglich an das Unternehmensregister gemeldet werden müssen, sollte dieser Informationsvorsprung jedoch verringert, wenn nicht sogar eliminiert sein. In Zahlreichen Studien wurde dennoch nachgewiesen, dass Insider systematisch höhere Renditen erwirtschaften als andere Anleger. Eine mögliche Definition für Directors´ Dealings wäre beispielsweise folgende: "Directors´ Dealings liegen vor, wenn Personen, die aufgrund einer besonderen Beziehung zu einem Emittenten und der damit abstrakt verbundenen Möglichkeit von Informationsvorteilen gegenüber dem Markt, Geschäfte mit Wertpapieren des Emittenten tätigen, auch wenn sie im konkreten Fall von ihren Informationsvorteilen keinen Gebrauch machen." Im Rahmen dieser Arbeit soll untersucht werden, in wieweit Insider während der aktuellen Finanzkrise ihre bessere Informationsbasis zu ihren Gunsten ausnutzen konnten, um höhere Renditen zu erwirtschaften. Dabei werden Insidertransaktionen der Unternehmen aus dem SDAX und TecDAX im Zeitraum vom 01.01.2006 bis zum 31.12.2009 betrachtet. Die Untersuchung vor dem Hintergrund der Finanzkrise, welche im Jahre 2007 mit der Subprime-Krise begann, ist insoweit von Interesse, da es in sehr kurzer Zeit immense Kursveränderungen gab


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Product Details
  • ISBN-13: 9783656186267
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 3 mm
  • Width: 148 mm
  • ISBN-10: 365618626X
  • Publisher Date: 09 May 2012
  • Height: 210 mm
  • No of Pages: 44
  • Series Title: German
  • Weight: 68 gr


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