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Entstehung der Spekulationsblase am Neuen Markt bis März 2000: Eine Erklärung aus Sicht der Behavioral Finance

Entstehung der Spekulationsblase am Neuen Markt bis März 2000: Eine Erklärung aus Sicht der Behavioral Finance

          
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About the Book

Inhaltsangabe: Problemstellung: Ende 1999 stand der NEMAX All Share bei 4572 Punkten und stieg bis zu seinem dritten Jahrestag am 10.03.2000 auf 8559 Punkte. Diese Kursbewegung war nicht mehr auf die Veränderungen der fundamentalen Wirtschaftsdaten zurückzuführen. Vielmehr hatte sich eine Spekulationsblase gebildet, die sich mit der traditionellen Kapitalmarkttheorie, welche annimmt, dass Wertpapierkurse immer dem zugrunde liegenden Fundamentalwert entsprechen bzw. eng um diesen herum schwanken, kaum erklären lässt. Der Theorie zufolge entscheiden die homogenen Marktteilnehmer unabhängig und lassen sich nur von rationalen Überlegungen leiten. Auftretendes individuelles Fehlverhalten wird unter der Voraussetzung, dass diese Verhaltensweisen zufällig und voneinander unabhängig verteilt sind, auf der Gesamtmarktebene ausgeglichen. In einer Übertreibungsphase treten jedoch vermehrt systematische Fehler in der Informationswahrnehmung, der Informationsverarbeitung und im Entscheidungsverhalten der Marktteilnehmer auf. Daraus ergibt sich die Notwendigkeit, die traditionellen Modelle um verhaltenspsychologische Aspekte zu erweitern. Ziel und Zweck dieser Arbeit ist es, auf die Börse wirkende psychologische Effekte darzustellen und aufzuzeigen, wie deren Zusammenspiel unter Einbeziehung struktureller und kultureller Faktoren eine mittelfristige Börsenübertreibung auslösen kann. Diese Faktoren werden exemplarisch am Neuen Markt verdeutlicht und schließlich zu einem Modell verdichtet, das die Entstehung der Übertreibungsphase erklärt. Basis der Untersuchung sind verhaltenswissenschaftliche Ansätze im Spannungsfeld zwischen Ökonomie und Psychologie, die dazu beitragen können, extreme Marktphasen besser zu erklären und die in der Forschungsrichtung Behavioral Finance zusammengefasst werden. Die Behavioral Finance geht davon aus, dass Menschen aufgrund zahlreicher physischer, mentaler und neuronaler Beschränkungen nur begrenzt rational Handeln können. Hauptgegenstand sind demz


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Product Details
  • ISBN-13: 9783838668147
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 7 mm
  • Weight: 163 gr
  • ISBN-10: 3838668146
  • Publisher Date: 15 May 2003
  • Height: 210 mm
  • No of Pages: 116
  • Series Title: German
  • Sub Title: Eine Erklärung aus Sicht der Behavioral Finance
  • Width: 148 mm


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Entstehung der Spekulationsblase am Neuen Markt bis März 2000: Eine Erklärung aus Sicht der Behavioral Finance
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