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Der Residualgewinnansatz in Der Fundamentalen Aktienbewertung: Empirische Untersuchungen Fuer Den Deutschen Aktienmarkt

Der Residualgewinnansatz in Der Fundamentalen Aktienbewertung: Empirische Untersuchungen Fuer Den Deutschen Aktienmarkt

          
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About the Book

In der Literatur zur empirischen Kapitalmarktforschung gibt es umfangreiche Evidenz für die Existenz von Bewertungsanomalien und der Möglichkeit einer Prognose von Aktienkursen. In dieser Arbeit wird der Frage nachgegangen, ob der auf Basis des Residualgewinnansatzes berechnete innere Wert eines Unternehmens eine geeignete Kenngröße zur Identifikation einer relativen Unter- beziehungsweise Überbewertung von Aktien ist. Da die relevanten Eingangsgrößen öffentlich verfügbare Informationen wie der Buchwert des Eigenkapitals sowie Analystenprognosen über künftige Jahresüberschüsse sind, ist eine auf dem inneren Wert aufbauende Anlagestrategie leicht umsetzbar. Im empirischen Teil der Untersuchung wird auf Basis von vier verschiedenen Residualgewinnspezifikationen untersucht, ob auf Basis des inneren Wertes unterbewertete Aktien eine bessere Wertentwicklung erzielen als fundamental überbewertete. Zudem wird untersucht, ob sich der Residualgewinnansatz auch für den Zweck einer Prognose des Gesamtmarktes eignet. Die empirische Analyse umfasst deutsche börsennotierte Unternehmen über einen Zeitraum von 1990 bis 2002.


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Product Details
  • ISBN-13: 9783631544259
  • Publisher: Peter Lang Gmbh, Internationaler Verlag Der W
  • Binding: Paperback
  • Height: 210 mm
  • No of Pages: 358
  • Series Title: Schriften Zu Theorie Und Praxis der Rechnungslegung Und Wirt
  • Sub Title: Empirische Untersuchungen Fuer Den Deutschen Aktienmarkt
  • Width: 148 mm
  • ISBN-10: 3631544251
  • Publisher Date: 16 Feb 2006
  • Edition: New edition
  • Language: German
  • Returnable: N
  • Spine Width: 0 mm
  • Weight: 4793 gr


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Der Residualgewinnansatz in Der Fundamentalen Aktienbewertung: Empirische Untersuchungen Fuer Den Deutschen Aktienmarkt
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