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Ursachen und Auswirkungen des Home Bias bei der Portfolio-Entscheidung

Ursachen und Auswirkungen des Home Bias bei der Portfolio-Entscheidung

          
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About the Book

Diplomarbeit aus dem Jahr 2007 im Fachbereich BWL - Investition und Finanzierung, Note: 1,3, Technische Universität Berlin (Institut für Betriebswirtschaftslehre ), Sprache: Deutsch, Abstract: Trotz der Globalisierung des letzten Jahrhunderts und der daraus resultierenden Veflechtung nationaler Volkswirtschaften sowie der damit einhergehenden intensiven Vernetzung der nationalen Kapitalmärkte ist aus empirischen Studien bekannt, dass Anleger in ihren Portfolio-Entscheidungen einen überproportionalen Anteil ihres Vermögens in heimische Werte investieren, obwohl einem international diversifizierten Portfolio ein geringeres Risiko innewohnt als einem vergleichbaren national diversifizierten. Dieses Phänomen der überproportionalen Gewichtung in einheimische Anlagen wird allgemein als "Home Bias" bezeichnet, wobei in der Literatur synonym auch von "Home Equity Bias" bzw. "Domestic Bias" die Rede ist. Definiert wird der Home Bias als die Abweichung zwischen realisierten und optimalen Anteilen heimischer Wertpapiere im Portfolio eines Landes. Nach dem International Asset Pricing Model (IAPM) bestimmt sich der optimale Anteil an heimischen Werten nach dem Verhältnis der Marktkapitalisierung der jeweiligen Länder. Demnach müssten deutsche Anleger ca. 4 Prozent in deutsche Werte investieren, weil das den Anteil an der Weltmarktkapitalisierung widerspiegelt. Tatsächlich werden jedoch von deutschen Privatanlegern immer noch mehr als 60 Prozent deutsche Investments in den Aktiendepots gehalten. Ähnliche Portfoliostrukturen wie in Deutschland, mit überragendem Anteil des Heimatmarktes, finden sich auch in den USA, Kanada, Japan und den übrigen Staaten Europas wieder, so dass es sich beim Home Bias nicht um ein typisch deutsches Phänomen handelt. Zudem betrifft es nicht nur private Anleger, sondern auch institutionelle Investoren. Da der Home Bias in Bond-Portfolios weniger ausgeprägt ist als in Aktien-Portfolios, beschränkt sich die Analyse sowohl in der ökonomischen als


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Product Details
  • ISBN-13: 9783638926690
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 64
  • Series Title: German
  • Weight: 95 gr
  • ISBN-10: 3638926699
  • Publisher Date: 28 Mar 2008
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm


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