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Effizienzmarkthypothese vs. Behavioral Finance

Effizienzmarkthypothese vs. Behavioral Finance


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About the Book

Bachelorarbeit aus dem Jahr 2011 im Fachbereich VWL - Finanzwissenschaft, Note: 1,3, Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Sprache: Deutsch, Abstract: Jeder Anleger, der an der Börse tätig werden will, ob nun institutioneller Anleger oder privater Investor, steht vor der Frage, wie er sein Portfolio verwalte. Soll er investieren und sich sodann passiv verhalten, also die Wertentwicklung untätig abwarten, oder soll er immer wieder aktiv eingreifen, eben gewissermaßen versuchen, den Markt systematisch zu schlagen?1 Diese Frage führt zum Brennpunkt aller Investmentphilosophien. Mit ihr ist doch die Entscheidung darüber verbunden, welche Anlagestrategie zu präferieren ist. Ob also das freie Spiel von Angebot und Nachfrage zu Marktpreisen führt, die den tatsächlichen Wert jedes einzelnen an der Börse gehandelten Titels korrekt widerspiegeln, dies setzt voraus, dass die Finanzmärkte ausreichend effizient sind. Oder ob es einem geschickten und weitsichtigen Portfoliomanager möglich ist, unter Ausnutzung verhaltenswissenschaftlicher Erkenntnisse und der menschlichen Psyche, die nicht nur rational handelnde Investoren kennt, systematisch Überrenditen zu erwirtschaften. Damit sind die zwei wesentlichen Strömungen im Kern umschrieben, die das Geschehen im Bereich der internationalen Finanztheorie in den letzten Jahrzehnten geprägt haben. Es geht um die Auseinandersetzung zwischen den Vertretern der Effizienzmarkthypothese einerseits und den Anhängern der Behavioral Finance andererseits. Letzteres bezieht auch irrationale Verhaltensweisen ökonomischer Akteure, also professioneller und individueller Anleger, in die Betrachtung mit ein und kann präziser als verhaltensorientierte Finanzwissenschaft oder Verhaltensökonomik bezeichnet werden.2 Die Anhänger der Behavioral Finance sind der Meinung, dass die Preise am Markt weniger durch fundamentale Daten als durch Psychologie bestimmt werden.3 [...] 1 Vgl. Schnedler (2003), S. 9 f. 2 Vgl. Vishwanath/ Krishn


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Product Details
  • ISBN-13: 9783640976799
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 5 mm
  • Width: 148 mm
  • ISBN-10: 3640976797
  • Publisher Date: 05 Aug 2011
  • Height: 210 mm
  • No of Pages: 88
  • Series Title: German
  • Weight: 177 gr


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Effizienzmarkthypothese vs. Behavioral Finance
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