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Equity Premium Puzzle

Equity Premium Puzzle


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About the Book

Bachelorarbeit aus dem Jahr 2009 im Fachbereich BWL - Controlling, Note: 1,3, Friedrich-Alexander-Universität Erlangen-Nürnberg, Veranstaltung: Finance / Controlling, Sprache: Deutsch, Abstract: Trotz zwischenzeitlich schwerer Kurseinbrüche erwiesen sich Aktien in der Vergangenheit als mittel- bis langfristig rentable Investitionen. Sie konnten im Durchschnitt deutlich höhere Renditen als alternative Anlageformen, wie z. B. Staatsanleihen, erzielen. Dieser Renditeunterschied zwischen Aktien und weitestgehend risikolosen Anlagen wird als Risikoprämie bezeichnet. Ihre Höhe besitzt für eine Vielzahl betriebswirtschaftlicher Bereiche praktische Relevanz. So treffen Kapitalmarktteilnehmer ihre Portfolioentscheidungen auf Basis zukünftiger Renditeerwartungen. Ebenso ist die Risikoprämie als Modellparameter zur Bestimmung von Eigenkapitalkosten sowohl für Investitionsentscheidungen im Rahmen wertorientierter Unternehmensführung als auch für die Unternehmensbewertung von zentraler Bedeutung. Aufgrund dieser wichtigen Stellung war ein 1985 veröffentlichter Beitrag von MEHRA/PRESCOTT Anlass für eine bis heute andauernde Diskussion über die Höhe der Risikoprämie. Die Autoren zeigten, dass die in der Vergangenheit realisierten Überschussrenditen in den USA deutlich zu hoch waren, als dass sie unter realistischen Annahmen mit dem aus der neoklassischen Theorie hergeleiteten Standardmodell erklärt werden können. Die daraus resultierende Problemstellung bezeichneten sie als das "Equity Premium Puzzle". Das Ziel dieser Arbeit besteht darin, die relevanten Determinanten der Risikoprämie zu identifizieren, um ein besseres Verständnis des Equity Premium Puzzles zu ermöglichen. Zudem soll ein breiter Überblick über Stärken und Schwächen zukunftsorientierter Schätzmodelle gegeben werden. Hierzu erfolgt in einem Grundlagenteil zunächst eine Konkretisierung und Abgrenzung verschiedener Begriffsdefinitionen zur Risikoprämie. Zudem soll aufgezeigt werden, inwiefern das Equity Premium P


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Product Details
  • ISBN-13: 9783656010784
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 3 mm
  • Weight: 136 gr
  • ISBN-10: 3656010781
  • Publisher Date: 22 Sep 2011
  • Height: 210 mm
  • No of Pages: 56
  • Series Title: German
  • Sub Title: Theoretische Grundlagen und Lösungsansätze
  • Width: 148 mm


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