Finanzanalysten Und Preiseffizienz by Hans-Markus Callsen-Bracker
Finanzanalysten Und Preiseffizienz

Finanzanalysten Und Preiseffizienz


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About the Book

Finanzanalysten zahlen mit zu den schillernsten Figuren auf den Kapitalmarkten. Durch ihre Empfehlungen konnen sie Aktienkurse in die Hohe treiben bzw. zum Absturzen bringen. Hier eroffnet sich ein weites Feld denkbarer Interessenkonflikte, die sich negativ auf die Qualitat des Aktienresearches auswirken konnten. Insbesondere im Zusammenhang mit dem Platzen der Technologieblase im Jahre 2000 ruckte die Tatigkeit der Analysten und ihre vermeintliche Mitschuld an dem Aktienhype verstarkt in den Fokus des offentlichen Interesses. In der Forschung wird daher der Fragestellung nachgegangen, wie rationale Investoren mit moglicherweise verzerrten Aktienempfehlungen umgehen bzw. wie sie die verrauschten Analystensignale bei der Preisfindung berucksichtigen. Analytisch kann diese Situation mit Hilfe der Mitte der 80er Jahre entstandenen "Signal-Jamming Modelle" untersucht werden. Ausgangspunkt fur die Entwicklung der Signal-Jamming-Modellklasse ist die okonomischen Analyse der folgenden Situation: Ein Sender verfugt uber einen Informationsvorteil und ubermittelt dem Signal-Empfanger ein potenziell verfalschtes Signal, um dessen Erwartungen bzw. Handlungen zu beeinflussen. Aus Sicht des Empfangers ist dabei das Signal trotz der Moglichkeit des Senders, das Signal zu manipulieren, zumindest zum Teil informativ, da die Verzerrung fur den Sender mit Kosten verbunden ist. In der vorliegenden Arbeit werden ausgehend vom Modell von Fischer und Verrecchia (2000) zwei Varianten eines Signal-Jamming Modells fur die Kapitalmarktkommunikation durch Sell-Side-Analysten entwickelt. Statt eines Senders agieren nun N Analysten als Signal-Sender. Dadurch wird es moglich, zusatzliche Interdependenzen und Wechselwirkungen im Gleichgewicht zu untersuchen.


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Product Details
  • ISBN-13: 9783832925628
  • Publisher: Nomos Verlagsgesellschaft
  • Binding: Paperback
  • No of Pages: 148
  • Series Title: Finanz- Und Rechnungswesen
  • ISBN-10: 3832925627
  • Publisher Date: 15 Mar 2007
  • Language: German
  • Returnable: N
  • Weight: 750 gr


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