Gesamtmarktseparationsmodell by Sebastian Oberhauser
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Gesamtmarktseparationsmodell

Gesamtmarktseparationsmodell


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About the Book

Bachelorarbeit aus dem Jahr 2009 im Fachbereich BWL - Bank, Börse, Versicherung, Hochschule Ravensburg-Weingarten, Sprache: Deutsch, Abstract: In seinem Buch "Die Kunst über Geld nachzudenken" formuliert André Kostolany folgende Gleichung: "Geld + Psychologie = Tendenz". Diese bestimmt aus seiner Sicht die mittelfristige Aktienmarkttendenz. Den Zusammenhang und die Einflussfaktoren erläutert er folgendermaßen: "Ohne Geld kann die Börse nicht steigen, auch wenn die Zukunft noch so gut aussieht [...] Man könnte auch sagen Geld ist das Lebenselexier des Aktienmarktes. Aber mit Geld allein kann der Markt sich auch nicht bewegen. Die zweite Komponente ist die Psychologie. Ist die Psychologie des Anlagepublikums durchweg negativ, sodass niemand Aktien kaufen will, kann die Börse auch nicht steigen. Wenn beide Faktoren, Geld und Psychologie, positiv sind, dann steigen die Kurse. Sind beide negativ, fallen sie. Ist ein Faktor positiv, der andere negativ, neutralisieren sich die Tendenzen, das heißt, es entwickelt sich eine farblose, uninteressante Börse ohne große Schwankungen." Auch wenn dieser vage beschriebene Zusammenhang nicht dem Anspruch einer tiefgreifenden wissenschaftlichen Analyse genügt, so stellt er doch die beiden Faktoren ins Zentrum der Betrachtung, deren Bedeutung im Laufe dieser Arbeit im Rahmen der Entwicklung des so genannten Gesamtmarktseparationsmodells (GMSM) untersucht wird. Dieses Modell baut auf den Erkenntnissen des Capital Asset Pricing Models (CAPM) auf und untersucht die Faktoren Liquidität und Risikoneigung der Anleger auf Gesamtmarktebene in Anlehnung an die so genannte Tobin Separation. Hierbei handelt es sich um die nach Jim Tobin benannte Aussage des CAPM, welche auf Einzelinvestorenebene die Aufteilung des Vermögens in einen risikolosen und einen risikobehafteten Teil beschreibt.


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Product Details
  • ISBN-13: 9783640335152
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3640335155
  • Publisher Date: 29 May 2009
  • Height: 210 mm
  • No of Pages: 64
  • Series Title: German
  • Weight: 145 gr


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