"Home Bias internationaler Investoren by Stefanie Grimnitz
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"Home Bias internationaler Investoren

"Home Bias internationaler Investoren


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About the Book

In den letzten Jahrzehnten hat eine fortlaufende Deregulierung und Liberalisierung der Finanz- und Kapitalmärkte stattgefunden, denn auch an ihnen ist die Globalisierung nicht unmerklich vorübergegangen. Dies hat zu einer wirtschaftlichen Verkettung der einzelnen Länder geführt und somit zu vermehrten Anlagemöglichkeiten für die Marktteilnehmer. Durch diese zusätzlichen Anlagealternativen sind eine bessere Diversifikation und eine Risikoreduktion des Aktienportfolios möglich. Doch trotz der Vorteile internationaler Diversifikation wurde Anfang der 90er Jahre des letzten Jahrhunderts festgestellt, dass die meisten Investoren diese nicht ausschöpfen, sondern einen sehr großen Anteil ihres Portfolios in Aktien aus dem Heimatland halten. Diese Tendenz wird in der ökonomischen Literatur "Home Bias", aber auch "Home Bias puzzle" oder "Equity Home Bias" genannt. Somit verfolgen die meisten Investoren eine Strategie der Akzeptanz von zusätzlichem Risiko durch eine nicht ausreichende Streuung auf verschiedene internationale Aktienwerte. Das Ziel dieser Arbeit ist es zu analysieren, wie ausgeprägt der Home Bias weltweiter Investoren ist, welche Ursachen dieses Phänomen hat und welche Folgen daraus resultieren. Da der Home Bias in Bondportfolios weniger ausgeprägt ist, beschränkt sich die Analyse auf die Untersuchung von Aktienportfolios. Im ersten Teil dieser Arbeit wird auf die wichtigsten Elemente der Portfoliotheorie, des Capital Asset Pricing Models sowie des International Asset Pricing Models eingegangen. Folgend werden die Vorteile der internationalen Diversifikation erläutert. Im anschließenden Kapitel wird der Home Bias definiert und des Weiteren gezeigt, welches Ausmaß der Home Bias in den Portfolios verschiedener Länder annimmt. Zudem werden zwei Methoden zur Messung des Home Bias charakterisiert. Zum Abschluss dieses Kapitels wird gezeigt, dass das Ausmaß des Home Bias noch viel größer ist, wenn Humankapital in die Betrachtung mit einbezogen wird. Im vierten K


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Product Details
  • ISBN-13: 9783863412814
  • Publisher: Bachelor + Master Publishing
  • Publisher Imprint: Bachelor + Master Publishing
  • Height: 210 mm
  • No of Pages: 40
  • Series Title: German
  • Sub Title: Eine Untersuchung von Aktienportfolios
  • Width: 148 mm
  • ISBN-10: 3863412818
  • Publisher Date: 31 Jul 2012
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 2 mm
  • Weight: 109 gr


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