Kann die Loss Aversion zur Erklärung des Equity Premium Puzzle beitragen?
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Kann die Loss Aversion zur Erklärung des Equity Premium Puzzle beitragen?

Kann die Loss Aversion zur Erklärung des Equity Premium Puzzle beitragen?


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About the Book

Studienarbeit aus dem Jahr 2021 im Fachbereich BWL - Investition und Finanzierung, Note: 1,1, Hochschule Reutlingen (ESB Business School), Veranstaltung: Applied Research in Finance, Sprache: Deutsch, Abstract: Diese Arbeit hat zum Ziel, der Frage, ob die von Kahneman und Tversky veröffentlichte Theorie der Loss Aversion zur Erklärung des Puzzles beitragen kann, nachzugehen. Seit über 35 Jahren versuchen Menschen vergeblich, sich den hohen Unterschied zwischen den Renditen risikobehafteter und risikoloser Anlagen zu erklären. Mehra und Prescott zeigen in ihrem Werk The Equity Premium: A Puzzle auf, dass Menschen in ihrem Anlegerverhalten eine unerklärlich starke Abneigung gegenüber Risiko aufzeigen. Da man zum heutigen Tag noch keine allgemein anerkannte Lösung dieses Problems gefunden hat, hat es seit seiner Veröffentlichung nicht an Relevanz verloren und stellt die Wissenschaft noch heute vor die gleichen Fragen wie damals, deren Beantwortung besonders für Investoren von großem Interesse ist. Benartzi und Thaler starten im Jahr 1995 den ersten Versuch, das Rätsel mithilfe der Myopic Loss Aversion zu erklären. Dieser Begriff setzt sich zusammen aus der Myopia, also der Kurzsichtigkeit bzw. dem kurzen Zeithorizont der Anleger und der Loss Aversion, einer Theorie, die Kernbestandteil der von Kahneman und Tversky 1979 veröffentlichten Prospect Theory ist. Gemäß dieser Theorie wiegen Menschen Verluste schwerer als entsprechende Gewinne, die Theorie erweitert also den von Neumann-Morgenstern-Erwartungsnutzen um eine Unterscheidung zwischen Gewinn und Verlust, ausgehend vom aktuellen Referenzpunkt. Dieser Erklärungsansatz wird auf den folgenden Seiten kritisch beleuchtet. Die ersten beiden Teile erklären das Phänomen des Aktienprämienrätsels und die Theorie der Loss Aversion genauer und zeigen empirische Belege für deren Relevanz. Im letzten Teil wird zunächst der theoretische Ansatz hinter der Myopic Loss Aversion erläutert, woraufhin dieser Erklärungsversuch kritisc


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Product Details
  • ISBN-13: 9783346932358
  • Publisher: Bod Third Party Titles
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 22
  • Spine Width: 1 mm
  • Width: 148 mm
  • ISBN-10: 3346932354
  • Publisher Date: 20 Aug 2023
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Weight: 95 gr


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