Kapitalmarktkommunikation durch Sell-Side-Analysten
Kapitalmarktkommunikation durch Sell-Side-Analysten

Kapitalmarktkommunikation durch Sell-Side-Analysten


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About the Book

Bachelorarbeit aus dem Jahr 2021 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Technische Universität Berlin (Betriebswirtschaftslehre), Sprache: Deutsch, Abstract: Ziel dieser Arbeit ist es zu untersuchen, welchen Einfluss die Anzahl der berichtenden Sell-Side-Analysten auf die Wahl des optimalen Präzisionsniveaus der fondsinternen Informationsproduktion sowie die relative Gewichtung der Analystenberichte durch den Fondsmanager hat. Eine Vielzahl von Ergebnissen empirischer Studien darauf hin, dass die Kapitalmarktkommunikation von Finanzanalysten systematisch verzerrt sein könnte. Gegeben der bestehenden Ungewissheit bezüglich der von den Analysten verfolgten Interessen und der potenziellen Gefahr, dass ihre Empfehlungen möglicherweise voreingenommen sind, stellen sich somit folgende Fragen: Wie können rationale Marktteilnehmer die von Sell-Side-Analysten bereitgestellten Informationen bei der Bildung von Investitionsentscheidungen verwenden? Und wie kann dabei die Qualität der Anlegerinformationen erhöht werden? Cheng et al. (2006) nähern sich diesen Fragen auf modell-theoretischer und empirischer Basis. Sie untersuchen insbesondere, wie ein Fondsmanager die Researchberichte eines Buy-Side-Analysten (BSA) relativ zu dem eines Sell-Side-Analysten (SSA) bei der Bildung ihrer Investitionsentscheidung gewichtet. In ihrem Modell treffen Cheng et al. (2006) eine Vielzahl vereinfachender Annahmen, um den Entscheidungsprozess des Managers unter Verwendung eines Cheap-Talk-Ansatzes zu modellieren. Unter anderem nehmen Sie an, dass dem Fondsmanager lediglich ein repräsentativer SSA-Bericht zur Verfügung steht. In dieser Arbeit wird untersucht, welchen Einfluss die Anzahl der berichtenden Sell-Side-Analysten auf die Wahl des optimalen Präzisionsniveaus der fondsinternen Informationsproduktion sowie die relative Gewichtung der Analystenberichte durch den Fondsmanager hat. Hierzu wird zunächst betrachtet, wie der Manager die Informationen aus verzerrten SSA-B


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Product Details
  • ISBN-13: 9783346614285
  • Publisher: Bod Third Party Titles
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 70
  • Spine Width: 4 mm
  • Weight: 154 gr
  • ISBN-10: 334661428X
  • Publisher Date: 02 May 2022
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Sub Title: Eine kritische Würdigung des Cheng et al. (2006) Modells
  • Width: 148 mm

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