Momentum-Effekt in Deutschland by Johannes Hilburger
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Momentum-Effekt in Deutschland

Momentum-Effekt in Deutschland


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About the Book

Studienarbeit aus dem Jahr 2017 im Fachbereich BWL - Allgemeines, Note: 1,7, Universität Regensburg, Sprache: Deutsch, Abstract: Die Forschungsfrage der Arbeit lautet, ob der Momentum Effekt auch für den deutschen Markt aktuell nachweisbar ist. Zudem soll die internationale Literatur umfassend ausgearbeitet werden. Die Arbeit unterteilt sich der Problemstellung folgend in zwei Teile. Der vorangestellten Einleitung folgen die theoretischen Grundlagen des Momentum-Effekts. Dieses Kapitel beginnt zweckmäßig mit der Definition des Momentum-Effekts. Es folgt eine Vorstellung historischer Studien, die dem Leser die Ursprünge der Momentum-Forschung näherbringen sollen. Im Anschluss daran werden ausgewählte Strategien zur Erzielung sogenannter Momentum-Überrenditen vorgestellt. Kapitel zwei endet mit einer differenzierten Auswahl von rationalen und verhaltenswissenschaftlichen Ansätzen zur Erklärung des Momentum-Effekts. Ausgehend von der Effizienzmarkthypothese nach Malkiel & Fama spiegelt der Preis eines Finanzinstruments alle vorhandenen fundamentalen Informationen über ein Unternehmen vollständig wider. Die Effizienz der Informationsverarbeitung wird dabei in eine schwache, mittelstarke und starke Form unterschieden. Es besteht nach der Effizienzmarkthypothese keine Möglichkeit anhaltende Überrenditen gegenüber dem Markt aufgrund von technischen Analysen, Fundamentalanalysen, Insider- oder anderweitigen Informationen zu erzielen. Im Widerspruch zu dieser Hypothese konnten jedoch in der Vergangenheit überdurchschnittliche Gewinne in Abhängigkeit von historischen Kursentwicklungen nachgewiesen werden. Abweichungen dieser Art werden in der Literatur als (Kapitalmarkt-) Anomalien bezeichnet. Eine der bekanntesten Kapitalmarktanomalien ist der sogenannte Momentum-Effekt. Die zugrundliegende Hypothese des Momentum-Effekts lautet, dass die Aktien mit den höchsten bzw. niedrigsten Renditen über die vergangenen drei bis zwölf Monate diesen Renditetrend im Durchschnitt proz


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Product Details
  • ISBN-13: 9783346055187
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Height: 297 mm
  • No of Pages: 56
  • Spine Width: 3 mm
  • Width: 210 mm
  • ISBN-10: 3346055183
  • Publisher Date: 20 Sep 2019
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Weight: 209 gr

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