Informationseffizienz auf Aktienmärkten
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Imported Edition - Ships in 18-21 Days
Free Shipping in India on orders above Rs. 500
Studienarbeit aus dem Jahr 2004 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1, Johannes Kepler Universität Linz, Sprache: Deutsch, Abstract: Das Entstehen von freien Marktpreisen setzt das Zusammenspiel von Angebot und Nachfrage voraus, dabei wird der Einzelne nach Adam Smith ....von einer unsichtbaren Hand geleitet, um einen Zweck zu fördern, den er in keiner Weise beabsichtigt hat.1 Preise auf Märkten, besonders aber auf spekulativen Märkten, weisen eine Abhängigkeit zu Informationen auf. Indem Informationen die Preisbildung beeinflussen spiegeln sie sich in Aktienkursen wider. Die Frage nach der Effizienz von Informationen führte in den sechziger Jahren des 20. Jahrhunderts zur Theorie der effizienten Märkte (Efficient Market Hypothesis) auch als EMH bezeichnet, das zentrale Paradigma für die Theorie der Aktienmärkte. Die Theorie der effizienten Märkte beruht auf der Voraussetzung, dass Börsen von rational handelnden Investoren im Sinne des "homo oeconomicus" bestimmt werden. Etwas rigoroser wurde dieser Ansatz dann von Eugene Fama und seinen Mitarbeitern behandelt: Sie entwickelten ein informationstheoretisches Gebäude, das den Zufallscharakter von Finanzmarktpreisen darauf zurückführt, dass neue Information von den Marktteilnehmern sofort verarbeitet wird und sich entsprechend rasch in den Preisen niederschlägt. Weil dadurch neue preisrelevante Information am Markt nur mehr zufällig auftreten kann - so lautet die sehr vereinfachte Argumentation -, verändern sich auch die Preise in mehr oder weniger zufälliger Manier.2 Erste Zweifel an dieser Theorie tauchten Mitte der siebziger Jahre auf, da verschiedene Effekte nachgewiesen werden konnten, die mit dem traditionellen Konzept nicht im Einklang stehen. Im Mittelpunkt der Betrachtung vorliegender Arbeit steht die Theorie der effizienten Märkte und die Hinterfragung des Konzeptes anhand einer Auswahl vorwiegend empirisch beobachtbarer Phänomene und Effekte, welche in der Finanzliteratur auch als Anomalien
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