Behavioral Finance-Theorie und die Grenzen von Arbitragegeschäften
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Studienarbeit aus dem Jahr 2007 im Fachbereich VWL - Finanzwissenschaft, Note: 1,3, Friedrich-Schiller-Universität Jena (Lehrstuhl für Volkswirtschaftslehre), Sprache: Deutsch, Abstract: In der Vergangenheit ist es schon an allen wichtigen Börsenplätzen der Welt zu gro en Kurseinbrüchen innerhalb kurzer Zeit, so genannten "Crashs", gekommen. Als das letzte markante Ereignis dieser Art lässt sich wohl das Platzen der Internet- und New Economy Blase an den Finanzmärkten um die Jahrtausendwende anführen. Die klassische Finanztheorie mit ihrem Modell der informationseffizienten Märkte, auf denen rationale Akteure optimale Entscheidungen treffen, ist nicht in der Lage gewesen solche Vor-kommnisse in der Vergangenheit zu erklären. Insbesondere die von der Ökonomie so vielfach verwendete Annahme des "homo oeconomicus" ist zunehmend in die Kritik geraten, da Menschen in der Wirklichkeit häufig die geforderte Rationalität nicht an den Tag legen. Insofern war es an der Zeit über neue Erklärungsansätze für die an den Finanzmärkten auftretenden Anomalien nachzudenken. Als Ergebnis dieser Bemühungen kann die Begründung der Behavioral Finance angesehen werden. Sie versucht das von den klassischen Annahmen abweichende Verhalten der Akteure, mit Hilfe psychologischer Verhaltensmodelle zu erklären. Ein wichtiger Baustein in den Modellen der klassischen Theorie ist das Prinzip der Arbitrage. Sie garantiert, dass rationale Akteure Kursentwicklungen, die eventuell von Fundamentalwerten abweichen, über die Möglichkeit von risikolosen Arbitragegewinnen wieder in die Richtung der realistischen Werte bewegen. Das Ziel dieser Arbeit soll es sein zu zeigen, wie die Arbitrage als das zentrale Instrument zum Erreichen von Gleichgewichten an den Finanzmärkten, im Rahmen der veränderten Modellannahmen der Behavioral Finance, an die Grenzen ihrer Wirksamkeit stö t. Dazu gilt es in einem ersten Teil die Behavioral Finance von der klassischen Finanztheorie abzugrenzen, deren grundlegende Konzepte
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