Behavioral Finance und Kapitalmarkt: Private und institutionelle Investoren im Kontext von Börsenboom und -crash
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Inhaltsangabe: Zusammenfassung: Als Folge des in den Jahren 1998 bis 2000 beobachteten Börsenbooms und -crashs und den damit verbundenen immensen Verlusten privater und institutioneller Investoren verfolgt die Arbeit das Ziel, herauszuarbeiten, ob Erkenntnisse der noch jungen Forschungsrichtung Behavioral Finance existieren, die Anomalien im Investorenverhalten gezielt in den Phasen von Börsenboom und -crash beleuchten. Dabei wird auch der Frage nachgegangen, inwieweit die Aussagen der klassischen Kapitalmarkttheorie einer Ergänzung behavioristischer Elemente bedürfen, um die Geschehnisse am Kapitalmarkt adäquat wieder geben zu können. Nach der Erarbeitung möglicher Ursachen für Spekulationen an internationalen Börsen wird auf die Regelmä igkeit eingegangen, in der Boom- und Crashphasen am Kapitalmarkt auftreten. Ausgewählte historische Beispiele werden vorgestellt. Die wissenschaftliche Beschreibung des Kapitalmarktes an Hand von Kapitalmarkteffizienz und -vollkommenheit führt zu einer Präsentation der bedeutendsten Modelle der klassischen Kapitalmarkttheorie sowie deren Erweiterung um behavioristische Gesichtspunkte. Anschlie end werden ausgewählte empirische Kapitalmarktanomalien aufgezeigt, um die Bedeutung der Behavioral Finance zu unterstreichen. Zur Vertiefung werden als Anomalien im Investorenverhalten Beispiele aus dem Prozess der Informationsverarbeitung und Entscheidungsfindung, das Noise Trading sowie das Herdenverhalten genauer vorgestellt. Die Anlegergruppierung in informierte und uninformierte Investoren an Hand eines ausgewählten Modells zeigt, dass neben privaten Investoren auch Fondsgesellschaften als uninformiert gelten. Im Rahmen des Boom- bzw. Crashverhaltens privater Investoren werden als ausschlaggebende Anomalien eine verstärkte Bildung von Heuristiken, die Anreizwirkung mentaler Konten, ein spekulatives Herdenverhalten, eine Status Quo Bias mit verbundener Kontrollillusion sowie insbesondere in Crashphasen das Noise Trading identifiziert.
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