Dispositionseffekt aus theoretischer und empirischer Sicht: Eine Betrachtung unter spezieller Berücksichtigung des Momentum-Effektes
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Studienarbeit aus dem Jahr 2009 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Gottfried Wilhelm Leibniz Universität Hannover (Geld- und internationale Finanzwirtschaft), Veranstaltung: Behavioral Finance und Asset Management, Sprache: Deutsch, Abstract: Im Jahre 1985 prägten Shefrin und Statman den Begriff des Dispositionseffektes, welcher die Eigenschaft von Investoren beschreibt, Gewinner zu schnell zu verkaufen und Verlierer zu lange zu halten. Diese Beobachtungen stehen im Kontrast zur klassischen Finanzmarkttheorie, welche von der absoluten Gleichbewertung von Gewinnen und Verlusten im Aktiengeschäft ausgeht und machen den Dispositionseffekt zu einer Finanzmarktanomalie auf dem Gebiet der Behavioral Finance. Der Dispositionseffekt verursacht nicht nur scheinbar Ineffizienzen in der unmittelbaren Anlageentscheidung, in verschiedenen Arbeiten wurde nachgewiesen, dass er für den Markt auch weitergehende Konsequenzen hat und beispielsweise den Momentumeffekt verursachen könnte. Diese Arbeit soll den Dispositionseffekt in einem ersten Schritt aus theoretischer und empirischer Sicht darstellen und in einem zweiten Schritt die Verbindung zum Phänomen des Momentum-Effektes aufzeigen. In Kapitel zwei werden zunächst die theoretischen Erklärungsansätze für den Dispositionseffekt dargestellt. Kapitel drei wird die empirische Evidenz nachvollziehen und setzt sich folgenderma en zusammen: Nachdem kurz auf die Entdeckung des Dispositionseffektes und die in Kapitel zwei beschriebenen Erklärungen eingegangen wird, werden Untersuchungen vorgestellt, welche ihn empirisch bestätigen. Au erdem wird auf alternative Erklärungsansätze und Kritik eingegangen. Im Anschluss wird anhand relevanter Arbeiten auf die Fragen eingegangen, inwieweit der Dispositionseffekt Kosten verursacht, wer von Ihm betroffen ist und anhand welcher Variablen man ihn vorhersagen kann. Kapitel vier widmet sich dem Bezug zum Momentum-Effekt und legt zunächst die theoretischen Grundlagen für di
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