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Der Fall der T-Aktie: Börsencrashs können dauerhaft Investitionsentscheidungen von Haushalten negativ beeinflussen

Author

Listed:
  • Chi Hyun Kim
  • Alexander Kriwoluzky

Abstract

Seit Jahrzehnten investiert nur jeder vierte bis fünfte Haushalt in Deutschland in Aktien. Mit den drei Börsengängen der Deutschen Telekom 1996 bis 2000 wurden die Deutschen in Aktienlaune versetzt. Der Kurssturz kurz nach dem zweiten Börsengang, gefolgt von Korruptionsskandalen, beendete aber die gute Aktienstimmung. Die vorliegende Studie auf Basis von SOEP-Daten zeigt, dass die Ereignisse rund um die T-Aktie zu einer anhaltend geringeren Beteiligung an den Aktienmärkten geführt hat – und zwar um rund 60 Prozent selbst noch 20 Jahre danach. Dieser Effekt ist bei Haushalten größer, die direkt in Telekom-Aktien investiert hatten. Es wurde also dauerhaft Vertrauen in Aktieninvestments zerstört, was auch einem langfristigen Vermögensaufbau im Weg stehen dürfte. Um dem entgegenzuwirken, sollten die Aufsichtsbehörden zum einen Unternehmen stärker prüfen, die Aktien an KleinanlegerInnen ausgeben, damit Fälle wie die Telekom oder jüngst Wirecard nicht weiter das Börsenvertrauen erschüttern. Zum anderen wäre es wichtig, durch finanzielle Bildung die KleinanlegerInnen in die Lage zu versetzen, Börseninvestments rationaler zu bewerten und ihre Portfolios abzusichern.

Suggested Citation

  • Chi Hyun Kim & Alexander Kriwoluzky, 2021. "Der Fall der T-Aktie: Börsencrashs können dauerhaft Investitionsentscheidungen von Haushalten negativ beeinflussen," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 88(25), pages 423-429.
    • Handle: RePEc:diw:diwwob:88-25-1
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    References listed on IDEAS

    as
    1. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 126(1), pages 373-416.
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    More about this item

    Keywords

    Stock market crashes; emotional tagging; stock market participation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G01 - Financial Economics - - General - - - Financial Crises
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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