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Steht der deutsche Aktienmarkt unter politischem Einfluss?

  • Gottschalk, Katrin
  • Bohl, Martin T.
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    Die vorliegende Arbeit untersucht den Zusammenhang zwischen politischen Zyklen und Aktienrenditen in Deutschland. Während sich die bis dato verfügbaren Studien über politisch bedingte Aktienmarktanomalien auf die USA konzentrieren, analysieren wir deren Existenz in deutschen Aktienrenditen. Im Gegensatz zu den empirischen Ergebnissen für die USA zeigen sich für Deutschland keine Anomalienmuster in Akteinrenditen, die sich auf rechte oder linke Bundesregierungen zurückführen lassen. In Übereinstimmungen mit den für die USA verfügbaren Evidenzen ist auch für Deutschland von einem politisch beeinflussten Wahlzyklus in Akteinrenditen auszugehen. Zudem widerlegen unsere empirischen Ergebnisse für Deutschland die Hypothese, dass sich der US-amerikanische Wahlzyklus auch auf den deutschen Aktienmarkt überträgt.

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    Paper provided by European University Viadrina Frankfurt (Oder), The Postgraduate Research Programme Capital Markets and Finance in the Enlarged Europe in its series Working Paper Series with number 2005,1.

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    Date of creation: 2005
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    Handle: RePEc:zbw:euvgra:20051
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