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Behavioral finance: eine Alternative zur vorherrschenden Kapitalmarkttheorie?

  • Roßbach, Peter

Bei der Erklärung des Börsengeschehens ist die Psychologie einer der meistgenannten Begriffe. So weisen die Kurse teilweise ökonomisch kaum nachvollziehbare Schwankungen auf, und Studien gelangen zu dem Ergebnis, dass der Zusammenhang zwischen Kursen und Fundamentaldaten relativ gering ist.1 Ungeachtet der Aussagen der vorherrschenden Kapitalmarkttheorie investieren Banken und sonstige Investmenthäuser große Summen in Analyseabteilungen mit dem Ziel, durch entsprechende aktive Anlagestrategien die risikoäquivalenten Marktrenditen zu übertreffen.

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Paper provided by Frankfurt School of Finance and Management in its series Frankfurt School - Working Paper Series with number 31.

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Date of creation: 2001
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Handle: RePEc:zbw:fsfmwp:31
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  1. French, Kenneth R., 1980. "Stock returns and the weekend effect," Journal of Financial Economics, Elsevier, vol. 8(1), pages 55-69, March.
  2. Shiller, Robert J, 1981. "Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?," American Economic Review, American Economic Association, vol. 71(3), pages 421-36, June.
  3. Gilles, Christian & LeRoy, Stephen F, 1991. "On the Arbitrage Pricing Theory," Economic Theory, Springer, vol. 1(3), pages 213-29, July.
  4. Fama, Eugene F & French, Kenneth R, 1992. " The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-65, June.
  5. Harris, Lawrence E & Gurel, Eitan, 1986. " Price and Volume Effects Associated with Changes in the S&P 500 List: New Evidence for the Existence of Price Pressures," Journal of Finance, American Finance Association, vol. 41(4), pages 815-29, September.
  6. De Bondt, Werner F M & Thaler, Richard, 1985. " Does the Stock Market Overreact?," Journal of Finance, American Finance Association, vol. 40(3), pages 793-805, July.
  7. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
  8. Fama, Eugene F & French, Kenneth R, 1988. "Permanent and Temporary Components of Stock Prices," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 246-73, April.
  9. Poterba, James M. & Summers, Lawrence H., 1988. "Mean reversion in stock prices : Evidence and Implications," Journal of Financial Economics, Elsevier, vol. 22(1), pages 27-59, October.
  10. Fama, Eugene F & French, Kenneth R, 1996. " Multifactor Explanations of Asset Pricing Anomalies," Journal of Finance, American Finance Association, vol. 51(1), pages 55-84, March.
  11. Shiller, Robert J, 1990. "Market Volatility and Investor Behavior," American Economic Review, American Economic Association, vol. 80(2), pages 58-62, May.
  12. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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