Year: 2012
Author: Nguyen, Tristan, Schüssler, Alexander
Der Betriebswirt, Vol. 53 (2012), Iss. 1 : pp. 15–19
Abstract
A main assumption of traditional financial market theory is that market participants are rational. Several studies show that investor behaviour is not always rational. In fact sometimes it is actually systematically irrational. Unlike the efficiency market hypothesis in the classical finance theory, behavioral finance does not exclusively explain the pricing of financial instruments on the basis of economic factors like payment streams and interest rates but by the interplay of economic, psychological and sociological factors which were represented in this article. The consideration of these additional factors in the behavioral finance approach is the reason that market prices of financial products can differ significantly from their fundamental values over a longer time period.
You do not have full access to this article.
Already a Subscriber? Sign in as an individual or via your institution
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/dbw.53.1.15
Der Betriebswirt, Vol. 53 (2012), Iss. 1 : pp. 15–19
Published online: 2012-02
AMS Subject Headings: Duncker & Humblot, Deutscher Betriebswirte-Verlag GmbH
Copyright: COPYRIGHT: © Global Science Press
Pages: 5
Keywords: Behavioral Finance als neuer Erklärungsansatz für quot irrat
Author Details
-
Quantitative Forschung in Masterarbeiten
Ereignisstudie und Text Mining: Untersuchung der Wirkung von Ad-hoc-Meldungen auf den Kapitalmarkt im Kontext der Behavioral Finance
Lemke, Tobias
Krahnhof, Philippe
Zureck, Alexander
2022
https://doi.org/10.1007/978-3-658-35831-0_5 [Citations: 0]
-
Asch, S. (1952): Social Psychology, Englewood Cliffs, N.J.: Prentice Hall, S. 450-501.
Google Scholar -
Belsky, G. / Gilovich, T. (2007): Das Lemmingprinzip, 1. Aufl.
Google Scholar -
Doukas, J. A., Petmezas, D. (2007): Acquisitions, Overconfident Managers and Selfattribution Bias, European Financial Management, Vol. 13, No. 3, S. 531-577.
Google Scholar -
Glaser, M. / Weber, M. (2005): September 11 and Stock Return Expectations of Individual Investors, in: Review of Finance, Vol. 9, S. 243-279.
Google Scholar -
Lau, R. R. and Russell, D. (1980): Attributions in the sports pages. Journal of Personality and Social Psychology, 39, S. 29- 38.
Google Scholar -
Maital, S. / Filer R. / Simon, J. (1986): What Do People Bring to the Stock Market (Beside Money)? The Economic Psychology of Stock Market Behavior, in: Gilad, B. / Kaish, S. (ed.), Handbook of Behavioral Economics Behavioral Macroeconomics, Vol. B Greenwich, S. 273-307.
Google Scholar -
Milgram, S. (1974): Obedience to Authority, 1. Aufl., New York, S. 13-54.
Google Scholar -
Montier (2007): Behavioral Investing, 1. Aufl., Chichester.
Google Scholar -
Murschall, O (2007): Die Behavioral Finance als Ansatz zur Erklärung von Aktienrenditen – Eine empirische Analyse des deutschen Aktienmarktes, Hamburg: Verlag Dr. Kovac.
Google Scholar -
Sewell, M. (2010), Behavioral Finance, University of Cambridge, http://www.behaviouralfinance.net/behavioural-finance.pdf
Google Scholar -
Thaler, R (2005): Advances in Behavioral Finance 2., 1. Aufl., Princeton.
Google Scholar -
Thaler, R. (1980): Towards a positive theory of consumer choice, in: Journal of Economic Behavior and Organization 1, S. 39-60.
Google Scholar -
Tversky, A. / Kahneman, D. (1974): Judgment under uncertainty: Heuristics and biases, in: Science, Vol. 185, S. 1124-1130.
Google Scholar
| Section Title | Page | Action | Price |
|---|---|---|---|
| Tristan Nguyen / Alexander Schüssler: Behavioral Finance als neuer Erklärungsansatz für „irrationales“ Anlegerverhalten | 1 | ||
| Summary | 1 | ||
| 1. Behavioral Finance als verhaltenswissenschaftlicher Ansatz | 1 | ||
| 2. Neigung zur Selbstzuschreibung | 1 | ||
| 3. Verfügbarkeitsheuristik und selektive Informationswahrnehmung | 2 | ||
| 4. Overconfidence | 2 | ||
| 5. Verankerung, Mental Accounting | 3 | ||
| 6. Repräsentativitätsheuristik | 3 | ||
| 7. Konservativismus | 4 | ||
| 8. Herdenverhalten | 4 | ||
| 9. Fazit | 4 | ||
| Fußnoten | 5 | ||
| Literatur | 5 |