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Die Risikobepreisung an Aktienmarkten Im Internationalen Vergleich

Die Risikobepreisung an Aktienmarkten Im Internationalen Vergleich

          
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About the Book

Die Erklarung von Aktienrenditen ist schon lange eine der zentralen Herausforderungen der Kapitalmarkttheorie. Am Bekanntesten und meist genutzten ist hierbei der Ansatz des Capital Asset Pricing Model (CAPM). Auf Grundlage des CAPM reicht der Beta-Faktor aus, um erwartete Aktienrenditen erklaren zu konnen. In einer Vielzahl von Studien wurde jedoch dargelegt, dass es auch andere Faktoren gibt, die einen Beitrag zur Erklarung von Aktienrenditen liefern konnen. Die Einflusse solcher Faktoren konnen jedoch nicht durch das CAPM erfasst werden, weshalb sie in der Literatur haufig auch als Anomalien bezeichnet werden. Aufgrund der Beschrankung dieses 'Einfaktorenmodells' wurden, in Anlehnung an die Arbitrage Pricing Theory (APT), daher in den Studien der jungeren Vergangenheit 'Multifaktorenmodelle' zu Hilfe genommen, um die potentiellen Einflussfaktoren auf Aktienrenditen an den internationalen Kapitalmarkten bestimmen zu konnen.Ziel dieser Arbeit ist es herauszufinden, welche mit Risiko behafteten Faktoren es gibt, die einen Einfluss auf die Bepreisung von Aktien haben. Dies soll v.a. im Hinblick auf die internationalen Aktienmarkte geschehen.Im zweiten Kapitel wird daher zunachst der Begriff des Risikos und dessen wirtschaftlicher Bedeutungsgehalt erlautert. Als fur die Bepreisung grundlegenden Modelle der Kapitalmarkttheorie sollen darauf aufbauend das Capital Asset Pricing Model und danach die Arbitrage Pricing Theory dargestellt werden.Den Schwerpunkt dieser Arbeit bildet Kapitel drei, indem aufgezeigt werden soll, welche Faktoren sich als preisbildungsrelevant fur die Aktienmarkte herausstellen. Anknupfend an die am Ende des dritten Kapitels aufgestellte These soll im vierten Kapitel dann untersucht werden, ob die preisrelevanten Faktoren fur eine okonomische Integration der Kapitalmarkte sorgen. Im funften Kapitel werden die bis dahin gewonnenen Erkenntnisse kurz zusammengefasst und eine Schlussfolgerung gezogen.


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Product Details
  • ISBN-13: 9783638323338
  • Publisher: Grin Verlag
  • Publisher Imprint: Grin Verlag
  • Language: German
  • ISBN-10: 3638323331
  • Publisher Date: 01 Jan 2004
  • Binding: Digital (delivered electronically)
  • No of Pages: 23


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