Der Dispositionseffekt - "Are Investors Reluctant to Realize Their Losses?" (Aus der Reihe: e-fellows.net stipendiaten-wissen) (German Edition) Book PDF, ePub eBook

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Book Descriptions:
Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,3, Universität Augsburg (Wirtschaftswissenschaftliche Fakultät), Veranstaltung: Seminar "Finance and Banking", Sprache: Deutsch, Abstract: Der Dispositionseffekt ist in der Behavioural Finance gut dokumentiert und stellt ein weit verbreitetes Verhaltensmuster unter Investoren dar. Das beobachtete Verhalten ist aus steuerlichen Gesichtspunkten aber nicht von Vorteil. Denn zum Einen kann die Steuerlast durch das Realisieren von Verlusten in den meisten Steuersystemen gemindert werden und zum Anderen können Steuerzahlungen durch das Festhalten an profitablen Investments in spätere Perioden verschoben werden.
Gegenstand dieser Arbeit ist eine Untersuchung auf den Dispositionseffekt anhand eines Datensatzes eines deutschen Direkt-Brokers. Den Ausgangsdatensatz dafür bilden die Transaktionen von 4044 Accounts im Zeitraum von 2005 mit 2008. Hierbei werden grundsätzlich dieselben Methoden verwendet, die Odean (1998) zum Nachweis des Dispositionseffekts angewendet hat. Wie Odean können auch wir den Dispositionseffekt im Allgemeinen bestätigen. Unsere Analysen ergeben jedoch nicht, dass Anleger zum Jahresende hin Verluste realisieren, um ihre Steuerlast zu mindern. Darüber hinaus können wir zeigen, dass in Zeiten des konjunkturellen Abschwungs - wie zum Beispiel im Jahr 2008 - die Tendenz, Gewinneraktien zu früh zu verkaufen, zunimmt.

Der Dispositionseffekt - "Are Investors Reluctant to Realize Their Losses?" (Aus der Reihe: e-fellows.net stipendiaten-wissen) (German Edition) by Dominik Degen, Flavio Seidenbusch

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