Nicolas banholzer (2 Ergebnisse)
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Taschenbuch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - Bachelor Thesis from the year 2012 in the subject Economics - Finance, grade: 1,3, University of Freiburg, language: English, abstract: Most developed countries will be going through a strong demographic transition over the coming decades. The large…Baby Boomer cohort is approaching retirement and whereas it is often believed that they brought an economic dividend when they were working, it is assumed they will prove to be a drain on economic growth as they retire. Equally, financial markets are worried that the Baby Boomers will put the financial assets they accumulated over their life-cycle simultaneously on the market, thereby causing asset prices to tumble.However, looking at data about the life-cycle saving behaviour of households casts doubts that there is strong asset deccumulation even in the very old age. This work contributes on this issue by providing empirical evidence on individual stock market participation over the life-cycle in Germany between 2000 and 2011. The results give only weak support for strong asset deccumulation during retirement. In combination with the institutional design of the German pension system and other findings, demographic ageing is unlikely to lead to an asset price meltdown.
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- Softcover
Anbieter: AHA-BUCH GmbH, Einbeck, DeutschlandAHA-BUCH GmbH
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Taschenbuch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - Master's Thesis from the year 2018 in the subject Statistics, grade: 1.0, University of Augsburg (Wirtschaftswissenschaftliche Fakultät, Lehrstuhl für Statistik), language: English, abstract: In efficient financial markets, there is no room for senti…mental investors. Any new information would be immediately absorbed and any mispricing immediately corrected by the forces of rational arbitrageurs doing the maths with the fundamentals. But why should financial markets be different from any other market where humans interact and are subject to psychological biases There is strong empirical evidence that investor sentiment, broadly defined as 'a belief about future cash flows and investment risks that is not justified by the facts at hand', plays an important role in financial markets. It can lead to significant overpricing/underpricing, particularly of assets prone to subjective valuations. With limits/risks to arbitrage in the short term, prices rather correct over the medium to long term as sentimental beliefs mean-revert. Building on the studies by Baker and Wurgler 2006 and Baker, Wurgler, and Y. Yuan 2012, measures of investor sentiment for international markets are constructed. Using the Copula Opinion Pooling approach developed by Attilio Meucci, this thesis shows how to incorporate these sentiment measures into portfolio optimization. Thereby, a sentiment-based trading strategy that exploits the medium-term reversal effect of sentiment is developed and empirically tested. The results are promising as they provide strong evidence that sentiment contains beneficial information that should not be neglected by quantitative portfolio managers.
