Tommy JehmlichEffizienz und Preiskontinuität von Aktienmärkten
Notwendigkeit und Vorschläge der kontinuierlichen Effizienzsicherung im Aktienhandel
Finanzmanagement, volume 134
Hamburg 2019, 368 pages
ISBN 978-3-339-10780-0 (print) |ISBN 978-3-339-10781-7 (eBook)
About this book deutschenglish
This work offers a far-reaching view of the market efficiency and is also written for little experienced. In addition to a historical and theoretical introduction to the topic, the paper offers a new analytical approach to assessing efficiency. This shows that even modern stock markets are not always sufficiently efficient. In addition, suggestions are elicited and discussed on how to increase efficiency in stock markets.
The central task of the work is to examine the current state of the stock markets. While many studies on market efficiency proceed theoretically or empirically retrospectively, this work uses a qualitative approach. With the help of expert surveys, determined efficiency assessments are brought together. Contrary to previous assumptions, there is no evidence that noise traders have a negative effect on efficiency. Apparently responsible for this are professional traders who do not make decisions nearly as rationally as the current models dictate.
On the basis of theoretical considerations of efficiency, market correlations are examined in the survey. This raises the question of how the fair valuation of shares and their pricing can diverge and how excess volatility can arise. As a result, an influence-model is developed that does not require a noise trader. For this purpose, various other trader groups and their influence on the prices of equities are considered.
In addition, proposals for regulation are discussed in the book. The influence of certain projects on stock exchange trader and efficiency is shown. This results in proposals as to what modern market structures can look like. These suggestions are important for future legislation on stock markets and also for business models of various financial institutions.
Keywords
AktienAktienbewertungAktienhandelAktienmarktBehavioral FinanceBörseEffizienzEffizienzsicherungExcess VolatilityKapitalmarktKapitalmarktregulierungMarkteffizienzMarktmikrostrukturNoise TraderPreiskontinuitätIhr Werk im Verlag Dr. Kovač
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