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Emotionen und Risikoexponierung: Der Einfluss positiver und negativer Affekte auf Portfolioentscheidungen

Ibrahim Filiz

sofia Diskussionsbeiträge 2018, No. 3 https://doi.org/10.46850/sofia.9783941627673

Diese experimentelle Untersuchung wendet sich der Frage zu, ob positive und negative Affekte einen Einfluss auf das Diversifikationsverhalten haben. Dabei zeigt sich, dass nur ein kleiner Teil der Probanden dem Rationalkalkül folgt und stets das optimale Portfolio wählt. Ferner zeigt sich, dass die Stimmungs-lage der Wirtschaftssubjekte einen Einfluss auf ihre Portfolioentscheidungen und somit auch auf ihre Risikoexponierung hat. Das durchschnittliche Risiko der Portfolios – gemessen an der Standardabweichung der Renditen – fällt im Treatment „Neutral“ deutlich niedriger aus als im Treatment „Positiv“ und im Treatment „Negativ“.

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