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Auswirkungen von Aktienspam in Deutschland

Author

Listed:
  • Florian Hauser

    (Universität Innsbruck)

Abstract

Zusammenfassung Die Auswirkungen von Marktmanipulationen mittels Spam Mails sind für den amerikanischen Markt eingehend dokumentiert. Diese empirische Studie zeigt, dass Aktienspam ab Anfang 2007, als die SEC erstmals gegen diese Art der Manipulation vorging, erhebliche Auswirkungen auf den Handel im deutschen Freiverkehr hatte. Letzterer stellt für die Versender von Aktienspam ein lohnendes Ziel dar. Es kann belegt werden, dass die Auswirkungen von Aktienspam auf Renditen, Volatilität und Umsätze am deutschen Markt ungleich größer als am amerikanischen Markt waren. Letztlich haben Warnungen der BaFin und der Fachpresse jedoch dazu geführt, dass sich diese Form der Manipulation auch in Deutschland sehr schnell totgelaufen hat. Ab Mitte 2007 zielt Aktienspam nur noch vereinzelt auf den deutschen Markt ab und die Auswirkungen sind im Vergleich zum Beginn der Spamwelle gering.

Suggested Citation

  • Florian Hauser, 2011. "Auswirkungen von Aktienspam in Deutschland," Schmalenbach Journal of Business Research, Springer, vol. 63(5), pages 485-507, August.
    • Handle: RePEc:spr:sjobre:v:63:y:2011:i:5:d:10.1007_bf03372850
    DOI: 10.1007/BF03372850
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    References listed on IDEAS

    as
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