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Die Kaufempfehlungen des "Effecten-Spiegel": Eine empirische Untersuchung im Lichte der Effizienzthese des Kapitalmarktes

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  • Pieper, Ute
  • Schiereck, Dirk
  • Weber, Martin

Abstract

Der "Effecten-Spiegel" ist mit einer wöchentlichen Auflage von über 100.000 Exemplaren der größte europäische Börsendienst. In jeder Ausgabe erscheint auf Seite 8 die Anlagekolumne "Aktien im Blickpunkt: Börsenfavoriten". Diese Kolumne steht im Mittelpunkt der Untersuchung. Es wird überprüft, inwieweit die Veröffentlichung eine meßbare Informationswirkung besitzt und effizient vom Markt verarbeitet wird. Darüberhinaus wird die kurzfristige Performance der Kaufempfehlungen dahingehend analysiert, ob es einem Anleger möglich, auf ihrer Basis systematisch Überrenditen zu erzielen. Die Untersuchung zeigt, daß für die Segmente "Sehr kleine Gesellschaften" und "Kleine Gesellschaften" Informationseffizienz vorliegt. Für diese Segemente könnte eine Überrendite in der Zeit vor der Veröffentlichung erzielt werden. Danach konnten keine Überrenditen beobachtet werden.

Suggested Citation

  • Pieper, Ute & Schiereck, Dirk & Weber, Martin, 1992. "Die Kaufempfehlungen des "Effecten-Spiegel": Eine empirische Untersuchung im Lichte der Effizienzthese des Kapitalmarktes," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 296, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.
    • Handle: RePEc:zbw:cauman:296
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