Investment Strategies of German Households in a Multi-layer Portfolio Framework

Faculty/Professorship: Finance  ; Fakultät Sozial- und Wirtschaftswissenschaften: Abschlussarbeiten 
Author(s): Horn, Matthias  
Publisher Information: Bamberg : opus
Year of publication: 2018
Pages: XVI, 210 ; Diagramme
Supervisor(s): Oehler, Andreas  ; Egner, Thomas ; Weitzel, Tim  
Language(s): English
Dissertation, Otto-Friedrich-Universität Bamberg, 2018
DOI: 10.20378/irbo-54074
Licence: German Act on Copyright 
URN: urn:nbn:de:bvb:473-opus4-540744
This doctoral thesis applies the Behavioral Portfolio Theory (BPT) of Shefrin/Statman (2000) on household-level field data from Germany. The aim of the empirical analyses is twofold. First, to assess whether the BPT better explains households’ actual portfolio choice than neoclassical portfolio choice models. Second, to analyze households’ portfolio performance within the framework of the BPT. To meet these research aims, the analyses are based on foundations from the neoclassical framework as well as insights from the paradigms of new institutional economics, market microstructure, financial intermediation, and behavioral economics and finance. The findings of the empirical analyses are discussed in the context of the recent household finance literature. In addition, implications for households, researchers, policymakers, and regulators are provided.
GND Keywords: Haushalt; Investitionsverhalten; Portfolio Selection; Entscheidungsfindung
DDC Classification: 330 Economics  
RVK Classification: QK 820   
Type: Doctoralthesis
Year of publication: 8. February 2019

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