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Vielfältige Einschnitte im Rentensystem haben die Bedeutung der privaten Altersvorsorge in den vergangenen Jahren massiv erhöht. Neben Immobilienbesitz, Lebensversicherungen und staatlich geförderten Programmen zur privaten Vorsorge hat sich inzwischen auch die eigenverantwortliche Altersvorsorge mit Wertpapierdepots etabliert, so dass die Anzahl privater Depots in den letzten 25 Jahren von 8,0 auf 27,9 Millionen gestiegen ist. Vor diesem Hintergrund ist die Frage von zentraler Bedeutung, wie gut Anleger ihr Geld investieren.
ON JUNE 18TH, WIRECARD’S SHARE PRICE PLUMMETED BY MORE THAN 60% FOLLOWING THE FIRM’S ADMISSION OF BEING SUBJECT TO “ENORMOUS FRAUD” AND BILLIONS OF EUROS MISSING. THIS REPORT DOCUMENTS GERMAN RETAIL INVESTORS’ RESPONSE AND FINDS THAT THE POPULARITY OF WIRECARD AMONG RETAIL INVESTORS LED TO SUBSTANTIAL LOSSES IN THEIR PORTFOLIOS. THESE LOSSES WERE EXACERBATED BY STRONG BUYING SENTIMENT AFTER THE ANNOUNCEMENT. THE FAILING STOCK WAS PURCHASED BY INVESTORS ALREADY ENGAGED IN IT AS WELL AS NON-EXPOSED CUSTOMERS.
WE STUDY WHETHER PRIVATE EQUITY (PE) FIRMS HAVE A POSITIVE IMPACT ON THE FINANCIAL PERFORMANCE OF THEIR GERMAN PORTFOLIO COMPANIES BEFORE AND AFTER THE IPO. OUR EMPIRICAL ANALYSIS IS BASED ON A UNIQUE AND LARGE DATASET OF ALL IPOS IN GERMANY BETWEEN 2000 AND 2007. WE FIND THAT PE FIRMS SELECT COMPANIES WITH BELOW AVERAGE PERFORMANCE AND THEN IMPROVE PERFORMANCE SUBSTANTIALLY UNTIL THE IPO DATE AND IN MANY CASES ALSO THEREAFTER. THIS IMPLIES THAT PE FIRMS FILL A VOID ALSO IN GERMAN FINANCIAL MARKETS AND THAT THEY WILL ALSO PLAY A FUTURE ROLE IN FINANCING GERMAN ENTERPRISES.
UNDERSTANDING HOW HOUSEHOLDS REACT TO THE ARRIVAL OF PERMANENT AND TRANSITORY INCOME IS OF INTEREST FOR RESEARCHERS AND REGULATORS. PREVIOUS STUDIES HAD TO USE IMPRECISE SURVEY DATA TO MEASURE CONSUMPTION AND THUS CONCLUSIONS OFTEN DIVERGED. WE LEVERAGE GRANULAR PERSONAL FINANCE MANAGEMENT FINTECH DATA TO TEST FRIEDMAN'S PERMANENT INCOME HYPOTHESIS AND TO ASSESS HOUSEHOLD SPENDING ELASTICITY AND MARGINAL PROPENSITY TO CONSUME FOR VARIOUS SPENDING CATEGORIES IN RESPONSE TO DIFFERENT INCOME TYPES.
INDIVIDUAL INVESTORS ARE REPEATEDLY FOUND TO UNDERPERFORM RELATIVE TO A MARKET INDEX. BESIDES EXCESSIVE TRADING, LITTLE IS KNOWN WHEN RETAIL INVESTORS COLLECTIVELY LOSE. THIS ARTICLE SHOWS THAT TRADING IN SHORT-SELLING CONSTRAINED, VOLATILE STOCKS AROUND EARNINGS ANNOUNCEMENTS IS COSTLY TO INDIVIDUAL INVESTORS. THE EFFECT IS PARTICULARLY PRONOUNCED FOR LESS SOPHISTICATED INVESTORS.