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This study explores anomalies in stock returns found in their seasonal patterns. These are verified through multiple trading strategies based on past-performance returns that require information up to 20 years in the past. Some of the presented strategies deliver relatively high performance, especially for those strategies based on returns in the same calendar month from past years. In order to minimize any possible bias due to omitted delisting returns, those are incorporated into the monthly returns. Furthermore, to find an explanation for this seasonal effect, behavioral theories are discussed and the returns are controlled for risk and mispricing factors. However, empirical evidence indicates no evidence of explanation based on these factors for the seasonal patterns. Furthermore, possible reasons why the returns persist are discussed.
Die vorliegende Bachelorarbeit leistet einen Beitrag zur wissenschaftlichen Identifikation von intergenerationalen Unterschieden verschiedener Arbeitnehmergruppen. Insbesondere werden sowohl die Unterschiede zwischen den Generationen X und Y, in der Arbeitsbereitschaft, in unterschiedlichen Abschnitten des Berufslebens, als auch die Unterschiede zwischen der Wahrnehmung der Wichtigkeit von Arbeitgeberattraktivitätsattributen jener Generationen betrachtet. Ein besonderes Augenmerk liegt hierbei auf der Betrachtung von High-Potentials.
Over the course of the last financial crises, retail investors have been identified to bear a major share of the invoked financial losses. As a consequence, financial market regulators put major effort on retail investor protection, especially following the Great Financial Crisis of 2007-2009. The major legislative initiatives, such as in the Dodd-Frank Act in the United States, seemingly manifest retail investors’ overly fragile role among the variety of professional investors in the financial market by establishing additional protection requirements for retail investors. A vast majority of related international academic literature is supporting those steps. However, considering the most recent developments that occurred in the US financial markets, the dogma of the lamb-like retail investor seems to be crumbling: In 2021, under the synonym “WallStreetBets” retail investors systematically colluded in investment bets which eventually disrupted not only financial markets by distorting stock price formation of single firms but also systematically squeezed sizeable positions of institutional investors. The key question arises, how retail investors have changed, such that they not only became a source of price distortions and market turmoil but also endanger professional institutional investors. In this thesis, I study this changing role and investment behavior of retail investors, taking into account the retail investor’s wellestablished and researched behavioral characteristics to the changing environmental aspects such as regulation and the adaption and usage of technology for information gathering and collaboration. Based on the combination of those different research streams, I am able to deduct the sequential consequences of these developments for financial markets.