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Entscheidungsverhalten von Finanzmarktakteuren – eine soziologische Betrachtung Klaus Kraemer

Entscheidungsverhalten von Finanzmarktakteuren – eine soziologische Betrachtung Klaus Kraemer AWG – Austrian Working Group on Banking and Finance Graz, 26/27.11.2010. 1. Efficient market theory / Portfolie theory 2. Behavioral finance

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Entscheidungsverhalten von Finanzmarktakteuren – eine soziologische Betrachtung Klaus Kraemer

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  1. Entscheidungsverhalten von Finanzmarktakteuren – eine soziologische Betrachtung Klaus Kraemer AWG – Austrian Working Group on Banking and Finance Graz, 26/27.11.2010

  2. 1. Efficient market theory / Portfolie theory 2. Behavioral finance 3. Sociology of financial markets: „expectations of expectations“ 4. Isomorphistic expectations 5. Divergent expectations • Belief in profitability as a social process:The role of ideas - personal charisma vs. charismatic idea - new cultural framing of market forecast - non-economic idea provides the vehicle for the economic forecast

  3. Cover of Meeker & DePuy's landmark 1995 report

  4. 1. Efficient market theory / Portfolie theory 2. Behavioral finance 3. Sociology of financial markets: „expectations of expectations“ 4. Isomorphistic expectations 5. Divergent expectations • Belief in profitability as a social process:The role of ideas - personal charisma vs. charismatic idea - new cultural framing of market forecast - non-economic idea provides the vehicle for the economic forecast 7. Social cycle of belief in profitability

  5. Social cycle of belief in profitability

  6. Kontakt Univ.-Prof. Dr. Klaus KraemerInstitut für SoziologieKarl-Franzens-Universität GrazUniversitätsstraße 15/G48010 Grazwww.uni-graz.at/sozwww/ klaus.kraemer@uni-graz.at

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