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Müssen nachhaltige Investoren mit einem Renditeverzicht rechnen?
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ISBN10: 3346861848
ISBN13: 9783346861849
Publisher: Grin Verlag
Published: Apr 21 2023
Pages: 26
Weight: 0.10
Height: 0.06 Width: 5.83 Depth: 8.27
Language: German
ISBN13: 9783346861849
Publisher: Grin Verlag
Published: Apr 21 2023
Pages: 26
Weight: 0.10
Height: 0.06 Width: 5.83 Depth: 8.27
Language: German
Akademische Arbeit aus dem Jahr 2023 im Fachbereich BWL - Investition und Finanzierung, Note: 1,3, Georg-August-Universität Göttingen, Sprache: Deutsch, Abstract: Investmentfonds und Vermögensverwalter vermarkten die anhand von ESG-Kriterien gemessenen grünen Investitionen des häufigeren mit überdurchschnittlichen risikobereinigten Renditen, welches zu einer stetig steigenden Nachfrage der grünen Produkte führt. Diese Vermarktungsstrategie ist jedoch ein Trugschluss, da vergangene Performance kein automatisches Indiz für zukünftige Renditen ist. Diese Seminararbeit beschäftigt sich deshalb mit der Frage, ob Haushalte und Investoren in Zukunft wirklich mit höheren Renditen von nachhaltigen Investments rechnen können oder sie sich eher auf einen Renditeverzicht einstellen müssen. In dieser Arbeit wird gezeigt, dass die Vorliebe grüner Investoren die Unternehmenspreise beeinflusst, welches die Kapitalkosten für grüne Anlagen senkt. Eine Folge sind negative Alphas des Capital Asset Pricing Models (CAPM) der grünen Investitionen, während braune Anlagen positive CAPM-Alphas besitzen. Mit anderen Worten, erzielen Investoren, welche eine stärkere ESG-Präferenz besitzen und mehr zu grünen Anlagen tendieren, eine niedrigere erwartete Rendite als braune Investoren. Ebenfalls wird gezeigt, dass grüne Anlagen höhere realisierte Renditen als ihr Pendent erzielen können, wenn die Nachfrage nach den grünen Produkten und Anlagen unerwartet geschieht. Diese Arbeit ist wie folgt strukturiert. Kapitel 2 weist zunächst die in der Literatur bestehenden Konzepte der moderner Portfoliotheorie sowie verschiedener CAPM-Erweiterungen für heterogene Investoren auf und erklärt die daraus resultierenden, zu erwartenden Renditen. Nachdem in Kapitel 3 festgestellt wird, was die realisierten Renditen der letzten Jahrzehnte waren, wird mittels eines Zwei-Faktor-Modells versucht, diese Ergebnisse in den theoretischen Zusammenhang einzuordnen. Ebenfalls wird versucht zu erklären, wieso es zu Abweich
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