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An analysis of stock prices during the Covid-19 pandemic

  • This thesis analyzes the stock prices of German companies during the Covid-19 pandemic. The first part of the thesis concentrates on the theoretical background on stock prices, their value, and how investors make an investment decision, which is all covered by academic literature. In the second part of this thesis, the author answers the question, whether investors experienced herding behavior on the German stock market during the Covid-19 pandemic, by conducting multiple empirical tests. Here, the methodology uses daily closing prices and cross-sectional absolute deviations to conduct regression models, which test specifically for herding behavior. The results imply that investors did not significantly herd around the market during the observation period from 1st June 2019 to 31st May 2021. Due to the never-before-experienced global health crisis, analysts and investors faced great uncertainty. They focused more on private information, because the opinions of others changed rapidly, just like the surroundings during the pandemic. This paper provides key insights about investors herding behavior during the last two years in Germany.

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Metadaten
Author:Niklas Henseling
Referee:Ursula Walther
Advisor:Karim Mimoun
Document Type:Bachelor Thesis
Language:English
Date of first Publication:2021/09/13
Publishing Institution:Hochschulbibliothek HWR Berlin
Granting Institution:Hochschule für Wirtschaft und Recht Berlin
Date of final exam:2021/09/13
Release Date:2022/03/01
Tag:Behavioral Finance; Covid-19; Herding Behavior; stock prices
Page Number:74
Institutes:FB I - Wirtschaftswissenschaften / International Business Management (IBMAN) B.A.
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 332 Finanzwirtschaft
Licence (German):License LogoUrheberrechtsschutz