{"id":107340,"date":"2024-01-22T15:10:14","date_gmt":"2024-01-22T14:10:14","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/107340\/"},"modified":"2024-11-07T03:19:05","modified_gmt":"2024-11-07T02:19:05","slug":"aktienkursdynamik-und-realkapitalbildung-in-den-usa-und-in-deutschland","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/107340\/","title":{"rendered":"Aktienkursdynamik und Realkapitalbildung in den USA und in Deutschland"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-107340","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Langfristig entwickelten sich Aktienkurse und Realinvestitionen in den USA und Deutschland tendenziell gegenl\u00e4ufig. Dabei sind zwei unterschiedliche Entwicklungsphasen zu unterscheiden: Zwischen 1960 und 1982 erh\u00f6hten sich Realkapitalstock und Nettogesamtwert der Unternehmen wesentlich st\u00e4rker als ihr B\u00f6rsenwert (Marktkapitalisierung). Zwischen 1982 und 1999 verlagerte sich die Veranlagung der nicht-finanziellen Unternehmen von der Realkapitalbildung zur Bildung von Finanzverm\u00f6gen, gleichzeitig verlangsamte sich das langfristige Wachstum von Realinvestitionen und Gesamtwirtschaft. Realkapitalstock und Nettogesamtwert der Unternehmen stiegen viel langsamer als ihr B\u00f6rsenwert. Die starken Kursverluste seit dem Jahr 2000 haben einerseits die \u00dcberbewertung der Aktien korrigiert, andererseits die Finanzlage der Unternehmen stark verschlechtert. Die Studie dokumentiert die wichtigsten Widerspr\u00fcche zwischen der empirischen Evidenz und den Erwartungen der Gleichgewichtstheorie und skizziert einen alternativen Erkl\u00e4rungsansatz.","onlinedate":"2003-07-02 02:00:00","lang":"German","publication_series":"","publication_date":"20030701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"128","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":316651,"zip":null,"link":"","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[81966],"research_groups":[3491],"collaboration":"","persons":[3841],"persons_data":"[{\"personId\":3841,\"personName\":\"Stephan Schulmeister\",\"organisationNames\":[]}]","clients":[10660],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[\"Sokoll Eva\"]","scientific_review":"[\"Schleicher Stefan\"]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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