{"id":"https://openalex.org/W7202339995","doi":"https://doi.org/10.15375/zbb-2026-0305","title":"Kognitive Verzerrungen im Anlageverhalten deutscher Privatanleger","display_name":"Kognitive Verzerrungen im Anlageverhalten deutscher Privatanleger","publication_year":2026,"publication_date":"2026-08-13","ids":{"openalex":"https://openalex.org/W7202339995","doi":"https://doi.org/10.15375/zbb-2026-0305"},"language":"en","primary_location":{"id":"doi:10.15375/zbb-2026-0305","doi":"https://doi.org/10.15375/zbb-2026-0305","is_oa":false,"landing_page_url":"https://doi.org/10.15375/zbb-2026-0305","pdf_url":null,"source":{"id":"https://openalex.org/S4210174569","display_name":"Zeitschrift f\u00fcr Bankrecht und Bankwirtschaft","issn_l":"0936-2800","issn":["0936-2800","2199-1715"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","norway-1"],"host_organization":"https://openalex.org/P4383771783","host_organization_name":"RWS Verlag","host_organization_lineage":["https://openalex.org/P4383771783"],"host_organization_lineage_names":["RWS Verlag"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Zeitschrift f\u00fcr Bankrecht und Bankwirtschaft","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5034801250","display_name":"Alexander Alscher","orcid":"https://orcid.org/0000-0003-1561-1181","observed_orcids":["https://orcid.org/0000-0003-1561-1181"]},"institutions":[{"id":"https://openalex.org/I4210101884","display_name":"BSP Business & Law School \u2013 Hochschule f\u00fcr Management und Recht","ror":"https://ror.org/017bbsh25","country_code":"DE","type":"education","lineage":["https://openalex.org/I4210101884"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Alexander Alscher","raw_affiliation_strings":["Prof. Dr., Professor of International Management, BSP Business School Berlin \u202f"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Prof. Dr., Professor of International Management, BSP Business School Berlin \u202f","institution_ids":["https://openalex.org/I4210101884"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5147129820","display_name":"Tonio R\u00fctters","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Tonio R\u00fctters","raw_affiliation_strings":["M.Sc., M&A Consultant, Deloitte, Berlin \u202f"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"M.Sc., M&A Consultant, Deloitte, Berlin \u202f","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"38","issue":"3","first_page":"326","last_page":"347"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.7045999765396118,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.7045999765396118,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.27950000762939453,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.010200000368058681,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cognitive-bias","display_name":"cognitive biases","score":0.9819999933242798},{"id":"https://openalex.org/keywords/individual-investors","display_name":"retail investors","score":0.7570000290870667},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.8299999833106995},{"id":"https://openalex.org/keywords/overconfidence","display_name":"overconfidence","score":0.9670000076293945},{"id":"https://openalex.org/keywords/herding-behavior","display_name":"herding behavior","score":0.8640000224113464},{"id":"https://openalex.org/keywords/anchoring-effect","display_name":"anchoring effect","score":0.9890000224113464},{"id":"https://openalex.org/keywords/disposition-effect","display_name":"disposition effect","score":0.9940000176429749},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.972000002861023},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"investment decision-making","score":0.9169999957084656},{"id":"https://openalex.org/keywords/loss-aversion","display_name":"loss aversion","score":0.7829999923706055},{"id":"https://openalex.org/keywords/prospect-theory","display_name":"prospect theory","score":0.765999972820282}],"concepts":[{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.7129999995231628},{"id":"https://openalex.org/C51110983","wikidata":"https://www.wikidata.org/wiki/Q16503490","display_name":"Overconfidence effect","level":2,"score":0.47360000014305115},{"id":"https://openalex.org/C15708023","wikidata":"https://www.wikidata.org/wiki/Q80083","display_name":"Humanities","level":1,"score":0.3174000084400177},{"id":"https://openalex.org/C169900460","wikidata":"https://www.wikidata.org/wiki/Q2200417","display_name":"Cognition","level":2,"score":0.29179999232292175},{"id":"https://openalex.org/C180747234","wikidata":"https://www.wikidata.org/wiki/Q23373","display_name":"Cognitive psychology","level":1,"score":0.25619998574256897},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.21369999647140503},{"id":"https://openalex.org/C2989277270","wikidata":"https://www.wikidata.org/wiki/Q168338","display_name":"Behavioral analysis","level":2,"score":0.1965000033378601},{"id":"https://openalex.org/C11171543","wikidata":"https://www.wikidata.org/wiki/Q41630","display_name":"Psychoanalysis","level":1,"score":0.15459999442100525},{"id":"https://openalex.org/C138496976","wikidata":"https://www.wikidata.org/wiki/Q175002","display_name":"Developmental psychology","level":1,"score":0.15360000729560852},{"id":"https://openalex.org/C77805123","wikidata":"https://www.wikidata.org/wiki/Q161272","display_name":"Social psychology","level":1,"score":0.15060000121593475}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.15375/zbb-2026-0305","doi":"https://doi.org/10.15375/zbb-2026-0305","is_oa":false,"landing_page_url":"https://doi.org/10.15375/zbb-2026-0305","pdf_url":null,"source":{"id":"https://openalex.org/S4210174569","display_name":"Zeitschrift f\u00fcr Bankrecht und Bankwirtschaft","issn_l":"0936-2800","issn":["0936-2800","2199-1715"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific","norway-1"],"host_organization":"https://openalex.org/P4383771783","host_organization_name":"RWS Verlag","host_organization_lineage":["https://openalex.org/P4383771783"],"host_organization_lineage_names":["RWS Verlag"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Zeitschrift f\u00fcr Bankrecht und Bankwirtschaft","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W7037579102","https://openalex.org/W7066794081","https://openalex.org/W7017611493","https://openalex.org/W7008211748","https://openalex.org/W2055902115","https://openalex.org/W7053401367","https://openalex.org/W2883348116","https://openalex.org/W7018893976","https://openalex.org/W7065673397","https://openalex.org/W2898320242"],"abstract_inverted_index":{"Zusammenfassung":[0],"Die":[1,36],"Studie":[2],"untersucht":[3],"den":[4],"Einfluss":[5],"kognitiver":[6],"Verzerrungen":[7,52,109],"deutscher":[8],"Privatanleger":[9],"im":[10],"Bereich":[11],"Behavioral":[12],"Finance":[13],"auf":[14,31],"Basis":[15,32],"eines":[16],"experimentellen":[17],"Forschungsdesigns.":[18],"In":[19],"einem":[20],"Online-Experiment":[21],"wurde":[22],"die":[23,45,92],"Portfolio-Allokation":[24],"und":[25,57,71,76],"Anlageentscheidungen":[26],"f\u00fcr":[27],"ein":[28],"fiktives":[29],"Portfolio":[30],"realer":[33],"Marktdaten":[34],"untersucht.":[35],"Teilnehmer":[37,93],"wurden":[38],"in":[39,79],"zwei":[40],"Gruppen":[41],"aufgeteilt,":[42],"wobei":[43],"nur":[44,83],"Testgruppe":[46],"gezielte":[47],"Informationsreize":[48],"erhielt,":[49],"um":[50],"kognitive":[51],"wie":[53],"Overconfidence,":[54],"Herdenverhalten,":[55],"Anker-":[56],"Dispositionseffekt":[58],"zu":[59],"testen.":[60],"Theoriekonform":[61],"zeigt":[62],"Overconfidence":[63],"eine":[64],"erh\u00f6hte":[65],"Selbsteinsch\u00e4tzung":[66],"mit":[67],"einer":[68,72],"risikoreicheren":[69],"Portfolioaufstellung":[70],"h\u00f6heren":[73],"Investitionsquote.":[74],"Herdenverhalten":[75],"der":[77,80,88],"Ankereffekt":[78],"Anlageentscheidung":[81],"konnten":[82],"tendenziell":[84],"beobachtet":[85],"werden.":[86],"Entgegen":[87],"Prospect":[89],"Theory":[90],"trennten":[91],"sich":[94],"schneller":[95],"von":[96,99,107],"Verlusten":[97],"als":[98],"Gewinnen,":[100],"was":[101],"zuk\u00fcnftige":[102],"Forschungsarbeiten":[103],"\u00fcber":[104],"kontextuelle":[105],"Marktfaktoren":[106],"kognitiven":[108],"motiviert.":[110]},"counts_by_year":[],"updated_date":"2026-08-14T07:06:38.338062","created_date":"2026-08-14T00:00:00"}