Wie korrupt sind die US-Kapitalmärkte?

Warum hat sich der US-Aktienmarkt in den jüngsten Monaten so gut entwickelt? Der Dow Jones konnte seit seinem Tiefststand am 11. März 2003 um mehr als 30% zulegen und schloss am 11. Dezember bei über 10.000 Punkten, obwohl in den Medien über einen Finanzskandal nach dem anderen berichtet wird. Wir haben Betrug durch das Unternehmensmanagement bei Enron erlebt, Illusionskünste von Rechnungsprüfern bei Arthur Anderson und nun - bei Putnam Funds - Unregelmäßigkeiten in Form von Market-Timing bei offenen Investmentfonds. Nach all diesen Skandalen stellt sich die Frage, warum nicht mehr Anleger dem Markt den Rücken kehren.

Der wichtigste Grund hierfür ist die deutliche Verbesserung bei den Unternehmenserträgen und der wirtschaftlichen Lage insgesamt. Die Skandale mögen die Stimmung am Markt drücken; ihre Auswirkungen werden allerdings durch den zurückgekehrten wirtschaftlichen Erfolg zumindest derzeit mehr als ausgeglichen.

Selbstverständlich haben Fernsehen, Radio, Zeitungen, Zeitschriften und Websites das finanzielle Fehlverhalten hochgespielt und dabei die Art von emotionalen Reaktionen geweckt und geformt, die häufig einen starken Einfluss auf die Finanzmärkte haben. Aber Aufmerksamkeit erregende Gefühle (wie etwa Verärgerung) sind nicht die einzigen Faktoren, die Anlageentscheidungen bestimmen.

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