Η ΑΡΧΗ ΤΗΣ ΙΣΗΣ ΜΕΤΑΧΕΙΡΙΣΗΣ ΣΤΟ ΔΙΚΑΙΟ ΤΗΣ ΚΕΦΑΛΑΙΑΓΟΡΑΣ

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ŏńŐňńŕŎŋńŌŁ 13
II. ņ ŧŢűŞŨŞŦŞŠūŬř Ŵŭ ŞŠūŬř ޛŦŲŢŦŬŤ—ŞůŦŧūŸ ŢŨŚŠŲūŰ .......................96
Ń. œŬ ŢŝŨşŧŬ ۝٠ŨţŲşũşŧşšŬŭŚŮ .....................................................97
I. ņ ›ūŬŢŜŞ ›Ŭūŭ ůŤũ ŞŰůūũŷ—ŤŮŤ ůūŰ šŦŧŞŜūŰ
ůŤŭ ŧŢűŞŨŞŦŞŠūŬřŭ................................................................97
II. ņ ŚũũūŦŞ ůūŰ šŦŧŞŜūŰ ůŤŭ ŧŢűŞŨŞŦŞŠūŬřŭ.................................... 100
III. ņ ůŬŦŲūůŷ—ŤŮŤ ůŴũ ŧŞũŷũŴũ ůūŰ šŦŧŞŜūŰ ůŤŭ ŧŢűŞŨŞŦŞŠūŬřŭ........... 101
IV. ŁŬŲś ůŤŭ ŜŮŤŭ —ŢůŞŲŢŜŬŦŮŤŭ ŧŞŦ ŮůŷŲūŦ ůūŰ šŦŧŞŜūŰ
ůŤŭ ŧŢűŞŨŞŦŞŠūŬřŭ............................................................. 104
1. Ň ›ŭŬůŰşůŝş ŰŬű Ŧţů—ŬŹ ۝٠ŨţŲşũşŧşšŬŭŚŮ .............................. 104
ş. Ň Ŧţů—ŧŨŜ ş›ŬŰţũţů—şŰŧŨŸŰťŰş (institutional efficiency,
institutionelle Funktionsfähigkeit), ............................................ 105
Š. Ň ũţŧŰŬűŭšŧŨŜ ş›ŬŰţũţů—şŰŧŨŸŰťŰş (operational efficiency,
operationelle Funktionsfähigkeit) ............................................. 106
š. Ň ŨşŰşŪţ—ťŰŧŨŜ ş›ŬŰţũţů—şŰŧŨŸŰťŰş ۝٠ŨţŲşũşŧşšŬŭŚŮ
(allocational efficiency, Allokative Funktionsfähigkeit)......................... 106
Ţ. Ň ›ũťŭŬŲŬŭŧŨŜ ş›ŬŰţũţů—şŰŧŨŸŰťŰş ۝٠ŨţŲşũşŧşšŬŭŚŮ
(Informationelle Funktionsfähigkeit) .......................................... 107
ţ. őţűůŰŸŰťŰş Ũşŧ ůŰşŦţŭŸŰťŰş ŵŮ ůűŪś›ţŧş ۝٠ş›ŬŰţũţů—şŰŧŨŸŰťŰşŮ
۝٠şšŬŭŚŮ .................................................................. 108
ŞŞ. ŐŢŰŮůŷůŤůŞ ůŤŭ ŧŢűŞŨŞŦŞŠūŬřŭ ......................................... 108
şş. őůŞťŢŬŷůŤůŞ ůūŰ ŲŬŤ—Şůū›ŦŮůŴůŦŧūŸ ŮŰŮůś—Şůūŭ (Finanzstabilität) ... 109
2. Ň ›ŭŬůŰşůŝş ŰŬű ţ›ţŪŢűŰŜ ................................................... 110
ń. Ň şŭųŜ ۝٠ŝůťŮ —ţŰşųţŝŭŧůťŮ ůŰŬ ŢŝŨşŧŬ ۝٠ŨţŲşũşŧşšŬŭŚŮ
ş›Ÿ Űť ůŨŬ›ŧŚ ۝٠ųŭť—şŰŬŬŧŨŬŪŬ—ŧŨŜŮ ţ›ŧůŰŜ—ťŮ ......................... 112
ň. ńŦŮŞŠŴŠś .......................................................................... 112
II. ņ ťŢŴŬŜŞ ůŤŭ Ş›ūůŢŨŢٗŞůŦŧśŭ ŞŠūŬřŭ (efÀcient capital market
hypothesis)........................................................................ 114
1. ŌŬŭŲśŮ ş›ŬŰţũţů—şŰŧŨŜŮ şšŬŭŚŮ ........................................... 115
2. ŊŭŧŰŧŨŜ ůŰť Ŧţŵŭŝş ۝٠ş›ŬŰţũţů—şŰŧŨŜŮ şšŬŭŚŮ.......................... 116
III. ņ ŇŢŴŬŜŞ ůŤŭ Ůۗ›ŢŬŦűūŬŦŧśŭ ŲŬŤ—ŞůūūŦŧūũū—Ŧŧśŭ ..................... 119
1. Ň ›Ŭŭţŝş ›ŭŬŮ Űť Ţť—ŧŬűŭšŝş —ŝşŮ şűŰŸŪŬ—ťŮ ţ›ŧůŰť—ŬŪŧŨŜŮ
ŨşŰţŹŦűŪůťŮ ůŰťŪ ŬŧŨŬŪŬ—ŧŨŜ Ŧţŵŭŝş ...................................... 119
2. ł›ŬŨũŝůţŧŮ ş›Ÿ ŰŬ ›ŭŸŰű›Ŭ ŰŬű ŬŭŦŬũŬšŧŨŬŹ ţ›ţŪŢűŰŜ .................. 120
ş. ł›ŬŨũŝůţŧŮ ŨşŰŚ ŰťŪ ›ŭŸůũťŴť ۝٠›ũťŭŬŲŬŭŝşŮ
(Informationswahrnehmung) .................................................. 120
Š. ł›ŬŨũŝůţŧŮ ŨşŰŚ ŰťŪ ţ›ţūţŭšşůŝş ŰŵŪ ›ũťŭŬŲŬŭŧźŪ
(Informationsverarbeitung) ................................................... 121
š. ł›ŬŨũŝůţŧŮ ŨşŰŚ Űť ũŜŴť ۝٠ţ›ţŪŢűŰŧŨŜŮ ş›ŸŲşůťŮ
(Anlageentscheidung) ......................................................... 122
3. ňţŵŭŝş ۝٠›ŭŬŬ›ŰŧŨŜŮ (ProspectTheory) ................................. 124
4. ¨ŝŨşŧŬ Ũşŧ ůű—›ţŭŧŲŬŭŧŨŜ ųŭť—şŰŬŬŧŨŬŪŬ—ŧŨŜ
(Law and Behavioral Finance ¼ Behavioral Law & Economics) .................. 125
5. Œű—›ţŭŚů—şŰş ŸůŬŪ şŲŬŭŚ Űť ůųśůť ۝٠ůű—›ţŭŧŲŬŭŧŨŜŮ
ųŭť—şŰŬŬŧŨŬŪŬ—ŧŨŜŮ Ũşŧ ۝٠şŭųŜ٠۝٠ŝůťŮ —ţŰşųţŝŭŧůťŮ................. 131
ş. ńţŪŧŨŚ ....................................................................... 131