Behavioral Finance for Rational and Sustainable Decision Making Capital Markets - An Analysis of Investor Behavior Using the Example of Wirecard AG

Stockhaus, Mathilda and Berner, Christian (2026) Behavioral Finance for Rational and Sustainable Decision Making Capital Markets - An Analysis of Investor Behavior Using the Example of Wirecard AG. In: FEJLŐDÉSI PÁLYÁK ÉS ÚJ TÖRÉSVONALAK A FENNTARTHATÓSÁGI ÁTMENET IDŐSZAKÁBAN : Nemzetközi tudományos konferencia a Magyar Tudomány Ünnepe alkalmából. Soproni Egyetem Kiadó, Sopron, pp. 378-402. ISBN 9789633345795

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Abstract

This paper discusses rational and sustainable decision-making, particularly in relation to the capital market, and how concepts from the field of Behavioral Finance can support this. The theoretical backgrounds and explanations (developed as part of a literature review) are illustrated by an analysis of investor behavior using Wirecard AG as an example. Using the event study methodology, a total of 60 events from the history of Wirecard AG between 2005 and 2020 were examined. Specifically, the question arises as to what form of market efficiency is present in this case, whereby the analysis has shown that it is the semi-strong form of information efficiency. Furthermore, the speed of information processing was examined, which has increased over time. In this context, the reaction of the capital market participants to the publication of different kinds of information is analyzed (distinction between ‘good news’ and ‘bad news’). It has been shown that positive reports initially had a slightly greater impact on Wirecard's share price than negative ones. This effect then reversed over time, and with an increasing number of critical reports (from January 2019 onwards), the ‘bad news’ led to stronger reactions in the share price. Finally, investor behavior is interpreted using explanatory approaches from Behavioral Finance in order to derive recommendations for action for a better, more sustainable and more rational decision-making.

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