Paper Title
Biases in the German Stock Market Lead to Losses in Returns for Investors! An Overview of The German Investor Culture from the Perspective of Behavioral Economics

Reviews of German investor culture show German stock portfolios are significantly overweight international stock portfolios. This overweighting leads to lost returns for investors and can cause financial difficulties when the domestic economy is in crisis. Explanations lie in investor behavior and distorted perceptions, so-called home bias and overconfidence effect. This article describes these phenomena from the perspective of behavioral economics using heuristics Keywords - German Stock Market, Investment Portfolios, Home- Bias, Overconfidence Effect, Behavioral Economics