Die BGH-Rechtsprechung zur Anlageberatung im Lichte der Behavioral-Finance-Forschung

Behavioral finance research shows that investors do not act purely rationally when they seek investment advice, but are influenced by numerous irrational behavior patterns. In this respect, the author analyses the case law of Germany’s Federal Court of Justice [Bundesgerichtshof] on investment advice. In particular, the author critically examines the investor protection concept of the Federal Court of Justice, which is based on personal responsibility.
Firstly, the study shows which irrational behaviors typically occur in an investment advisory situation. Then, it analyses whether the duties of the investment advisors are sufficiently aligned with these behaviors, and whether the intended investor protection can actually be achieved. Finally, the author develops suggestions for improvement that relate to various duties of the advisors, as well as to the investor protection concept.