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Auf Anleihemärkten versuchen Investoren mit aktiven Handelsstrategien eine über der risikoadäquaten Marktverzinsung liegende Rendite zu erwirtschaften. Dabei kommen prognoseorientierte Strategien wie auch Anlagepolitiken zur Verwendung, die zeitweilige Marktungleichgewichte zu nutzen...
Persistent link: https://www.econbiz.de/10010405335
The estimation of expected security returns is one of the major tasks for the practical implementation of the Markowitz portfolio optimization. Against this background, in 1992 Black and Litterman developed an approach based on (theoretically established) expected equili-brium returns which...
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The most relevant practical impediment to an application of the Markowitz portfolio selection approach is the problem of estimating return moments, in particular return expectations. We analyze the consequences of using return estimates implied by analysts' dividend forecasts under the explicit...
Persistent link: https://www.econbiz.de/10010307943
We show analytically under quite general conditions that implied rates of return based on analysts' earnings forecasts are only a downward biased estimator for future expected one-period returns and therefore not suited for computing market risk premia. The extent of this bias is substantial as...
Persistent link: https://www.econbiz.de/10010307947
Performance fees for portfolio managers are designed to align the managers' goals withthose of the investors and to motivate managers to aquire "superior" information and tomake better investment decisions. A part of the literature analyzes performance fees on thebasis of market valuation. In...
Persistent link: https://www.econbiz.de/10005840405
Performance fees for portfolio managers are designed to align the managers' goals with those of the investors and to motivate managers to aquire superior information and to make better investment decisions. A part of the literature analyzes performance fees on the basis of market valuation. In...
Persistent link: https://www.econbiz.de/10010316252
German Abstract: Kryptowährungen als alternatives Investment ziehen nach wie vor große Aufmerksamkeit auf sich. Getrieben vom Anlagedruck durch ein nachhaltig niedriges Zinsumfeld und rechnerisch hohen Renditechancen in Kryptowährungen beginnen zunehmend auch institutionelle Anleger mit der...
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enterprises. Therefore, in this article only the gross profit, or the profitability of the gross profit are discussed. For the … year 2000, the average profitability of the gross profit of the examined enterprises amounted to 2,0%. The profitability on … the basis of the profit before taxes was 6,4%, the profitability of the profit on ordinary activity -9,8%, and the …
Persistent link: https://www.econbiz.de/10009755909