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Kosten der privaten Altersvorsorge: Private Rentenversicherungen und Fondssparpläne im Vergleich
Westerheide, Peter - 2001
Ansparen in Investmentfonds mit gleicher durchschnittlicher Renditeerwartung vor Kosten, wie sie private Rentenversicherungen … bieten, und den hier unterstellten Kosten für aktienorientierte Investmentfonds aus Kostensicht nicht immer effizient ist …. Sofern aktienorientierte Investmentfonds jedoch im langfristigen Durchschnitt höhere Renditen vor Kosten erwirtschaften …
Persistent link: https://www.econbiz.de/10010297736
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Investment certificates under German taxation: Benefit or burden for structured products' performance?
Scholz, Peter; Walther, Ursula - 2010
Despite their impressive market success, investment certificates' benefits are puzzling from both a theoretical and an empirical viewpoint. Previous research analyzed portfoliotheoretical issues, mispricing patterns, and counterparty risk. This work highlights the impact of taxation, which has...
Persistent link: https://www.econbiz.de/10010301716
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Was kostet eine Garantie? Ein statistischer Vergleich der Rendite von langfristigen Anlagen
Becker, Christoph; Wystup, Uwe - 2008
teilweise geringer Abweichung von risikofreier Rendite immer noch 50% der Rendite eines Vergleichsindex erwirtschaften, zum … Rendite erzielen. Für die langfristige Kapitalanlage wird damit eine Garantie sehr teuer erkauft. …
Persistent link: https://www.econbiz.de/10010301717
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Stochastic modeling of private equity: an equilibrium based approach to fund valuation
Buchner, Axel; Kaserer, Christoph; Wagner, Niklas - 2006
In this paper, we present a new approach to measure the returns of private equity investments based on a stochastic model of the dynamics of a private equity fund. Our stochastic model of a private equity fund consists of two independent stages: the stochastic model of the capital drawdowns and...
Persistent link: https://www.econbiz.de/10010305730
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Imperfect predictability and mutual fund dynamics. How managers use predictors in changing systematic risk.
Amisano, Gianni; Savona, Roberto - 2008
Suppose a fund manager uses predictors in changing port-folio allocations over time. How does predictability translate into portfolio decisions? To answer this question we derive a new model within the Bayesian framework, where managers are assumed to modulate the systematic risk in part by...
Persistent link: https://www.econbiz.de/10011604927
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Finanzinvestoren in Deutschland - Portraits und Investitionsbeispiele: Unter besonderer Berücksichtigung der Auswirkungen auf die Beschäftigung
Faber, Oliver - 2006
Das Arbeitspapier ist Teil einer Reihe von Untersuchungen, die wir in diesem Jahr angesichts des energischen und bisher ungebremsten Eintritts internationaler Finanzinvestoren in den deutschen Markt veröffentlicht haben.Im Mittelpunkt dieser Broschüre steht die Frage: Wer sind die Investoren?...
Persistent link: https://www.econbiz.de/10011315263
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The World Bank's Prototype Carbon Fund and China
Zhang, ZhongXiang - 2004
As the first global carbon fund, the World Bank's Prototype Carbon Fund (PCF) aims to catalyze the market for project-based greenhouse gas emission reductions while promoting sustainable development and offering a learning-by-doing opportunity to its stakeholders. Since the inception in 2000,...
Persistent link: https://www.econbiz.de/10011325013
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Conditional Performance Evaluation for German Mutual Equity Funds
Bessler, Wolfgang; Drobetz, Wolfgang; Zimmermann, Heinz - 2007
We investigate the performance of a sample of German mutual equity funds over the period from 1994 to 2003. Our general finding is that mutual funds, on average, hardly produce excess returns relative to their benchmark that are large enough to cover their expenses. This conclusion is drawn from...
Persistent link: https://www.econbiz.de/10011390627
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Sources of Funds and Specialization Patterns of European Venture Capital Investments
Schertler, Andrea - 2004
This paper analyses the link between venture capitalists' sources of funds, such as banks and pension funds, and the specialization pattern of venture capital investments in particular industries and particular stages of enterprises' development. Based on a panel data set of Western European...
Persistent link: https://www.econbiz.de/10010260480
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The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence
Brozynski, Torsten; Menkhoff, Lukas; Schmidt, Ulrich - 2004
Empirical research has shown that inexperienced fund managers yield significantly higher returns than their more experienced colleagues. If the portfolios of inexperienced are not more risky, this result would contradict the hypothesis of market efficiency. Therefore, it is an important question...
Persistent link: https://www.econbiz.de/10010261673