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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

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

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

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

Die Performance deutscher Aktienfonds: Lassen sich Selektions- und Timingfähigkeiten nachweisen und hat die Wahl des Performancemaßes einen Einfluss auf die Beurteilung?

Rottmann, Horst; Franz, Thomas - 2008

Neben den klassischen Performancemaßen, wie der Sharpe-Ratio, der Treynor-Ratio und dem Jensen-Alpha wurden in den letzten Jahrzehnten weiterführende Ansätze für die Analyse und Bewertung von Kapitalanlagen entwickelt. Die moderneren Performancemaße verlangen keine Konstanz der Risikomaße...

Persistent link: https://www.econbiz.de/10010308388

Anreizwirkungen und Bewertung von Erfolgsbeteiligungen im Portefeuillemanagement

Gillenkirch, Robert M. - 1997

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

Estimating the intensity of choice in a dynamic mutual fund allocation decision

Goldbaum, David; Mizrach, Bruce - 2005

The paper analyzes the intensity of choice in an agent based financial optimization problem. Mean-variance optimizing agents choose among mutual funds of similar styles but varying performance. We specify a model for the allocation of new funds, switching between funds, and withdrawals and...

Persistent link: https://www.econbiz.de/10010318362

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

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

Risk management, rational herding and institutional investors : a macro view

Menkhoff, Lukas; Lütje, Torben - 2003

As institutional investors are engaged to realize attractive risk-adjusted returns, they can by definition be seen as risk managers. This paper analyzes their risk management behavior from a macro perspective and focuses on their incentives for rational herding. Based on a questionnaire survey...

Persistent link: https://www.econbiz.de/10010262912