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Ausgewählte Fragen zur Finanzierung

Ausgewählte Fragen zur Finanzierung

          
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About the Book

Studienarbeit aus dem Jahr 2010 im Fachbereich BWL - Investition und Finanzierung, Note: 2,0, Freie Universität Berlin (Institut für Bank- und Finanzwirtschaft), Veranstaltung: Literaturseminar, Sprache: Deutsch, Abstract: 1. Einleitung Die Entwicklung der Rendite eines Portfolios ist u.a. abhängig von den Fähigkeiten des Portfoliomanagers. Neben den Fähigkeiten des Managers wird die Portfoliorendite durch externe, zufällige Einflüsse wie z.B. der Finanzmarktentwicklung beeinflusst. Das absolute Ergebnis der Portfoliorendite lässt aber noch keine Schlussfolgerungen auf die Managementleistung zu. Ausgehend von der Pricipal-Agency-Theory sind Ineffi-zienzen, bedingt durch den Informationsvorteil des Portfoliomanagers (Agent), am Kapitalmarkt möglich. Werden diese Ineffizienzen in Form einer Überrendite1 gegen-über einer zugrundegelegten Benchmark ausgenutzt, wird die Performance eines Port-foliomanagers als positiv beurteilt.2 Der Portfoliomanager ist für die Umsetzung einer vorgegebenen Anlagepolitik eines Fonds verantwortlich. Dem Manager steht frei, ob er die Politik in Form vom passiven Management (sog. Tracking) oder durch gezieltes Ausnutzen des Informationsvor-sprunges (Antizipation erwarteter Kurskorrekturen) umsetzt. Die Benchmark dient der Orientierung sowie der Beurteilung von Managementleistungen.3 Würden alle Markteilnehmer über die gleichen Informationen verfügen und das Marktportfolio gemäß der Capital Asset Pricing Modell (CAPM) Theorie halten, würde die Performancemessung keinen Sinn ergeben, da alle Markteilnehmer die gleichen Erwartungen bezüglich der Rendite und der Standardabweichungen hätten und eine Abweichungsanalyse keine Unterschiede ergeben würde.4 Die vorliegende Arbeit soll einen Überblick/ Systematisierung der zurzeit verwendeten Performancemaße geben und eventuell auftretende Unterschiede herausstellen.


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Product Details
  • ISBN-13: 9783640692286
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 3 mm
  • Weight: 68 gr
  • ISBN-10: 3640692284
  • Publisher Date: 14 Sep 2010
  • Height: 210 mm
  • No of Pages: 40
  • Series Title: German
  • Sub Title: Portfolioplanung und Performancemessung
  • Width: 148 mm


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