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Aktives versus passives Portfoliomanagement

Aktives versus passives Portfoliomanagement


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About the Book

Bachelorarbeit aus dem Jahr 2016 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Frankfurt School of Finance & Management, Sprache: Deutsch, Abstract: Diese Arbeit setzt sich zum Ziel, zunächst die theoretischen Grundlagen des Portfoliomanagements zu skizzieren, um darauf aufbauend die beiden Alternativen voneinander abzugrenzen und objektiv gegenüberzustellen. Die Frage danach, ob ein Portfolio eher aktiv oder passiv gemanagt werden sollte, ist keineswegs neu. Bereits seit Erstauflage der investierbaren Indexfonds in den frühen 1970er Jahren wird die wissenschaftliche Diskussion über das Thema "aktives versus passives Portfoliomanagement" intensiv und kontrovers geführt. Während das passive Portfoliomanagement einen Markt in dessen gegebener Form abbildet, versucht das aktive Portfoliomanagement aus Research oder Analystenmeinungen Marktprognosen abzuleiten. Diese Prognosen können allerdings nur dann eintreffen, wenn es gelingt, verlässliche Zukunftserwartungen zu generieren. Lassen sich die zukünftigen Kapitalmarktentwicklungen hingegen nicht abschätzen, sind passive Managementansätze ihrem aktiven Pendant überlegen. Diese einfache Wechselbeziehung hat zu einer intensiven Auseinandersetzung über die Hypothese informationseffizienter Kapitalmärkte geführt. In den letzten 40 Jahren wurden zahlreiche Studien zur Überprüfung der Kapitalmarkteffizienz veröffentlicht, trotzdem hat sich bisher noch kein übereinstimmendes Meinungsbild herauskristallisiert. Fürsprecher und Kritiker der Kapitalmarkteffizienz stehen sich nach wie vor so diametral gegenüber wie die Vertreter aktiver und die Befürworter passiver Investmentphilosophien. Ihren Höhenpunkt erreichte die Debatte im Jahr 2013, als die beiden Opponenten Eugene Fama und Robert Shiller einen Nobelpreis für ihre gegensätzlichen Theorien zur Effizienz von Finanzmärkten erhielten. Die Theorie von Fama besagt, dass der aktuelle Marktpreis alle verfügbaren Informationen verzögerungslos und vollständig refle


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Product Details
  • ISBN-13: 9783668875012
  • Publisher: Bod Third Party Titles
  • Publisher Imprint: Grin Verlag
  • Height: 210 mm
  • No of Pages: 104
  • Spine Width: 6 mm
  • Width: 148 mm
  • ISBN-10: 3668875014
  • Publisher Date: 18 Dec 2018
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Weight: 195 gr

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