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Outperformance mittels Exchange Traded Funds

Outperformance mittels Exchange Traded Funds


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About the Book

Seit vielen Jahren besteht sowohl in der wissenschaftlichen als auch in praktischen Diskussion Uneinigkeit hinsichtlich der Überlegenheit eines passiven bzw. aktiven Portfoliomanagements. Im Rahmen dieser Diskussion stützen sich die Anhänger des passiven Portfoliomanagements auf die allgemein akzeptierten Erkenntnisse des Capital Asset Pricing Models. Nach diesem Paradigma wird eine positive Rendite lediglich für den vom Anleger übernommenen und vom Markt vergüteten Anteil am systematischen Marktrisiko gezahlt. Folglich besteht das Ziel dieses Ansatzes darin, durch eine möglichst breite Diversifikation an der Marktrendite zu partizipieren, wobei die Umsetzung dieses Ansatzes meist über die Anlage in einen In-dexfonds erfolgt. Der Vorteil des passiven Portfoliomanagementansatzes für den Anleger besteht darin, dass sich eine solche sog. Beta-Performance zu äußerst geringen Kosten realisieren lässt, wobei eine Outperformance nicht angestrebt wird. Die Anhänger des aktiven Portfoliomanagements glauben hingegen, dass es durch das Timing des Gesamtmarktes und/oder die Selektion von Einzelaktien seitens eines erfahrenen Portfoliomanagers durchweg möglich ist, eine um das systematische Marktrisiko adjustierte Mehrrendite zu erwirtschaften. Eine solche sog. Alpha-Performance ist jedoch wesentlich schwieriger zu erzielen und meist mit deutlich höheren Kosten verbunden. In dieser Studie sollen Konzepte erörtert werden, wie ein Anleger eine Alpha-Performance auch über Exchange Traded Funds (ETFs), welche eine besonders effiziente Kategorie von passiven Indexfonds darstellen, erzielen kann. Hierzu werden zu Beginn der Studie die Merkmale von ETFs erläutert. Im daran anschließenden Kapitel werden die theoretischen Grundlagen einer Outperformance mittels ETFs diskutiert. Hierzu wird zuerst auf die klassische Einteilung zwischen dem aktiven sowie passiven Portfoliomanagementansatz eingegangen. Ferner wird gezeigt, dass das systematische Marktrisiko nicht das einzige systematische R
About the Author: Peter H. Vogels, Diplom-Kaufmann, wurde 1982 in Viersen-Dülken geboren. Nach seiner Berufsausbildung zum Bankkaufmann (IHK) bei einem führenden deutschen Kreditinstitut in Düsseldorf, entschied sich der Autor, seine fachlichen Qualifikationen im Bereich der Betriebswirtschaft durch ein wirtschaftswissenschaftliches Studium weiter auszubauen. Im Jahr 2009 schloss der Autor den Diplomstudiengang der Betriebswirtschaftslehre an der Justus-Liebig-Universität in Gießen mit überdurchschnittlichem Ergebnis ab. Dabei entwickelte der Autor bereits während seines Studiums eine Affinität zu Exchange Traded Funds.


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Product Details
  • ISBN-13: 9783836686433
  • Publisher: Diplomica Verlag Gmbh
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 12 mm
  • Width: 178 mm
  • ISBN-10: 3836686430
  • Publisher Date: 18 Feb 2010
  • Height: 254 mm
  • No of Pages: 224
  • Series Title: German
  • Weight: 444 gr


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