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Einsatz derivativer Finanzinstrumente in der Portfoliooptimierung

Einsatz derivativer Finanzinstrumente in der Portfoliooptimierung

          
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About the Book

Inhaltsangabe: Zusammenfassung: Die Bedeutung der Kapitalmärkte für unsere Wirtschaft und Gesellschaft ist in den letzten Jahrzehnten stark gewachsen. Immer mehr Unternehmen beschaffen sich ihr Kapital direkt an den Finanzmärkten. Auch die Nachfrage nach Kapitalmarktprodukten hat, vor allem in den letzten 10 Jahren, deutlich zugenommen. Man denke beispielsweise an den gestiegenen Bedarf privater Altersvorsorge, bedingt durch die demographische Entwicklung in unserem Land. Während sich die Anleger in den frühen Jahren des 20. Jahrhunderts noch hauptsächlich an den Ertragserwartungen verschiedener Anlagemöglichkeiten orientierten, rückte später auch immer mehr der Risikoaspekt in den Mittelpunkt. In den 1950er Jahren entwickelte Harry M. Markowitz die moderne Portfoliotheorie und zeigte erstmals, wie mit Renditen und Risiko von Kapitalanlagen methodisch umgegangen werden sollte. Er fand heraus, daß durch eine geeignete Mischung eines Anlageportfolios eine systematische Risikoreduktion erzielt werden kann. In den folgenden Jahrzehnten gewann der Aspekt der Risikosteuerung mehr und mehr an Bedeutung. Diesbezüglich wurde eine Vielzahl verschiedener Instrumente entwickelt, die sogenannten Derivate. Derartige Produkte sind jeweils an einen zugrundeliegenden Basiswert gekoppelt, wodurch eine gezielte Steuerung der mit der Anlage verbundenen Risiken möglich wird. Der Einsatz derivativer Finanzinstrumente hat in den 1980er Jahren eine unvergleichbar erfolgreiche Entwicklung erfahren. Die gewachsene Krisenanfälligkeit der internationalen Börsen gegen Ende der 80er Jahre hat schließlich zu deren Durchsetzung und weit verbreiteter Anwendung in der Praxis geführt. In der vorliegenden Arbeit möchte ich den Einfluß derivativer Finanzinstrumente auf die optimale Zusammenstellung eines Aktienportfolios analysieren. Es soll untersucht werden, ob und wie durch einen gezielten Einsatz bestimmter Derivate die Portfoliostruktur im Hinblick auf Rendite und Risiko optimiert werden kann.


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Product Details
  • ISBN-13: 9783838680613
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Width: 148 mm
  • ISBN-10: 3838680618
  • Publisher Date: 14 Jun 2004
  • Height: 210 mm
  • No of Pages: 92
  • Series Title: German
  • Weight: 131 gr


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