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Portfoliomanagement in der Immobilienvermögensverwaltung

Portfoliomanagement in der Immobilienvermögensverwaltung

          
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About the Book

Studienarbeit aus dem Jahr 2005 im Fachbereich BWL - Controlling, Note: 1,0, Fachhochschule für Oekonomie & Management gemeinnützige GmbH, Hochschulstudienzentrum Duisburg, Sprache: Deutsch, Abstract: Wenn eine stabile und risikominimale Anlage präferiert wird, erhalten private Anleger zunehmend die Empfehlung in Immobilien zu investieren. Die Fondsgesellschaften suggerieren eine steigende Ertragskraft, welche mit dem erwarteten Wachstum in der anvisierten Region begründet wird. Dem gegenüber stehen Ergebnisse aus ständigen Marktbeobachtungen. Aus dem Quarterly Report von CB Richard Ellis für die EMEA-Region geht hervor, dass die Mieten im Vergleich zum Basisjahr 1986 um 10% gestiegen sind, wobei diese aber seit 2002 nahezu konstant bleiben. Die Rendite liegt mit Stand September 2004 bei -20% im Vergleich zum Basisjahr und ist seit Ende 2002 stetig gesunken. Die Hauptaufgabe eines Fondmanagers ist es, trotz vorherrschenden Unsicherheitssituationen, sein Portfolio so aufzustellen, dass es auf Risiken nur minimal reagiert. Die Summe der Volatilitäten der Einzelanlagen entspricht also nicht der Volatilität des Portfolios. Trotz der Reduzierung von Risiko im Gesamtportfolio wird dennoch eine angemessene Rendite erwartet. Ziel dieser Seminararbeit ist das Aufzeigen von Methoden, welche dem institutionellen Investor unterstützend bei der Selektion und Gewichtung von Objekten für Immobilienportfolios zur Verfügung stehen. Des Weiteren werden Möglichkeiten der Risikostreuung und deren Einfluss auf die Zielgrößen Rendite, Risiko und Liquidität, durch gezielte Diversifikation beschrieben. Unter Berücksichtigung der besonderen Merkmale von Immobilien, wird die Portfoliotheorie nach Markowitz gezielt weiterentwickelt und durch zwei empirische Untersuchungen bekräftigt. Ergänzt wird der quantitative Ansatz durch den Einsatz einer Portfolio-Matrix, um strategische und qualitative Zielgrößen abbilden zu können. Betrachtungsgrundlage bilden ausschließlich reine Immobilienp


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Product Details
  • ISBN-13: 9783640369232
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3640369238
  • Publisher Date: 10 Jul 2009
  • Height: 210 mm
  • No of Pages: 60
  • Series Title: German
  • Weight: 91 gr


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