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Abstract

This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of institutional investors in Germany are insurance companies and investment funds. We will examine the nature of their businesses, their size and role in the financial sector, the size and the composition of the assets under their management, aspects of financial regulation, and features of their asset-liability-management.

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Bibliographic Info

Paper provided by Center for Financial Studies in its series CFS Working Paper Series with number 2003/14.

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Length: 41 pages
Date of creation: 14 Jan 2003
Date of revision:
Handle: RePEc:cfs:cfswop:wp200314

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Related research

Keywords: Institutional Investors; Insurance Companies; Investment Funds; Regulation; Pension;

Find related papers by JEL classification:

• G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies
• G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
• G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

This paper has been announced in the following NEP Reports:

• NEP-ALL-2004-02-23 (All new papers)

References

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1. Maurer, Raimond & Sebastian, Steffen, 2000. "Inflation Risk Analysis of European Real Estate Securities," Sonderforschungsbereich 504 Publications 00-07, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
   
   • Raimond Mauer & Steffen P. Sebastian, 2002. "Inflation Risk Analysis of European Real Estate Securities," Journal of Real Estate Research, American Real Estate Society, vol. 24(1), pages 47-78.
   • Raimond Maurer & Steffen Sebastian, 2002. "Inflation Risk Analysis of European Real Estate Securities," Working Paper Series: Finance and Accounting 51, Department of Finance, Goethe University Frankfurt am Main.
2. Albrecht, Peter & Maurer, Raimond, 1999. "Zur Bedeutung einer Ausfallbedrohtheit von Versicherungskontrakten - ein Beitrag zur Behavioral Insurance," Sonderforschungsbereich 504 Publications 99-76, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
3. J. David Cummins & David J. Nye, 1981. "Portfolio Optimization Models for Property-Liability Insurance Companies: An Analysis and Some Extensions," Management Science, INFORMS, vol. 27(4), pages 414-430, April.
4. David M. Geltner, 1993. "Estimating Market Values from Appraised Values without Assuming an Efficient Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 325-346.
5. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
   
   • Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
6. William B. Fairley, 1979. "Investment Income and Profit Margins in Property-Liability Insurance: Theory and Empirical Results," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 192-210, Spring.
7. Albrecht, Peter & Maurer, Raimond, 2001. "Self-Annuitization, Ruin Risk in Retirement and Asset Allocation: The Annuity Benchmark," Sonderforschungsbereich 504 Publications 01-35, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.

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Citations

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Cited by:

1. Bannier, Christina E. & Fecht, Falko & Tyrell, Marcel, 2007. "Open-end real estate funds in Germany: genesis and crisis," Discussion Paper Series 2: Banking and Financial Studies 2007,04, Deutsche Bundesbank, Research Centre.
   
   • Christina E. Bannier & Falko Fecht & Marcel Tyrell, 2008. "Open-End Real Estate Funds in Germany - Genesis and Crisis," Working Paper Series: Finance and Accounting 165, Department of Finance, Goethe University Frankfurt am Main.
2. Steffen Sebastian & Marcel Tyrell, 2006. "Open-end real estate funds: danger or diamond?," Working Paper Series: Finance and Accounting 168, Department of Finance, Goethe University Frankfurt am Main.
3. Raimond Maurer & Barbara Kaschützke (geb. Somova), 2005. "The German Insurance Industry: Market Overview and Trends," Working Paper Series: Finance and Accounting 156, Department of Finance, Goethe University Frankfurt am Main.
4. Horst Siebert, 2004. "Germany's Capital Market and Corporate Governance," Kiel Working Papers 1206, Kiel Institute for the World Economy.

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