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Portfoliotheoretische Grundlagen der Wertpapierberatung

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  • May, Stefan

Abstract

Immer häufiger werden auch im Wertpapiergeschäft für Privatkunden die theoretischen und empirischen Ergebnisse der modernen Portfoliotheorie (MPT) berücksichtigt. Das Ziel des vorliegenden Beitrags ist es, die entsprechenden Grundlagen und Zusammenhänge nachvollziehbar darzustellen. Hierbei wird zunächst skizziert, welch stürmische Entwicklung die moderne Portfoliotheorie in den letzten 60 Jahren hinter sich gebracht hat. Anschließend wird diskutiert, inwieweit die Erkenntnisse der modernen Portfoliotheorie bereits in die Praxis eingeflossen sind, wo dies noch nicht der Fall ist und was die vermutlichen Gründe dafür sind. Dies beinhaltet auch den alten Streit zwischen "aktiven" und "passiven" Investmentstrategien sowie die hierzu vorliegenden, eindeutigen empirischen Befunde.

Suggested Citation

  • May, Stefan, 2012. "Portfoliotheoretische Grundlagen der Wertpapierberatung," Arbeitsberichte – Working Papers 22, Technische Hochschule Ingolstadt (THI).
    • Handle: RePEc:zbw:thiwps:22
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