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Strategische Asset-Allokation aus Sicht des privaten Kapitalanlegers

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  • Walther, Ursula
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    Abstract

    Die strategische Asset Allokation ist die für den langfristigen Anlageerfolg wichtigste Entscheidung eines Kapitalanlegers. Eine fundierte Entscheidung erfordert einen mehrstufigen, strukturierten Prozess. Der Anleger muss sich mit den realistischen Chancen des Kapitalmarktes und mit seinen eigenen Zielen, seiner Risikotragfähigkeit und eventuellen weiteren Restriktionen auseinandersetzen. Für die anschließende Allokationsentscheidung können formale Modelle der Portfolioselektion eine Entscheidungshilfe bieten. Die Diskussion der Entscheidungsdimensionen zeigt jedoch klar, dass jede Allokationsentscheidung auf eine Vielzahl von subjektiv geprägten, individuellen Annahmen und Einschätzungen angewiesen ist. -- The strategic asset allocation is the most important decision an investor undertakes. An adequate foundation requires a multi-step, structured process. The investor needs a realistic view of capital market behaviour and has to examine his own goals, his risk tolerance and maybe further restrictions. Formal portfolio selection models can support the allocation decision. But the discussion of the various decision parameters clearly shows that any allocation decision uses a substantial number of subjective and individual assumptions and assessments.

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    Bibliographic Info

    Paper provided by TU Bergakademie Freiberg, Faculty of Economics and Business Administration in its series Freiberg Working Papers with number 2002,12.

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    Date of creation: 2002
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    Handle: RePEc:zbw:tufwps:200212

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    Keywords: Asset Allokation; Kapitalanlage; Kapitalanlageprozess; Portfolioselektion; asset allocation; investments; investment process; portfolio selection;

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    1. Albrecht, Peter & Maurer, Raimond & Möller, Matthias, 1997. "Shortfall-Risiko/Excess-Chance-Entscheidungskalküle: Grundlagen und Beziehungen zum Bernoulli-Prinzip," Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim 97-17, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
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