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Die Konstruktion eines Performanceindexes für geschlossene Schiffsfonds

Listed author(s):
  • Wolfgang Drobetz

    (Universität Hamburg, Lehrstuhl für Unternehmens- und Schiffsfinanzierung, Von-Melle-Park 5, D-20146 Hamburg)

  • Lars Tegtmeier

    (TKL.Fonds GmbH, Neuer Wall 18, D-20354 Hamburg, und FOM Hochschule für Oekonomie & Management, Rothenbaumchaussee 5, D-20148 Hamburg)

  • Mihail Topalov

    (TKL.Fonds GmbH, Neuer Wall 18, D-20354 Hamburg)

Registered author(s):

    Closed-end ship funds (KG-funds) have been an important form of capital investment for private investors for many years. They also represented the most successful financing instrument of German tramp ship-owners in the past. In spite of their great importance for the economy overall, closed-end ship funds have attracted comparatively little attention in the academic literature. The primary reason is the lack of a representative performance index, which would allow to incorporate this asset class into the framework of modern portfolio theory. We construct a performance index using a database of more than 300 German closedend ship funds during the sample period from December 1996 to December 2007. Moreover, we examine the risk-return characteristics of closed-end ship funds and compare them with other major asset classes.

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    Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

    Volume (Year): 45 (2012)
    Issue (Month): 1 ()
    Pages: 79-113

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    Handle: RePEc:kuk:journl:v:45:y:2012:i:1:p:79-113
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