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Die Konstruktion eines Performanceindexes für geschlossene Schiffsfonds
Drobetz, Wolfgang | Tegtmeier, Lars | Topalov, Mihail
Credit and Capital Markets – Kredit und Kapital, Vol. 45 (2012), Iss. 1 : pp. 79–113
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Prof. Dr. Wolfgang Drobetz, Universität Hamburg, Lehrstuhl für Unternehmens- und Schiffsfinanzierung, Von-Melle-Park 5, D-20146 Hamburg
Dr. 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
Abstract
The Design of a Performance Index for Closed-End Ship Funds
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 closed-end 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.