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Inflationsrisiken von Aktien, Bonds und indirekten Immobilienanlagen

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  2. Economics, Finance, Business & Management
  3. Credit and Capital Markets – Kredit und Kapital
  4. Vol. 35, Issue 2
  5. pp. 242–279

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Maurer, R., Sebastian, S. Inflationsrisiken von Aktien, Bonds und indirekten Immobilienanlagen. Credit and Capital Markets – Kredit und Kapital, 35(2), 242-279. https://doi.org/10.3790/ccm.35.2.242
Maurer, Raimond and Sebastian, Steffen "Inflationsrisiken von Aktien, Bonds und indirekten Immobilienanlagen" Credit and Capital Markets – Kredit und Kapital 35.2, 2002, 242-279. https://doi.org/10.3790/ccm.35.2.242
Maurer, Raimond/Sebastian, Steffen (2002): Inflationsrisiken von Aktien, Bonds und indirekten Immobilienanlagen, in: Credit and Capital Markets – Kredit und Kapital, vol. 35, iss. 2, 242-279, [online] https://doi.org/10.3790/ccm.35.2.242
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Inflationsrisiken von Aktien, Bonds und indirekten Immobilienanlagen

Maurer, Raimond | Sebastian, Steffen

Credit and Capital Markets – Kredit und Kapital, Vol. 35 (2002), Iss. 2 : pp. 242–279

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Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.35.2.242
Language
Multiple languages
Pages
38

Author Details

Raimond Maurer, Frankfurt/Main

Steffen Sebastian, Mannheim

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Abstract

Inflation Risks of Stock, Bonds and Indirect Real Estate Investments

For private investors the protection against a loss in purchase power is an essential element of their investment decision. Typical investment in portfolios of stock, bonds and real estate investments companies as indirect real estate investments are examined for the period 1980:1-2000:12. As the conceptions of real estate investment vehicles differs substantially in national legislation, an overview of the institutional frameworks regarding these companies is given for the markets in Germany, France, Switzerland and United Kingdom. Besides the classical Fama/Schwert-approach the inflation risk is examined using shortfall risk measurements for different investment horizons

Table of Contents

Section Title Page Action Price
Raimond Maurer/Steffen Sebastian: Inflationsrisiken von Aktien, Bonds und\rindirekten Immobilienanlagen 242
I. Problemstellung 242
II. Immobilien-Investmentgesellschaften in Europa 245
1. Historie 245
2. Ausprägungen in Frankreich, Deutschland, Großbritannien und Schweiz 246
Frankreich 246
Deutsche offene Immobilienfonds 247
Deutsche Immobilienaktiengesellschaften 249
Schweiz 249
Großbritannien 250
3. Konstruktion von Indexportfolios 251
III. Quantifizierung des Inflationsrisikos: Theoretische Grundlagen 253
1. Der Hedgingansatz von Fama/Schwert 253
2. Analyse im Kontext von Shortfall-Ansätzen 255
IV. Empirische Resultate 257
1. Datenbasis 257
2. Ergebnisse der Regressionsanalysen 261
3. Resultate der Short fall-Analysen 265
V. Resümee 274
Literatur 275
Zusammenfassung: Inflationsrisiken von Aktien, Bonds und indirekten Immobilienanlagen 278
Summary: Inflation Risks of Stock, Bonds and Indirect Real Estate Investments 278
Résumé: Risques d'inflation des actions, obligations et placements immobiliers indirects 279

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