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Ökonomische Aspekte der Portfolio-Selection-Theorie

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Steinbach, W., Fromm, A. Ökonomische Aspekte der Portfolio-Selection-Theorie. Credit and Capital Markets – Kredit und Kapital, 6(1), 1-27. https://doi.org/10.3790/ccm.6.1.1
Steinbach, Wolf and Fromm, Axel "Ökonomische Aspekte der Portfolio-Selection-Theorie" Credit and Capital Markets – Kredit und Kapital 6.1, 1973, 1-27. https://doi.org/10.3790/ccm.6.1.1
Steinbach, Wolf/Fromm, Axel (1973): Ökonomische Aspekte der Portfolio-Selection-Theorie, in: Credit and Capital Markets – Kredit und Kapital, vol. 6, iss. 1, 1-27, [online] https://doi.org/10.3790/ccm.6.1.1

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Ökonomische Aspekte der Portfolio-Selection-Theorie

Steinbach, Wolf | Fromm, Axel

Credit and Capital Markets – Kredit und Kapital, Vol. 6 (1973), Iss. 1 : pp. 1–27

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Wolf Steinbach, Göttingen

Axel Fromm, Göttingen

References

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Abstract

Economic Aspects of Portfolio Selection Theory

This study investigates the selection of efficient and optimal portfolios from the standpoint of its economic application. The various types of models, as procedural techniques, are described and interpreted in the light of economic aspects. An attempt is made to compare the various model variations in respect of their economic and temporal advantages and disadvantages in order to obtain pointers for practical possibilities for their application and execution. It is established that no recommendations in the nature of recipes can be given. The technical procedural aids respond so sensitively to changes in data that the dilemma between economic use and practicability on the one hand and mathematical efficiency on the other can invariably be solved only within the scope of an investor’s subjective discretion. The use of electronic data processing as a technical, organızational aid is also dealt with. The structure and contents of a so-called securities data bank are described as an example of a comprehensive data basis for computerassisted administration, supply and processing of data, and for analysıs and optimization. In conclusion, cost determinants and organization questions, especially in connection with the use of computers, are discussed, and further indications are given as to the economic relevance and potential practical use of portfolio selection models.