In dieser Arbeit soll ein einheitlicher konzeptualer Zugang zur Quantifizierung des Verlustpotentials (Risiko) eines zufallsabhängigen finanziellen Ergebnisses dargestellt werden. Die Maße des (Lower Partial Moments)-Typus sind hierin als Spezialfall enthalten. Eine solche Vorgehensweise...

This paper analyses the temporal sequence of the shortfall-risk of a stock investment relative to fixed-target returns regarding investment periods of 1 up to 30 years. For this purpose we use three different risk-measures, namely the shortfall-probability, the shortfall-expectation as well as...

The present paper examines the long-term risks of a representative one-time investment in German stocks (DAX/0) in real terms relative to various risk free investments (returns of 0%, 2% and 4% in real terms) as well as relative to a representative investment in German bonds (REXP). As...

A Systematic Comparison of Pension Annuities and Self-Annuitization under the Criterion of Capital Exhaustion is presented. The present paper further develops the papers of Albrecht/Goebel (SFB 504 discussion paper 00-31) and Albrecht/Maurer (SFB 504 discussion paper 01-05). The new feature is...

This paper analyzes investment strategies in the context of alternative hybrid pension plans which are optimal either from the perspective of the plan sponsor or the beneficiaries. The focus is in particular on how the introduction of minimum and maximum limits for pension benefits as well as...

The present paper considers a retiree of a certain age with an initial endowment of investable wealth facing the following alternative investment opportunities. One possibility is to buy a single premium immediate annuity-contract...

Die vorliegende Arbeit analysiert den Cost - Average Effekt , beruhend auf einer strukturierten Vorgehensweise eines Finanzinvestments, der Cost Average- bzw. Durchschnittspreis-Methode.

The authors determine the time horizon on the risk of stock investments.