Masterarbeit, 2011
64 Seiten, Note: 2,0
The main objective of this dissertation is to determine whether Exchange Traded Funds (ETFs) represent a cost-efficient investment strategy for institutional investors seeking exposure to the DAX index. The research aims to compare ETFs and index funds based on various performance metrics and characteristics.
Abstract: This abstract provides a concise overview of the dissertation, highlighting the growth of the ETF industry and the increasing investment options available. It states the paper's focus on comparing ETFs and index funds in the German market, examining return, volatility, and tracking error. The abstract concludes by mentioning the hypothesis regarding cost-efficiency and the finding that ETFs offer superior average returns, lower volatility, and better tracking than index funds.
Introduction: This chapter sets the stage for the dissertation by introducing the research hypothesis that ETFs are a cost-efficient investment method for institutional investors in the DAX. It details the research aim, objectives, and rationale. A background on ETFs, index funds, the DAX, institutional investors, and alternative investment options is provided. The chapter concludes with a brief overview of the German ETF market, establishing the context for the subsequent analysis.
Academic Literature Review: This chapter delves into the existing academic literature related to active versus passive investment strategies, the characteristics of ETFs (transparency, cost-effectiveness, security, etc.), and the international investment landscape. It performs a detailed comparison between ETFs and mutual funds, covering aspects like tax benefits, simplicity, cost-effectiveness, flexibility, and transparency. The chapter also compares ETFs and index funds, analyzing factors such as index coverage, costs, tax efficiency, dividends, rebalancing, and liquidity.
Trading and Investing Strategies for ETFs: This chapter explores various trading and investment strategies utilizing ETFs. It covers using ETFs for broad market exposure, industry-specific investments, international diversification, commodity trading, bond investments, currency market exposure, risk hedging, and strategies surrounding earnings season. Different ETF types and their applications are detailed, offering a practical guide to ETF usage.
Empirical Analysis: This chapter outlines the methodology employed in the empirical analysis, including the metrics used (return, risk, tracking error) and the application of regression analysis. The justification for the selection of specific index funds is explained. The chapter lays the groundwork for the results presented in the subsequent chapter, providing a clear description of the research methods and data used.
Exchange Traded Funds (ETFs), Index Funds, DAX, Institutional Investors, Passive Management, Cost-Efficiency, Return, Risk, Volatility, Tracking Error, Regression Analysis, German ETF Market, Investment Strategies.
This dissertation investigates the cost-efficiency of Exchange Traded Funds (ETFs) as an investment strategy for institutional investors seeking exposure to the DAX index. It compares ETFs to index funds, analyzing various performance metrics and characteristics.
The key objectives include determining the cost-efficiency of ETFs for institutional DAX investment, comparing ETFs and index funds (return, risk, tracking error), evaluating different investment strategies using ETFs, analyzing the German ETF market, and applying regression analysis to assess fund performance.
The literature review explores active vs. passive investment strategies, ETF characteristics (transparency, cost-effectiveness, etc.), the international investment landscape, a detailed comparison of ETFs and mutual funds (tax benefits, simplicity, cost-effectiveness, etc.), and a comparison of ETFs and index funds (index coverage, costs, tax efficiency, etc.).
The dissertation explores various strategies, including using ETFs for broad market exposure, industry-specific investments, international diversification, commodity trading, bond investments, currency market exposure, risk hedging, and strategies for earnings season. Different ETF types and their applications are detailed.
The empirical analysis uses metrics such as return, risk, and tracking error, along with regression analysis. The selection and justification of specific index funds are explained, providing a clear description of research methods and data.
The abstract highlights the growth of the ETF industry and increased investment options. It focuses on the comparison of ETFs and index funds in the German market, examining return, volatility, and tracking error. It mentions the hypothesis regarding cost-efficiency and a finding that ETFs offer superior average returns, lower volatility, and better tracking than index funds.
Key themes include cost-efficiency of ETFs, comparative analysis of ETFs and index funds, evaluation of various ETF investment strategies, analysis of the German ETF market, and the application of regression analysis to assess fund performance.
Key words include Exchange Traded Funds (ETFs), Index Funds, DAX, Institutional Investors, Passive Management, Cost-Efficiency, Return, Risk, Volatility, Tracking Error, Regression Analysis, German ETF Market, and Investment Strategies.
The dissertation follows a structured format including an abstract, introduction (with hypothesis, research aim, and objectives), academic literature review, trading and investing strategies for ETFs, empirical analysis, results and analysis, and a conclusion. It also includes a table of contents and keywords.
The dissertation discusses various ETF types including market index ETFs, industry ETFs, country ETFs, foreign currency ETFs, bond ETFs, ETNs, and inverse ETFs, along with their application in different investment strategies.
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