• HFRC Forschung

Detailübersicht

Publication Die Konstruktion eines Performanceindex für geschlossene Schiffsfonds

Type

Refereed Article

Year

2012

Author(s)

Wolfgang Drobetz
Lars Tegtmeier
Mihail Topalov

Journal

Kredit und Kapital

Volume

45

Pages

79-113

Research Area

Ship Finance

Keywords

Performanceindex, Geschlossene Schiffsfonds

Abstract

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.

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