Indexzertifikat oder ETF? Eine entscheidungstheoretische Analyse

Christian Klein () and Dennis Kundisch ()

Metrika: International Journal for Theoretical and Applied Statistics, 2008, vol. 19, issue 3, 353-370

Abstract: Private investors increasingly use passive investment strategies, i.e. investment methods that try to replicate a stock market index as accurate as possible. In this paper we compare retail index certificates and exchange traded funds. Both investment products promise a performance that corresponds to the performance of an underlying index. In our analysis, we simultaneously consider return, tax as well as risk aspects. It is shown that retail index certificates used to be the first choice before the (partial) introduction of the flat rate withholding tax in Germany. This has changed recently: Investors that may want to restructure their portfolio before January 1st 2009 – when the flat rate withholding tax applies to all investment products – should opt for exchange traded funds now. Copyright Springer-Verlag 2008

Keywords: Indexzertifikat; Exchange Traded Fund; Abgeltungsteuer; Entscheidung unter Risiko; Ausfallrisiko (search for similar items in EconPapers)
Date: 2008
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1007/s00187-008-0059-y (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:metrik:v:19:y:2008:i:3:p:353-370

Ordering information: This journal article can be ordered from
http://www.springer.com/statistics/journal/184/PS2

DOI: 10.1007/s00187-008-0059-y

Access Statistics for this article

Metrika: International Journal for Theoretical and Applied Statistics is currently edited by U. Kamps and Norbert Henze

More articles in Metrika: International Journal for Theoretical and Applied Statistics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().