Entwicklungslinien in der Portfoliotheorie und im Asset Management

Wallmeier,

Die Unternehmung - Swiss Journal of Business Research and Practice, 2016, vol. 70, issue 4, 407-422

Abstract: The paper first gives an overview of the theory of finance and then focuses on the field of asset management. The portfolio model of Markowitz serves as a starting point. It has deeply influenced financial theory although it is hardly implementable because of estimation errors in expected returns. Therefore, possible solutions and extensions are considered. Following a general discussion of active versus passive management, the article presents active approaches derived from return anomalies, factor premiums and hedge fund strategies. The article concludes with an outlook on challenges for asset management in the future.

Date: 2016
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DOI: 10.5771/0042-059X-2016-4-407

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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