Erhaltung eines Stiftungsvermögens

Klaus Brockhoff ()
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Klaus Brockhoff: WHU - Otto Beisheim Hochschule

Schmalenbach Journal of Business Research, 2002, vol. 54, issue 3, 277-284

Abstract: Summary In earlier years, foundations in Germany were required to spend all their income for their chosen purposes. Recently, a certain share of the income can be retained to account for property losses due to inflationary price movements. It is argued here that the proper inflation rate should be determined by the purpose set for a foundation, and should not be routinely taken from federal household statistics. Furthermore, it is argued that since the income of foundations is volatile, particularly if they invest in shares or derivatives, a certain risk premium should be withheld to secure continuous operation of the foundation. It is shown that this risk premium can be calculated as the value at risk.

Date: 2002
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DOI: 10.1007/BF03372679

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