Year: 2012
Author: Drobetz, Wolfgang, Tegtmeier, Lars, Topalov, Mihail
Credit and Capital Markets – Kredit und Kapital, Vol. 45 (2012), Iss. 1 : pp. 79–113
Abstract
The Design of a Performance Index for Closed-End Ship Funds
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.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/kuk.45.1.79
Credit and Capital Markets – Kredit und Kapital, Vol. 45 (2012), Iss. 1 : pp. 79–113
Published online: 2012-01
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 35