Konzeption einer finanzwirtschaftlichen Bewertungssystematik für geschlossene Fonds in Verkaufsprospekten und Leistungsnachweisen
Year: 2015
Author: Hertel, Michael, Zorzi, Robin
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 4 : pp. 629–677
Abstract
Development of a Valuation System for Closed-Ended Alternative Investment Funds in Sales Prospectuses and Performance Reports
The recent implementation of the European Alternative Investment Funds Managers Directive (AIFMD) into German law contains new information regulations for closed-ended alternative investment funds (AIF) in order to protect private investors. However, they hardly address a comprehensive presentation of financial product information due to the existing lack of operationalizing standards. Considering the new regulation of the German Capital Investment Statute Book (Kapitalanlagegesetzbuch – KAGB) and future standards of the German Institute of Auditors (IDW), this paper suggests a new valuation system for closed-ended AIFs for private investors based on cash flows and well-established finance methods. Thereby, the objective is to accomplish a higher level of product transparency and comparability. Using a data sample of real closed-ended AIFs, standards for the design of the financial information that has to be published to capital markets by emission houses are provided.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/ccm.48.4.629
Credit and Capital Markets – Kredit und Kapital, Vol. 48 (2015), Iss. 4 : pp. 629–677
Published online: 2015-12
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 49
Keywords: M48 G23 G32 capital market regulation closed-ended alternative investment funds investor information financial valuation system