Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/43887
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dc.contributor.authorDetering, Nilsen_US
dc.contributor.authorWeber, Andreasen_US
dc.contributor.authorWystup, Uween_US
dc.date.accessioned2011-01-19en_US
dc.date.accessioned2011-01-31T15:26:28Z-
dc.date.available2011-01-31T15:26:28Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/43887-
dc.description.abstractWe have compared the performance of savings plans within the class of difference capital guarantee mechanisms: from the stop loss to classic investments in actuarial reserve funds. CPPI strategies with different leverage factors can be viewed as a compromises between these two extremes. In bullish markets savings plans with a high equity ratio perform the best, in bearish markets the classic insurance concept shows better returns. A stop loss strategy suffers from gap risk, whence a CPPI strategy combines the strength of both gap risk minimization and equity ratio maximization. The effect of fees on the savings plans dominates the performance, especially in typical fee structures found in the German Riester-Rente. The private investor is advised to check carefully if the federal cash payments can compensate the fees taking into account his own salary and tax situation.en_US
dc.language.isoengen_US
dc.publisher|aFrankfurt School of Finance & Management |cFrankfurt/M.en_US
dc.relation.ispartofseries|aCPQF Working Paper Series |x27en_US
dc.subject.jelC15en_US
dc.subject.jelG11en_US
dc.subject.jelJ26en_US
dc.subject.ddc330en_US
dc.subject.keywordCPPIen_US
dc.subject.keywordstop lossen_US
dc.subject.keywordcapital guarantee mechanismsen_US
dc.subject.keywordretirement provision planen_US
dc.subject.keywordRiester-Renteen_US
dc.subject.stwRentenfondsen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwGarantieen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleReturn distributions of equity-linked retirement plansen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn644241780en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cpqfwp:27-

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