Private Banking an der Universität Hamburg | Karteikarten & Zusammenfassungen

Lernmaterialien für Private Banking an der Universität Hamburg

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TESTE DEIN WISSEN
Automated adjustment / rebalancing
Lösung anzeigen
TESTE DEIN WISSEN
When you go by percentage let’s say 50/50 in stocks vs bonds and one position looses or gains value in terms of money, the portfolio adjust the investments automatically one the percentages you wanted in the beginning
Lösung ausblenden
TESTE DEIN WISSEN
What’s the informational role of the financial market?
Lösung anzeigen
TESTE DEIN WISSEN
Market price = fair value estimate of future risky cash flow

=> optimistic market => increasing prices
Lösung ausblenden
TESTE DEIN WISSEN
Consumption Timing
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TESTE DEIN WISSEN
Investors buy securities to store wealth and transfer purchasing power into the the future
Lösung ausblenden
TESTE DEIN WISSEN
Risk allocation
Lösung anzeigen
TESTE DEIN WISSEN
Investors select portfolios consistent with their taste for risk

heursitik: 100-age = stock percentage


Risk & Return trade of => higher risk = higher return
Lösung ausblenden
TESTE DEIN WISSEN
Def Portfolio
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TESTE DEIN WISSEN
Collection of investment assets
Lösung ausblenden
TESTE DEIN WISSEN
Top down portfolio construct 
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TESTE DEIN WISSEN
“Top-down” portfolio construction:

1 Asset allocation: choice among broad asset classes (such as stocks,
bonds, real estate, and commodities) based on the investor’s risk
tolerance and investment objectives

2 Security selection: choice of securities within each asset class
Lösung ausblenden
TESTE DEIN WISSEN
Bottom Up Portfolio Construction
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TESTE DEIN WISSEN
“Bottom-up” portfolio construction: investment based solely on the assumed price-attractiveness, which may result in underdiversification and unintended bets on one or another sector of the economy
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TESTE DEIN WISSEN
Passive Investing
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TESTE DEIN WISSEN
Passive Investing: holding a highly diversified portfolio without spending effort or other resources attempting to improve investment performance through security analysis

- No attempt to identify mispriced securities
- No attempt to time the market
Lösung ausblenden
TESTE DEIN WISSEN
Active Investing
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TESTE DEIN WISSEN
Active Investing: attempt to improve performance by . . .
- identifying mispriced securities (security selection)
- timing the performance of broad asset classes (market timing)
Lösung ausblenden
TESTE DEIN WISSEN
Efficient Markets
Lösung anzeigen
TESTE DEIN WISSEN
Efficient Market Hypothesis (Fama, 1970)

- Financial markets process all available information about securities quickly and efficiently, i.e., the security price reflects all the information available to investors concerning its value

- As new information about a security becomes available, its price quickly adjusts so that at any time, the security price equals the market consensus estimate of the value of the security

- There are neither underpriced nor overpriced securities at any time. (strong efficiency)
→ modification: information paradox
(we need people gathering information but the markets adjust so quickly the the money spend on this analysis is nearly sunken costs)
Lösung ausblenden
TESTE DEIN WISSEN
4 Main Players in financial Markets
Lösung anzeigen
TESTE DEIN WISSEN
Firms: net demanders of capital
- They raise capital to pay for investments in plant and equipment
- The income generated by those real assets provides the returns to
investors who purchase the securities issued by the firm

Households: net suppliers of capital
- They purchase the securities issued by firms that need to raise funds.

Governments: can be borrowers or lenders (mostly borrowers).

Financial intermediaries: financial institutions that stand between the security issuer and the ultimate owner of the security
- They pool and invest the resources of many investors.
Lösung ausblenden
TESTE DEIN WISSEN
3 Types of Financial Intemediaries
Lösung anzeigen
TESTE DEIN WISSEN
Banks/credit unions: raise funds by borrowing (taking deposits) and lending that money to other borrowers

Investment organizations: pool and manage the money of many investors
  - Open- or closed-end funds
  - Exchange-traded funds (ETFs)
  -  Hedge funds
  - Venture capital and private equity funds

Investment bankers: offer financial services specialized on the issuance of new securities (advice, underwriting, and marketing)
Lösung ausblenden
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Q:
Automated adjustment / rebalancing
A:
When you go by percentage let’s say 50/50 in stocks vs bonds and one position looses or gains value in terms of money, the portfolio adjust the investments automatically one the percentages you wanted in the beginning
Q:
What’s the informational role of the financial market?
A:
Market price = fair value estimate of future risky cash flow

=> optimistic market => increasing prices
Q:
Consumption Timing
A:
Investors buy securities to store wealth and transfer purchasing power into the the future
Q:
Risk allocation
A:
Investors select portfolios consistent with their taste for risk

heursitik: 100-age = stock percentage


Risk & Return trade of => higher risk = higher return
Q:
Def Portfolio
A:
Collection of investment assets
Mehr Karteikarten anzeigen
Q:
Top down portfolio construct 
A:
“Top-down” portfolio construction:

1 Asset allocation: choice among broad asset classes (such as stocks,
bonds, real estate, and commodities) based on the investor’s risk
tolerance and investment objectives

2 Security selection: choice of securities within each asset class
Q:
Bottom Up Portfolio Construction
A:
“Bottom-up” portfolio construction: investment based solely on the assumed price-attractiveness, which may result in underdiversification and unintended bets on one or another sector of the economy
Q:
Passive Investing
A:
Passive Investing: holding a highly diversified portfolio without spending effort or other resources attempting to improve investment performance through security analysis

- No attempt to identify mispriced securities
- No attempt to time the market
Q:
Active Investing
A:
Active Investing: attempt to improve performance by . . .
- identifying mispriced securities (security selection)
- timing the performance of broad asset classes (market timing)
Q:
Efficient Markets
A:
Efficient Market Hypothesis (Fama, 1970)

- Financial markets process all available information about securities quickly and efficiently, i.e., the security price reflects all the information available to investors concerning its value

- As new information about a security becomes available, its price quickly adjusts so that at any time, the security price equals the market consensus estimate of the value of the security

- There are neither underpriced nor overpriced securities at any time. (strong efficiency)
→ modification: information paradox
(we need people gathering information but the markets adjust so quickly the the money spend on this analysis is nearly sunken costs)
Q:
4 Main Players in financial Markets
A:
Firms: net demanders of capital
- They raise capital to pay for investments in plant and equipment
- The income generated by those real assets provides the returns to
investors who purchase the securities issued by the firm

Households: net suppliers of capital
- They purchase the securities issued by firms that need to raise funds.

Governments: can be borrowers or lenders (mostly borrowers).

Financial intermediaries: financial institutions that stand between the security issuer and the ultimate owner of the security
- They pool and invest the resources of many investors.
Q:
3 Types of Financial Intemediaries
A:
Banks/credit unions: raise funds by borrowing (taking deposits) and lending that money to other borrowers

Investment organizations: pool and manage the money of many investors
  - Open- or closed-end funds
  - Exchange-traded funds (ETFs)
  -  Hedge funds
  - Venture capital and private equity funds

Investment bankers: offer financial services specialized on the issuance of new securities (advice, underwriting, and marketing)
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