The occupational pension schemes in Switzerland: an emerging institutional investment force
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Bern u.a.
Haupt
1990
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften, Diss., 1990. - Auch als: Bankwirtschaftliche Forschungen ; 126 u.d.T.: Hepp, Stefan: The Swiss pension funds Weitere Ausgabe: Bankwirtschaftliche Forschungen ; 126 |
| Beschreibung: | XIII, 409 S. graph. Darst. |
| ISBN: | 3258042152 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV004296321 | ||
| 003 | DE-604 | ||
| 005 | 19910930 | ||
| 007 | t | ||
| 008 | 910313s1990 d||| m||| 00||| eng d | ||
| 020 | |a 3258042152 |9 3-258-04215-2 | ||
| 035 | |a (OCoLC)70273722 | ||
| 035 | |a (DE-599)BVBBV004296321 | ||
| 040 | |a DE-604 |b ger |e rakddb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-384 |a DE-19 |a DE-188 | ||
| 084 | |a QV 596 |0 (DE-625)142166: |2 rvk | ||
| 100 | 1 | |a Hepp, Stefan |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The occupational pension schemes in Switzerland |b an emerging institutional investment force |c von Stefan Hepp |
| 264 | 1 | |a Bern u.a. |b Haupt |c 1990 | |
| 300 | |a XIII, 409 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften, Diss., 1990. - Auch als: Bankwirtschaftliche Forschungen ; 126 u.d.T.: Hepp, Stefan: The Swiss pension funds | ||
| 500 | |a Weitere Ausgabe: Bankwirtschaftliche Forschungen ; 126 | ||
| 502 | |a Zugl.: St. Gallen, Hochsch. für Wirtschafts-, Rechts- u. Sozialwiss., Diss., 1990 u.d.T.: Hepp, Stefan W.: The Swiss pension funds | ||
| 650 | 0 | 7 | |a Versicherung |0 (DE-588)4063173-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Altersversorgung |0 (DE-588)4001479-4 |2 gnd |9 rswk-swf |
| 651 | 7 | |a Schweiz |0 (DE-588)4053881-3 |2 gnd |9 rswk-swf | |
| 655 | 7 | |0 (DE-588)4113937-9 |a Hochschulschrift |2 gnd-content | |
| 689 | 0 | 0 | |a Schweiz |0 (DE-588)4053881-3 |D g |
| 689 | 0 | 1 | |a Altersversorgung |0 (DE-588)4001479-4 |D s |
| 689 | 0 | 2 | |a Versicherung |0 (DE-588)4063173-4 |D s |
| 689 | 0 | |5 DE-604 | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002672195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-002672195 | ||
Datensatz im Suchindex
| _version_ | 1804118488036409344 |
|---|---|
| adam_text | iü
TABLE OF CONTENTS
Introduction and Overview 1
PartI:
DEMOGRAPHY, PENSION SCHEMES AND THE TREND
TOWARDS COLLECTIVE SAVINGS IN SWITZERLAND 17
1 DEMOGRAPHIC TRENDS IN SWITZERLAND 19
1.1 Introduction 22
1.2 The Changing Age Structure of Swiss Residents 26
1.2.1 The DecliningBirth Rate 26
1.2.2 The DecliningMortality Rate 29
1.2.3 Consequences forthe Balance ofthe Population 33
1.3 Migration Gains and Foreign Workers in the Swiss Labour Force 36
1.3.1 Swiss Foreign Labour Policy 36
1.3.2 The Impactof Migration Gains on the Size ofthe
Potential Labour Force 37
1.3.3 The Development of the Non permanent Foreign Labor Force 39
1.4 The Development ofthe Active Population 41
1.5 Scenario Analysis of the Demographic
Development of the Swiss Population to the Year 2025 45
1.5.1 The 1984 Scenarios 46
1.5.2 The 1986 Scenarios 48
1.5.3 The Scenarios in Summary 49
2 THE SWISS PENSION SCHEMES LEGAL FOUNDATIONS,
BENEFIT DESIGN, AND FINANCING 53
2.1 The Concept of Social Security in Switzerland An Introduction 56
2.2 The Swiss State Run Pension Scheme for the Elderly, Dependant
andDisabled(AHV/TV) 60
2.2.1 Social Security Benefitsof the AHV/TV 61
2.2.2 Calculationofbenefits 64
2.2.2.1 The Pension Formula
2.2.3 Contributions to the State Run Pension Scheme 70
2.2.4 The Organization ofthe State Run Pension Scheme (AHV/TV) 72
iv
i
2.3 The Swiss Occupational Pension Schemes Legal Foundations, ?
Benefit Design and Financing 75
2.3.1 The Swiss Federal Law on Occupational Retirement, Survivors and
Disability Pension Schemes 75
2.3.2 Insurance Coverage and Benefits of the Occupational Pension i
Schemes 79 f
2.3.2.1 Insured Salaries 81
2.3.2.2 Insurance Conditions and Types of Benefit 82
2.3.2.3 Vesting of Benefits 86
2.3.2.4 Lump Sum Payment versus Annuity 88 {
2.3.3 Contributions to the Occupational Pension Schemes 89
2.3.3.1 Actuarial Cost Methods 90
2.3.3.2 Minimum Cost of a BVG Pension Scheme 92
2.3.4 Recognized Forms of Pension Insurance 93
2.4 Appendix: Organization and Supervision of the Occupational Pension
Schemes 100
2.4.1 Legal Form of Incorporation of a Pension Scheme 100
2.4.2 Adapting Existing Pension Schemes to the BVG Regulations 102
2.4.2.1 Envelope Fund 102
2.4.2.2 Split Between the BVG Pension Scheme and a Supplementary
Pension Scheme 103
2.4.3 Registration of Pension Schemes 104
2.4.4 Control Procedures and Supervision of The Occupational Pension
Schemes 105
2.4.4.1 The Auditors 105
2.4.4.2 Experts on Occupational Pension Schemes 106
2.4.4.3 Supervision of Pension Schemes 10?
2.4.4.4 Safety Fund and Substitution Scheme I09
3 THE MARKET FOR PENSION FUND MANAGEMENT:
GROWTH OF ASSETS AND INSTITUTIONAL
PARTICIPATION in
3.1 The Secular Trend Towards Collective Savings I14
3.2 Trends in Total Assets of Life Insurance and Pension Funds J}^
3.2.1 The Use of Scenario Analysis for Flow of Funds1 Projections 11
3.2.2 Description of the Scenarios Ul
3.2.3 Development of The Surplus/Deficit of the Swiss State Run Pension
Scheme (AHV) • Ui
3.2.4 Development of the Total Assets of the Swiss Occupational Pension
Schemes 1
3.2.5 Comparison of the Results of the Scenarios
V
3.3 The Beneficiaries of the Trend Towards Collective Savings in
Switzerland 133
3.3.1 The Pension Funds 133
3.3.1.1 Institutional Background 134
3.3.1.2 Assets Under Management 135
3.3.1.3 Impact of the Introduction of the BVG Law 136
3.3.2 The Life Assurance Industry 137
3.3.2.1 Institutional Background 137
3.3.2.2 Assets Under Management 138
3.3.2.3 Impact of the Introduction of the BVG Law 141
3.3.3 Collective and Pooled Foundations 143
3.3.3.1 Institutional Background 143
3.3.3.2 Assets Under Management 144
3.3.3.3 Impact of the Introduction of the BVG Law 145
3.3.4 Investment Foundations 146
3.3.4.1 Institutional Background 146
3.3.4.2 Assets Under Management 148
3.3.4.3 Impact of the Introduction of the BVG Law 149
3.3.4.4 Major Advantages and Disadvantages for Institutional Investors 149
3.3.5 MutualFunds 150
3.3.5.1 Institutional Background 150
3.3.5.2 Assets Under Management 151
3.3.5.3 Impact of the Introduction of the BVG Law 151
3.3.5.4 Major Advantages and Disadvantages for Institutional Investors 152
3.4 The Management of the Assets of the Occupational Pension Schemes 153
3.4.1 The Structure of the Swiss Market for Pension Fund Management 153
3.5 Appendix: Description of the Models used for the Asset Projection of
the Occupational Pension Schemes and the AHV 159
3.5.1 The Structure of the AHV Model 159
3.5.2 The Structure of the BVG Model 165
3.5.3 Earlier Studies of the Development of Total Assets of the Occupational
Pension Schemes in Switzerland 169
PART U:
MANAGING PENSION OBLIGATIONS 173
4 ACTUARIAL AND LEGAL PROVISIONS WHICH
DETERMINE PORTFOLIO BEHAVIOUR 175
4.1 Pension Accounting A Comparison of Swiss and U.S. Regulations 178
4.2 The Determination of Pension Liabilities 183
4.2.1 Actuarial Assumptions 183
4.2.2 The Calculation of the Components of Pension Liability 187
4.2.2.1 An Illustrative Pension Plan: Plan Provisions, Actuarial
Assumptions and Employee Demographics 187
4.2.2.2 The Funding Calculation 189
4.2.2.3 Calculating Interest Rate and Inflation Sensitivity of Pension
Liabilities..., 197
VI I
4.3 Asset Valuation and Investment Restrictions 203 *t
4.3.1 Actuarial Valuation of Pension Fund Assets 203 ,
4.3.2 Investment Restrictions for Swiss Pension Funds and Life Assurance
Companies 208
4.4 Determination of the Surplus or Deficit of an Occupational Pension
Scheme 216
4.4.1 Balance Sheet Liability 218
4.4.2 Recovery of Surplus from a Terminating Plan 219
4.4.3 Amortization of Unfunded Liabilities 221
4.5 Fiscal and Tax Treatment of Pension Schemes 223
4.6 Investment Objectives of Pension Funds and Life Assurance
Companies 224
5 INVESTMENT BEHAVIOUR OF PENSION FUNDS AND
THE LIFE ASSURANCE INDUSTRY 227
5.1 International Comparison of Investment Behaviour of
Pension Funds and Life Assurance Companies 230
5.1.1 The Investment Behaviour of Pension Funds 1970 1985 230
5.1.2 The Investment Behaviour of Life Assurance
Companies 1970 1985 233
5.1.3 The Portfolio Composition of Institutional Investors in Switzerland 238
5.1.3.1 The Portfolio Composition of Public and Private Sector Pension
Funds 238
5.1.3.2 The Portfolio Composition of Life Assurance Companies 239
5.1.3.3 The Fixed Income Portfolio of the Central Compensation Fund 240
5.2 The Past Performance of Pension Fund Investments
Fulfilling the Actuarial Promise? 242
5.2.1 Measuring the Performance of Swiss Pension Funds 242
5.2.2 The Performance of Pension Fund Investments after World War II 243
5.2.3 Problems with the Traditional Investment Behaviour 247
5.2.4 Reasons for a Changing Investment Behaviour 250
5.3 The Changing Investment Behaviour of Swiss Pension Funds and
Life Assurance Companies 253
5.3.1 Description and Coverage of the Survey on Institutional Investment
Behaviour • 253
5.3.2 Investment Behaviour of Big Pension Schemes and Life Assurance
Companies Survey Results... ~3j
5.3.2.1 Equity Share 254
5.3.2.2 Domestic Bond Share ~oo
5.3.2.3 SFr Foreign Bond Share 25/
5.3.2.4 Foreign Currency Bond Share 25y
5.3.2.5 Mortgage Bond and Mortgage Share.... ; 2w
5.3.2.6 Convertible Bond Share 26U
5.3.2.7 Property Shares 26°
vii
5.4 The Restructuring of Institutional Portfolios and the Growth of
Pension Funds: Implications for the Swiss Capital Markets 262
5.4.1 The Development of Relative Demand and Supply for Domestic
Financial Assets 262
5.4.2 Trading Practices and the Growing Institutional Transaction Volume 268
5.4.3 The Growing Institutional Demand for Domestic Financial Assets:
Implications for the International Investor 270
5.4.4 Business Opportunities in the Swiss Market for Pension Fund
Management 270
5.5 Appendix: Survey of Recent Institutional Portfolio Behaviour and
Medium Term Investment Intentions 272
5.5.1 Coverage of the Survey
5.5.2 The Distribution of Portfolio Weights Survey Results 275
PART III:
THE USE OF MODERN PORTFOLIO THEORY FOR PENSION
FUND MANAGEMENT 281
6 International Asset Allocation for Pension Schemes:
The Cutting Edge 283
6.1 Globalization of Institutional Investment Behaviour:
An International Phenomenon 287
6.2 Risk and Return of International Investments Why Swiss
Investors Should Have Diversified 295
6.2.1 The Data 295
6.2.2 Analysis of Risk and Return of Different Asset Categories in 8
Countries 296
6.2.3 The Correlation Structure of Asset Returns 302
6.3 Optimal Asset Allocation 305
6.3.1 Currency Benchmark Dependency of Mean Variance Efficient
Portfolios 306
6.3.2 The Stability of Portfolio Weights Obtained from Past Sample
Estimates 308
6.3.3 The Stability of the Estimated Risk Structure of Asset Returns 312
6.4 Hedging of Foreign Exchange Risk and the Risk Structure of
International Asset Returns 318
6.5 The Role of Portfolio Optimization in Investment Planning 322
6.6 Appendix: Risk, Return and Correlation Coefficients of International
Investments 324
VU1
7 Portfolio Optimization as a Tool for Strategic Investment
Decision Making... 329
7.1 Portfolio Optimization Under Shortfall Constraints 332
7.1.1 The Determination of Risk Boundaries Through Confidence Limits 332
7.1.2 The Distribution of Returns on International Investment 336
7.2 A Structure Approach to Asset Allocation and Investment Policy
Formulation 341
7.2.1 STEP1: The Domestic Asset Mix 342
7.2.2 STEP 2: The International Asset Mix 345
7.2.3 STEP 3: The Size of the International Allocation 347
7.2.4 Simulations of Model Portfolios 350
7.3 International Diversification Strategies 355
7.3.1 The Passive Approach 355
7.3.2 The Active Approach (Tactical Asset Allocation) 359
7.3.3 Performance Measurement 365
7.4 Conclusions 367
7.5 Appendix: Portfolio Insurance Strategies 368
Glossary 371
References 373
Index m
ix
LIST OF FIGURES
Figure 1.1 The Process of Demographic Transformation The Industrial
Countries 22
Figure 1.2 Demographic Factors affecting the Flow of Funds of Pension
Systems 25
Figure 1.3 Age Distribution of Registered HIV Positive Cases (July 1985
until December 1986) 32
Figure 1.4 The Historical Development of the Total Fertility Index for the
Swiss Population since 1946 35
Figure 1.5 Foreign Workers by Status 1960 1984 40
Figure 1.6 Age Pyramids of the Permanent Resident Population According to
the Main Scenario of 1986 (1986 A) 51
Figure 1.7 Age Pyramids of the Permanent Resident Population According to
the Upper and Lower Scenarios of 1986 (1986 B, 1986 C) in
2025 52
Figure 2.1 The Three Pillar Concept of Social Security in Switzerland 56
Figure 2.2 The Declining Importance of the AHV 69
Figure 2.3 The Organizational Structure of the Swiss State Run Pension
Scheme.. ...74
Figure 2.4 Insurance of the Final Salary through AHV the Occupational
Pension Schemes 76
Figure 2.5 Co ordinated Earned Income and Gross Salary 81
Figure 2.6 Comparison of Actuarial Cost Methods 91
Figure 2.7 Organizational Structure of the Ciba Geigy Pension Fund.... 95
Figure 2.8 The Organization of a Pooled Foundation 99
Figure 3.1 The Net Increase of Assets of Individual and Collective Forms of
Savings in 1988 (in %) 116
Figure 3.2 The Emerging Deficit a of the AHV1970 2025 124
Figure 3.3 The Accumulation of the Occupational Pension Schemes Assets
1970 2025 127
Figure 3.4 Cover Stock Assets of the Swiss Life Assurance Industry 1980
1987 142
Figure 3.5 Estimated Market Share of Big Pension Schemesa, Life
Assurance Companies, Collective and Pooled Foundations and
the AHV in Total Pension Fund Assets 1985 and 1995 156
Figure 3.6 Interdependence of Pension Schemes, Life Assurance Companies
and other Financial Intermediaries 157
Figure 3.7 Schematic Structure of the AHV and the BVG Model 160
Figure 3.8A The Structure of the AHV Model (Benefit Model) 163
Figure 3.8.B The Structure of the AHV Model (Income Model and AHV
Surplus Model) 164
X si
Figure 4.1 Current Salary Scale of an Illustrative Swiss Pension Scheme 1S0
Figure 4.2 Age Distribution of Active and Retired Participants 190*
Figure 4.3 Pension Liabilities 192;
Figure 4.4 Effective Duration of the PBOa 202 t
Figure 4.5 Hierarchy of Investment Objectives 225 J
Figure 5.1.A Portfolio Behaviour of Pension Funds: Bonds 230
Figure 5.1.B Portfolio Behaviour of Pension Funds: Equity 231 jj
Figure 5.1.C Portfolio Behaviour of Pension Funds: Property 232 *
Figure 5.2. A Portfolio Behaviour of Life Assurance Companies: Bonds 234
Figure 5.2.B Portfolio Behaviour of Life Assurance Companies: Equity 235
Figure 5.2.C Portfolio Behaviour of Life Assurance Companies: Property 236
Figure 5.3 Asset Structure of Private and Public Sector Pension Schemes in
1984 239
Figure 5.4 Asset Structure of Swiss Life Assurance Cover Stock Funds
1984 and 1987 240
Figure 5.5 Portfolio Composition of the AHV/IV 241
Figure 5.6 Spread Between Nominal Return on Pension Schemes Assets
and the 4% Return Target 249
Figure 5.7 Cumulative Real Wage Growth Versus Cumulative Real Return
on Pension Fund Investments 1945 87 (1945 = 100) 250
Figure 5.8 Coverage of the Survey of Big Pension Funds a and Life
Assurance Companies Investment Behaviour 274
Figure 5.9 Indicated Equity Share of All Participants in the Survey on
Institutional Investment Behaviour 275
Figure 5.10 Indicated Domestic Bond Share of All Participants in the Survey
on Institutional Investment Behaviour 276
Figure 5.11 Indicated SFr Foreign Bond Share of All Participants in the
Survey on Institutional Investment Behaviour 277
Figure 5.12 Indicated Foreign Bond Share of All Participants in the Survey
on Institutional Investment Behaviour 27o
Figure 5.13 Indicated Property Share of All Participants in the Survey on
Institutional Investment Behaviour ™
Figure 6.1 Ranking of Bond and Equity Markets According to Transaction
Cost and Liquidity • 2
Figure 6.2 Risk/Return Relationship of Different Domestic vs. International
Equity Allocations 12/1977 12/1987 2W
Figure 6.3 Risk/Return Relationship of Different Domestic vs. International
Bond Allocations 12/1977 2/1987 m
Figure 6.4 Absolute Change in Correlation Coefficients Between 1977 82
and 1983 1987 314
Figure 6.5 Excess Performance of an International Bond and Equity
Portfolio Fully Hedged into SFr over the Unhedged Portfolio *
Figure 6.6 Distribution of Monthly Total Rates of Return of a Salomon
Brothers World Bond Index Fund in SFr Terms 1978 1987 il1
Figure 6.7 Distribution of Monthly Total Rates of Return of a Morgan
Stanley Capital International World Equity Index Funds in SFr
Terms 1978 1987 ia
XI
Figure 7.1 Annual Realized Returns and 90% Confidence Interval for SFr
Government Bonds from 1978 1987 333
Figure 7.2 Annual Realized Returns and 90% Confidence Interval for
Swiss Equities from 1978 1987 333
Figure 7.3 Shortfall Constraints in a Risk/Return Diagram 335
Figure 7.4 Mean Variance Efficient Domestic Portfolios for a Swiss
Pension Scheme 343
Figure 7.5 Mean Variance Efficient International Bond/Equity Mixes for a
Swiss Pension Scheme 346
Figure 7.6 Mean Variance Efficient International Allocations for a Swiss
Pension Scheme 348
Figure 7.7 Risk/ Return Relationships for 16 Model Portfolios 352
Figure 7.8 Tactical Asset Allocation Expected Returns Spread Input 364
ft
xu
4
•i}t
LIST OF TABLES «
Table 1.1 General Fertility Rates and Total Fertility Index of the Swiss •
Population 1965 1985 %
Table 1.2 The Life Expectancy of the Swiss Population (Years) 29
Table 1.3 The Age Structure of the Swiss Resident Population (P) and Swiss
Citizens (C) An Increasing Load Ratio 33
Table 1.4 The System of Work and Residence Permits in Switzerland 37
Table 1.5 The Development of the Foreign Labour Force in Switzerland
1960 1985 (end of August figures) 38
Table 1.6 Participation Rate in Percent of the Active Population in 1980 44
Table 1.7 The Projections of the Swiss Federal Statistical Office 50
Table 2.1 Annual AHV Pensions since 1948 64
Table 2.2 Contributions to the AHV/IVasoftheEndof 1988 71
Table 2.3 Minimum Benefits according to BVG (End 1987) 85
Table 2.4 Minimum Contribution Rates for a BVG Occupational Pension
Scheme 92
Table 2.5 Overview of the Legal Basis for Various Forms of Incorporation of
Pension Funds 101
Table 3.1 Trends in the Total Assets of Life Assurance and Pension Funds
1975 and 1985 115
Table 3.2 Cash Flows and Increase of Total Assets of the Occupational
Pension Schemes 1984 2025 Main Scenario 12y
Table 3.3 Comparison of the Assets of the AHV and the Occupational
Pension Schemes under Various Scenarios
Table 3.4 Trends in the Growth of Life Assurance Premiums, Total Pension
Contributions and Cover Stock Assets 1980 1987 !^
Table 3.5 Investment Foundations in Switzerland (Assets in Swiss Francs 14°
Table 3.6 Increase of Total Assets of Occupational Pension Schemes 1984
2010 in
Table 4.1 Pension Plan Provisions, Assumptions and Employee ^
Demographics A Summary ..,,.
Table 4.2 Prescribed Investment Limits (Article 53 55 BVV2) lu
Table 4.3 Insurance Technical Balance Sheet for an Autonomous Pension
Fund (balancing based on the principle of a closed group) l
Table 5.1 Annual Returns of Swiss Pension Funds Domestic Investments
1946 1987 •• ^
Table 5.2 Equity Share in Total Assets of the Surveyed Pension Schemes and
Life Assurance Companies Table 5.3 Domestic Bond Share in Total Assets of the Surveyed Pension
Schemes and Life Assurance Companies... y Table 5.4 SFr Foreign Bond Share in Total Assets of the Surveyed Pension
Schemes and Life Assurance Companies
xiii
Table 5.5 Foreign Bond Share in Total Assets of the Surveyed Pension
Schemes and Life Assurance Companies ,.259
Table 5.6 Property Share in Total Assets of the Surveyed Pension Schemes
and Life Assurance Companies 261
Table 5.7 Approximate Net New Investments in Different Swiss Domestic
Asset Categories by Big Pension Schemes and the Swiss Life
Assurance Industry 1986 1992 265
Table 6.1 Risk and Return of Various Asset Classes in 8 Countries 300
Table 6.2 Correlation Coefficients of the Total Rates of Return for Various
Asset Categories Across Currencies 303
Table 6.3 Portfolio Weights of Mean Variance Efficient Portfolios 309
Table 6.4 Regression Analysis .314
Table 6.5 Test of Stability of Correlation Coefficients .....316
Table 6.6 Currency a and P for different Country Indices .320
Table 6.7 Risk, Return and Weight in a Mean Variance Efficient Portfolio of
International Assets Fully Hedged into Swiss Franc 321
Table 6.8 Correlation Coefficients of the Total Return for Various Asset
Categories Across Currencies 325
Table 7.1 The Distribution of International Bond and Equity Returns .337
Table 7.2 Investment Prospects in Terms of Strategic Risk Limits ....344
Table 7.3 Investment Prospects in Terms of Strategic Risk Limits for a
Global Portfolio ...349
Table 7.4 Weights of Assets and Historical Performance (1977 1985 for the
16 Model Portfolios) 350
Table 7.5 Realized Annual Returns of the Model Portfolios 1986 1987 ..........353
Table 7.6 Purchasing Cost of the Entire Index ($ 100 Million Portfolio) 358
|
| any_adam_object | 1 |
| author | Hepp, Stefan |
| author_facet | Hepp, Stefan |
| author_role | aut |
| author_sort | Hepp, Stefan |
| author_variant | s h sh |
| building | Verbundindex |
| bvnumber | BV004296321 |
| classification_rvk | QV 596 |
| ctrlnum | (OCoLC)70273722 (DE-599)BVBBV004296321 |
| discipline | Wirtschaftswissenschaften |
| format | Thesis Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01911nam a2200409 c 4500</leader><controlfield tag="001">BV004296321</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">19910930 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">910313s1990 d||| m||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">3258042152</subfield><subfield code="9">3-258-04215-2</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)70273722</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV004296321</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakddb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-188</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QV 596</subfield><subfield code="0">(DE-625)142166:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Hepp, Stefan</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The occupational pension schemes in Switzerland</subfield><subfield code="b">an emerging institutional investment force</subfield><subfield code="c">von Stefan Hepp</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Bern u.a.</subfield><subfield code="b">Haupt</subfield><subfield code="c">1990</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XIII, 409 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften, Diss., 1990. - Auch als: Bankwirtschaftliche Forschungen ; 126 u.d.T.: Hepp, Stefan: The Swiss pension funds</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Weitere Ausgabe: Bankwirtschaftliche Forschungen ; 126</subfield></datafield><datafield tag="502" ind1=" " ind2=" "><subfield code="a">Zugl.: St. Gallen, Hochsch. für Wirtschafts-, Rechts- u. Sozialwiss., Diss., 1990 u.d.T.: Hepp, Stefan W.: The Swiss pension funds</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Versicherung</subfield><subfield code="0">(DE-588)4063173-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Altersversorgung</subfield><subfield code="0">(DE-588)4001479-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="651" ind1=" " ind2="7"><subfield code="a">Schweiz</subfield><subfield code="0">(DE-588)4053881-3</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4113937-9</subfield><subfield code="a">Hochschulschrift</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Schweiz</subfield><subfield code="0">(DE-588)4053881-3</subfield><subfield code="D">g</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Altersversorgung</subfield><subfield code="0">(DE-588)4001479-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Versicherung</subfield><subfield code="0">(DE-588)4063173-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">HBZ Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002672195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-002672195</subfield></datafield></record></collection> |
| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Schweiz (DE-588)4053881-3 gnd |
| geographic_facet | Schweiz |
| id | DE-604.BV004296321 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T16:11:05Z |
| institution | BVB |
| isbn | 3258042152 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002672195 |
| oclc_num | 70273722 |
| open_access_boolean | |
| owner | DE-384 DE-19 DE-BY-UBM DE-188 |
| owner_facet | DE-384 DE-19 DE-BY-UBM DE-188 |
| physical | XIII, 409 S. graph. Darst. |
| publishDate | 1990 |
| publishDateSearch | 1990 |
| publishDateSort | 1990 |
| publisher | Haupt |
| record_format | marc |
| spelling | Hepp, Stefan Verfasser aut The occupational pension schemes in Switzerland an emerging institutional investment force von Stefan Hepp Bern u.a. Haupt 1990 XIII, 409 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Hochschule für Wirtschafts-, Rechts- und Sozialwissenschaften, Diss., 1990. - Auch als: Bankwirtschaftliche Forschungen ; 126 u.d.T.: Hepp, Stefan: The Swiss pension funds Weitere Ausgabe: Bankwirtschaftliche Forschungen ; 126 Zugl.: St. Gallen, Hochsch. für Wirtschafts-, Rechts- u. Sozialwiss., Diss., 1990 u.d.T.: Hepp, Stefan W.: The Swiss pension funds Versicherung (DE-588)4063173-4 gnd rswk-swf Altersversorgung (DE-588)4001479-4 gnd rswk-swf Schweiz (DE-588)4053881-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Schweiz (DE-588)4053881-3 g Altersversorgung (DE-588)4001479-4 s Versicherung (DE-588)4063173-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002672195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Hepp, Stefan The occupational pension schemes in Switzerland an emerging institutional investment force Versicherung (DE-588)4063173-4 gnd Altersversorgung (DE-588)4001479-4 gnd |
| subject_GND | (DE-588)4063173-4 (DE-588)4001479-4 (DE-588)4053881-3 (DE-588)4113937-9 |
| title | The occupational pension schemes in Switzerland an emerging institutional investment force |
| title_auth | The occupational pension schemes in Switzerland an emerging institutional investment force |
| title_exact_search | The occupational pension schemes in Switzerland an emerging institutional investment force |
| title_full | The occupational pension schemes in Switzerland an emerging institutional investment force von Stefan Hepp |
| title_fullStr | The occupational pension schemes in Switzerland an emerging institutional investment force von Stefan Hepp |
| title_full_unstemmed | The occupational pension schemes in Switzerland an emerging institutional investment force von Stefan Hepp |
| title_short | The occupational pension schemes in Switzerland |
| title_sort | the occupational pension schemes in switzerland an emerging institutional investment force |
| title_sub | an emerging institutional investment force |
| topic | Versicherung (DE-588)4063173-4 gnd Altersversorgung (DE-588)4001479-4 gnd |
| topic_facet | Versicherung Altersversorgung Schweiz Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002672195&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT heppstefan theoccupationalpensionschemesinswitzerlandanemerginginstitutionalinvestmentforce |