250 Analysten, 1 Portfolio? - Eine ökonometrische Analyse von Empfehlungen zur Gestaltung eines Vermögensportfolios zur Altersvorsorge

This study analyzes portfolio recommendations of financial experts, finding significant differences in portfoliostructure depending on the experts'institutional background. The recommendations stem from a survey of 250financial experts from banks, insurance companies, investment funds andindustrial enterprises. The respondents were asked to construct a portfo-lio of retirement savings using the following assets: European and foreignstocks and bonds, real estate and money market funds. The main differences in asset allocation are found for the shares of European stocks andreal estate. Five portfolios constructed from the recommendations are com-pared using different performance and risk measures.

Dornau, Robert und Andrea Szczesny (1999), 250 Analysten, 1 Portfolio? - Eine ökonometrische Analyse von Empfehlungen zur Gestaltung eines Vermögensportfolios zur Altersvorsorge, ZEW Discussion Paper Nr. 99-17, Mannheim.