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Descripción Taschenbuch. Condición: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Diplomarbeit aus dem Jahr 2003 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Fachhochschule Aachen (Wirtschaft), Sprache: Deutsch, Abstract: Inhaltsangabe:Abstract:Asset-backed securities (ABS) are an innovative capital market instrument, and can be defined as homogenous, financial, cash flow producing, illiquid assets, which are separated from other company assets, transferred to a third party and used as collateral for securities issued on the capital market. The question to be answered in this study is: In how far does the market segment of asset-backed securities contain potential for private investors as an interesting investment alternative This is of interest for commercial banks for broadening their investment product range and following innovation in order to stay competitive in a highly contested market. The empirical research consists of exemplary case studies of recent ABS issuances, dialogs with experts in the field of asset securitization and complementary data on the current market situation. After a close examination of the obtained data, the conclusion to be drawn is that asset-backed securities are an interesting investment alternative for private investors and the market segment can be entered indirectly through mutual funds, since a direct investment is hindered by several market conditions. The positive risk-return ratio in comparison to other alternatives and the innovative character of ABS makes them an attractive component of private investment portfolios. In the light of a trade tax law change in favor of special purpose vehicles for true sale transactions and plans for a common ABS platform by several large German banks, commercial banks should consider launching ABS mutual funds and marketing them to retail clients in order to profit from the positive side effects on the investment business from growing supply on the credit side of this market segment.Inhaltsverzeichnis:Table of Contents:1.INTRODUCTION11.1Background11.2Previous research in the field of asset securitization31.3ABS - a suitable investment product 41.4Problem statement51.5Objective of the study61.6Detailed research questions61.7Scope and limitations of the study71.8Outline72.THEORETICAL FRAMEWORK92.1Asset-backed securities - concepts and structure92.2Classification of asset-backed securities122.3Risks and credit enhancement132.4Investor perspective on ABS152.5The magic triangle - basis of investment decisions162.6Marketing context of the study172.7Consumer segmentation172.8Investor segmentation202.9Summary223.METHODOLOGY233.1Research purpose243.2Research approach243.3Research strategy243.4Data collection253.5Data analysis273.6Reliability and validity273.6.1Construct validity273.6.2Internal validity283.6.3External validity283.6.4Reliability284.EMPIRICAL FINDINGS304.1Market overview304.2Expert dialogs344.2.1Interview H. Wellmann, Director of funding advisory, Dresdner Kleinwort Wasserstein354.2.2Interview D. Graf Droste zu Vischering, ABS & CDO, HSBC Trinkaus & Burkardt384.2.3Interview H. Erasmus, financial advisor at Commerzbank AG424.2.4Summary444.3Case studies454.3.1PROVIDE-A 2001-1 PLC: German RMBS with a credit default swap454.3.2PROMISE-I 2000-1 Plc: German CLO of Mittelstand (SME) loans474.3.3Free Mobility No. 1 Limited: ABS of auto mobile loans494.3.4CAST 1999-1: Synthetic German Corporate Loan Credit-linked Notes514.4Summary535.DATA ANALYSIS545.1Comparison and evaluation of case studies545.2Comparison and evaluation of expert dialogs575.3Choice of target customer segments635.4Suggestions for the marketing implementation656.CON. 96 pp. Deutsch. Nº de ref. del artículo: 9783838670454
Descripción Taschenbuch. Condición: Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - Diplomarbeit aus dem Jahr 2003 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Fachhochschule Aachen (Wirtschaft), Sprache: Deutsch, Abstract: Inhaltsangabe:Abstract:Asset-backed securities (ABS) are an innovative capital market instrument, and can be defined as homogenous, financial, cash flow producing, illiquid assets, which are separated from other company assets, transferred to a third party and used as collateral for securities issued on the capital market. The question to be answered in this study is: In how far does the market segment of asset-backed securities contain potential for private investors as an interesting investment alternative This is of interest for commercial banks for broadening their investment product range and following innovation in order to stay competitive in a highly contested market. The empirical research consists of exemplary case studies of recent ABS issuances, dialogs with experts in the field of asset securitization and complementary data on the current market situation. After a close examination of the obtained data, the conclusion to be drawn is that asset-backed securities are an interesting investment alternative for private investors and the market segment can be entered indirectly through mutual funds, since a direct investment is hindered by several market conditions. The positive risk-return ratio in comparison to other alternatives and the innovative character of ABS makes them an attractive component of private investment portfolios. In the light of a trade tax law change in favor of special purpose vehicles for true sale transactions and plans for a common ABS platform by several large German banks, commercial banks should consider launching ABS mutual funds and marketing them to retail clients in order to profit from the positive side effects on the investment business from growing supply on the credit side of this market segment.Inhaltsverzeichnis:Table of Contents:1.INTRODUCTION11.1Background11.2Previous research in the field of asset securitization31.3ABS - a suitable investment product 41.4Problem statement51.5Objective of the study61.6Detailed research questions61.7Scope and limitations of the study71.8Outline72.THEORETICAL FRAMEWORK92.1Asset-backed securities - concepts and structure92.2Classification of asset-backed securities122.3Risks and credit enhancement132.4Investor perspective on ABS152.5The magic triangle - basis of investment decisions162.6Marketing context of the study172.7Consumer segmentation172.8Investor segmentation202.9Summary223.METHODOLOGY233.1Research purpose243.2Research approach243.3Research strategy243.4Data collection253.5Data analysis273.6Reliability and validity273.6.1Construct validity273.6.2Internal validity283.6.3External validity283.6.4Reliability284.EMPIRICAL FINDINGS304.1Market overview304.2Expert dialogs344.2.1Interview H. Wellmann, Director of funding advisory, Dresdner Kleinwort Wasserstein354.2.2Interview D. Graf Droste zu Vischering, ABS & CDO, HSBC Trinkaus & Burkardt384.2.3Interview H. Erasmus, financial advisor at Commerzbank AG424.2.4Summary444.3Case studies454.3.1PROVIDE-A 2001-1 PLC: German RMBS with a credit default swap454.3.2PROMISE-I 2000-1 Plc: German CLO of Mittelstand (SME) loans474.3.3Free Mobility No. 1 Limited: ABS of auto mobile loans494.3.4CAST 1999-1: Synthetic German Corporate Loan Credit-linked Notes514.4Summary535.DATA ANALYSIS545.1Comparison and evaluation of case studies545.2Comparison and evaluation of expert dialogs575.3Choice of target customer segments635.4Suggestions for the marketing implementation656.CON. Nº de ref. del artículo: 9783838670454
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Descripción Condición: New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Diplomarbeit aus dem Jahr 2003 im Fachbereich BWL - Investition und Finanzierung, Note: 1,0, Fachhochschule Aachen (Wirtschaft), Sprache: Deutsch, Abstract: Inhaltsangabe:Abstract:Asset-backed securities (ABS) are an innovative capital market instrume. Nº de ref. del artículo: 5426079