Andere Kunden interessierten sich auch für
![Portfolios of Real Options]( "Portfolios of Real Options")
Portfolios of Real Options83,99 €![Asset Management and The Case of Turkey: Risk Adjusted Performance Evaluation of Turkish Mutual and Pension Funds]( "Asset Management and The Case of Turkey: Risk Adjusted Performance Evaluation of Turkish Mutual and Pension Funds")
Asset Management and The Case of Turkey: Risk Adjusted Performance Evaluation of Turkish Mutual and Pension Funds59,40 €![The Cohesive Testing System and Pension Security Parametric Reform]( "The Cohesive Testing System and Pension Security Parametric Reform")
The Cohesive Testing System and Pension Security Parametric Reform16,99 €![Pension Reform in Portugal]( "Pension Reform in Portugal")
Pension Reform in Portugal38,99 €![Pension reforms in the European Union]( "Pension reforms in the European Union")
Pension reforms in the European Union38,99 €![Development of public and private pension scheme in Albania until 2011]( "Development of public and private pension scheme in Albania until 2011")
Development of public and private pension scheme in Albania until 201115,99 €![Crowding-Out Effects of Pension Fund Savings on Economic Growth]( "Crowding-Out Effects of Pension Fund Savings on Economic Growth")
Crowding-Out Effects of Pension Fund Savings on Economic Growth32,99 €
The objective of the thesis is to investigate the efficiency of pension funds' investment strategy in the Czech Republic and the adequacy of the current level of real estate investments in their portfolios. We employ Markowitz portfolio theory and construct the optimal market investment portfolio. The optimal portfolio is then compared with the portfolio of Czech pension funds and the loss arising from asset class misallocation is estimated. Besides, the comparison of portfolio structures of all current pension funds in the Czech Republic is done with the intention to detect whether they follow significantly different investment strategies or not. The analysis is done on quarterly data over the period 2000 - 2011. In the last chapter of the thesis, other sources of market inefficiency of the Czech pension funds are discussed.