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Finanzmathematische Grundlagen Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

7. Derivate als Informationsquelle

verfasst von : Thomas Bossert

Erschienen in: Derivate im Portfoliomanagement

Verlag: Springer Fachmedien Wiesbaden

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Zusammenfassung

In vielerlei Hinsicht können Derivate einen anderen, manchmal tieferen und manchmal auch besseren Einblick in die Vorgänge in der Wirtschaft und vor allem am Finanzmarkt eröffnen. Eine herausragende Eigenschaft von Derivaten ist, dass sie offenlegen, was „der Markt“ wirklich denkt. Die Informationen, die man aus ihnen ziehen kann, sind an vielen Stellen umfangreicher als diejenigen, die man aus anderen Quellen gewinnt, und vermutlich sind sie auch ehrlicher, weil sie nicht nur bloße Lippenbekenntnisse abgreifen, sondern finanziell unterlegt sind. Das bedeutet jedoch nicht, dass sie zwangsläufig auch zu besseren Prognosen führen.
Gerade für den Umgang mit Risiken ist das Verständnis der Einflussfaktoren auf die implizite Volatilität und der ihr innewohnenden Botschaften ein großer Gewinn. Ebenso zentral ist es, zu durchblicken, welche Teilnehmer mit welchen Motivationen und Zwängen sich am Markt bewegen. Diese Einblicke erklären auch viele Marktbewegungen, die ohne das Verständnis des Derivatemarkts mysteriös anmuten könnten.
Neben dem besseren Verständnis zahlreicher Finanzmarktentwicklungen profitiert ein Portfoliomanager in seiner täglichen Arbeit beispielsweise von verbesserten Risikoschätzern, einem neuen Blickwinkel in der Performance‐Analyse und einer sachgerechten Ausgestaltung von performance‐abhängigen Verwaltungsvergütungen.

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Vorheriges Kapitel Besondere Herausforderungen beim Derivateeinsatz
Fußnoten
1
Für manche englischen Fachbegriffe lässt sich schlicht und einfach kein geeigneter deutscher Begriff finden, der sich halbwegs erträglich anhört.
 
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Metadaten
Titel
Derivate als Informationsquelle
verfasst von
Thomas Bossert
Copyright-Jahr
2017
Buch
Derivate im Portfoliomanagement

Print ISBN: 978-3-658-17573-3

Electronic ISBN: 978-3-658-17574-0

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-658-17574-0_7