English, Article, Journal or magazine article edition: Zur Bedeutung von Cost-Average-Effekten bei Einzahlungsplänen und Portefeuilleumschichtungen Langer, Thomas; Nauhauser, Niels

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Bookmark: http://trove.nla.gov.au/version/43219
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Zur Bedeutung von Cost-Average-Effekten bei Einzahlungsplänen und Portefeuilleumschichtungen
Author
  • Langer, Thomas
  • Nauhauser, Niels
Physical Description
  • preprint
Notes
  • In this paper, we analyze the cost average (CA) phenomenon that many practitioners assume to have a positive impact on the success of a stock investment. We present conceptual thoughts on the appropriate way of measuring the return of different strategies and compare the risk/​return characteristica of a CA-strategy with other strategies using simulated and empirical data. In the simulations, we further examine how the equity premium size and the volatility and autocorrelation of the stock returns influence the strategy comparison. In the empirical part, we analyze the effectiveness of a CA-strategy for long term investments into the DAX as well as for short term investments into the Nemax 50 and the Nasdaq Composite. We find that based on return expectation and variance a CA-strategy is always dominated by other strategies and must be considered suboptimal.
  • RePEc:xrs:sfbmaa:02-50
Language
  • English
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