XIV
1 A1B C1=0
3. 5 " &)
) /
'
)
#
........113
4. 0
!)
.............................................................................................114
5. 0& %
........................................................................................................115
/. %
)
/
%
...............................115
. ! 1()' (
% + 1&0
/
..........................................................................116
0.
/
)
%
%
........................................................................117
+.
/
7 #
1
1
...................121
. =
)
"
/
7 #
%
.............................................................................................122
1. / )&
'
( . 3601/2007)
................................................122
2. %
# $
$ ( . 3606/2007 (MIFID)
.....................................................................126
3. #
#
)
60
. 4099/2012
170
................127
4. #
#
Solvency II
..............................................................128
/. #
#
1
/ "
1
7
1
................................................................................................129
1. =. 3016/2002
# "
......................................................129
2. 7$# 1
/ "
1+
.......................................................130
3. 1
7
1
...............................................................................131
1. = 0& %
..............................................................................................132
.
* 1& ' ()(3 1 $ ( 1( ( 0
......................................................133
IV. ! 117 1&
/ 3 (Klumpenrisiken)
' ) +1&
...................135
0. Kumpenrisiken
"
...........................................136
+. Klumpenrisiken
..................................................137
1. Klumpenrisiko
!
........................................................137
. *
-
(Markowitz)
................................................................137
+. ' ! 1
! / 1
...........................................................................137
. Capital Asset Pricing Model (Sharpe)
................................................................138
2. Klumpenrisiko
#
)
..........................................139
3. Klumpenrisiko
%
$ #
..............................139
. 1
)
....................................................................................140
71J0 0A /15*1
:
! ! !
!
!
. ! 1()' (
% + 1&0
/
..........................................................................143
;. ! 117 1&
/ 3 (Klumpenrisiken)
............................................................145
1. Klumpenrisiken
# $
........................................145
