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Erhaltung eines Stiftungsvermögens

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  • Klaus Brockhoff

    (WHU - Otto Beisheim Hochschule)

Abstract

Summary In earlier years, foundations in Germany were required to spend all their income for their chosen purposes. Recently, a certain share of the income can be retained to account for property losses due to inflationary price movements. It is argued here that the proper inflation rate should be determined by the purpose set for a foundation, and should not be routinely taken from federal household statistics. Furthermore, it is argued that since the income of foundations is volatile, particularly if they invest in shares or derivatives, a certain risk premium should be withheld to secure continuous operation of the foundation. It is shown that this risk premium can be calculated as the value at risk.

Suggested Citation

  • Klaus Brockhoff, 2002. "Erhaltung eines Stiftungsvermögens," Schmalenbach Journal of Business Research, Springer, vol. 54(3), pages 277-284, May.
    • Handle: RePEc:spr:sjobre:v:54:y:2002:i:3:d:10.1007_bf03372679
    DOI: 10.1007/BF03372679
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    References listed on IDEAS

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    1. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
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    Cited by:

    1. Michalski, Silke & Beck, Geri & Lustenberger, Daniel & Zumbühl, Phillipp, 2008. "Zur betriebswirtschaftlichen Orientierung von gemeinnützigen Stiftungen," ZögU - Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 31(1), pages 4-20.

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