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Organized Equity Markets in Germany

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Author Info
Erik Theissen () (University of Bonn)

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Abstract

The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdeveloped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent developments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading.

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Publisher Info
Paper provided by Center for Financial Studies in its series CFS Working Paper Series with number 2003/17.

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Length: 36 pages
Date of creation: 17 Jan 2003
Date of revision:
Handle: RePEc:cfs:cfswop:wp200317

Note: The German Financial System by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press (forthcoming)
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Related research
Keywords: Market size; liquidity; floor versus screen trading;

Find related papers by JEL classification:
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Francis Breedon & Allison Holland, . "Electronic versus open outcry markets: The case of the Bund futures contract," Bank of England working papers 76, Bank of England. [Downloadable!]
  2. Easley, D. & Kiefer, N.M. & O'Hara, M. & Paperman, J.B., 1994. "Liquidity, Information and Infrequently Traded Stock," Economics Working Papers 1995-6, School of Economics and Management, University of Aarhus.
    Other versions:
  3. Grammig, Joachim & Schiereck, Dirk & Theissen, Erik, 2001. "Knowing me, knowing you: : Trader anonymity and informed trading in parallel markets," Journal of Financial Markets, Elsevier, vol. 4(4), pages 385-412, October. [Downloadable!] (restricted)
  4. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Madhavan, Ananth & Sofianos, George, 1998. "An empirical analysis of NYSE specialist trading1," Journal of Financial Economics, Elsevier, vol. 48(2), pages 189-210, May. [Downloadable!] (restricted)
  6. Chung, Kee H. & Van Ness, Bonnie F. & Van Ness, Robert A., 1999. "Limit orders and the bid-ask spread," Journal of Financial Economics, Elsevier, vol. 53(2), pages 255-287, August. [Downloadable!] (restricted)
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  9. Desgranges, Gabriel & Foucault, Thierry, 2002. "Reputation-Based Pricing and Price Improvements in Dealership Markets," CEPR Discussion Papers 3359, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  10. Erik Theissen, 2002. "Floor versus Screen Trading: Evidence from the German Stock Market," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 158(1), pages 32-, March.
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  11. Kempf, Alexander & Korn, Olaf, 1998. "Trading System and Market Integration," Journal of Financial Intermediation, Elsevier, vol. 7(3), pages 220-239, July. [Downloadable!] (restricted)
  12. Ian Domowitz, 1992. "Automating the Price Discovery Process - Some International Comparisons and Regulatory Implications," IMF Working Papers 92/80, International Monetary Fund.
  13. Martens, Martin, 1998. "Price discovery in high and low volatility periods: open outcry versus electronic trading," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 8(3-4), pages 243-260, December. [Downloadable!] (restricted)
  14. Grunbichler Andreas & Longstaff Francis A. & Schwartz Eduardo S., 1994. "Electronic Screen Trading and the Transmission of Information: An Empirical Examination," Journal of Financial Intermediation, Elsevier, vol. 3(2), pages 166-187, March. [Downloadable!] (restricted)
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  17. Theissen, Erik, 2002. "Price discovery in floor and screen trading systems," Journal of Empirical Finance, Elsevier, vol. 9(4), pages 455-474, November. [Downloadable!] (restricted)
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  18. Thorsten Freihube & Erik Theissen, 2001. "An Index Is An Index Is An Index?," Schmalenbach Business Review (sbr), LMU Munich School of Management, vol. 53(4), pages 295-320, October. [Downloadable!]
  19. Benveniste, Lawrence M. & Marcus, Alan J. & Wilhelm, William J., 1992. "What's special about the specialist?," Journal of Financial Economics, Elsevier, vol. 32(1), pages 61-86, August. [Downloadable!] (restricted)
  20. Erik Theissen, 2002. "Trader Anonymity, Price Formation and Liquidity," Bonn Econ Discussion Papers bgse20_2002, University of Bonn, Germany. [Downloadable!]
  21. GRAMMIG, Joachim & MELVIN, Michael & SCHLAG, Christian, 2001. "Price discovery in international equity trading," CORE Discussion Papers 2001028, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
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  22. Hasan , Iftekhar & Malkamäki, Markku, 2000. "Are Expansions Cost Effective for Stock Exchanges? A Global Perspective," Research Discussion Papers 20/2000, Bank of Finland. [Downloadable!]
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  23. Paul Kofman & James T. Moser, 1995. "Spreads, information flows and transparency across trading systems," Working Paper Series, Issues in Financial Regulation 95-1, Federal Reserve Bank of Chicago.
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  24. Garfinkel, Jon A. & Nimalendran, M., 2003. "Market Structure and Trader Anonymity: An Analysis of Insider Trading," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(03), pages 591-610, September. [Downloadable!]
  25. Kehr, Carl-Heinrich & Krahnen, Jan P. & Theissen, Erik, 2001. "The Anatomy of a Call Market," Journal of Financial Intermediation, Elsevier, vol. 10(3-4), pages 249-270, July. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Markus Haas & Stefan Mittnik & Marc S. Paolella, 2006. "Modelling and predicting market risk with Laplace--Gaussian mixture distributions," Applied Financial Economics, Taylor and Francis Journals, vol. 16(15), pages 1145-1162, October. [Downloadable!] (restricted)
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