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„Home, sweet home“ – Die Entwicklung des Handelsvolumens deutscher Aktien im Ausland


  • Michael H. Grote


  • Florian Kube
  • Michael Küchen


We analyze the extent to which shares of German enterprises are traded at foreign stock exchanges over time. We find that – after a considerable initial trading activity – the flowback effects to Germany gain in importance. Secondary quotations at foreign stock exchanges should broaden the shareholder basis and, thus, decrease capital cost and ultimately increase shareholder value. This presupposes a sufficiently large trading volume in foreign stock markets. Measured by this yardstick quotations of German stocks at foreign stock markets have not been successful. This does not apply to all firms, however: Shares of smaller and growing enterprises with higher proportions of foreign sales trade to a larger extent in foreign stock markets.
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  • Michael H. Grote & Florian Kube & Michael Küchen, 2008. "„Home, sweet home“ – Die Entwicklung des Handelsvolumens deutscher Aktien im Ausland," Working Paper Series: Finance and Accounting 172, Department of Finance, Goethe University Frankfurt am Main.
  • Handle: RePEc:fra:franaf:172

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    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications

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