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The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany

Author

Listed:
  • Achleitner, Ann-Kristin
  • Kaserer, Christoph
  • Ampenberger, Markus
  • Bitsch, Florian

Abstract

Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an ownership-based style index of listed firms in Germany, the German Entrepreneurial Index (GEX®). Introduced in 2005, the GEX® represents recently listed, ownerdominated firms in the German Prime Standard. We review the theoretical foundation and the index construction of the GEX®. In addition, we provide an overview of its development and performance between index inception and end of 2008 and relate this to properties of the German financial market. Finally, we conclude with a critical outlook for the index future against the background of recent developments.

Suggested Citation

  • Achleitner, Ann-Kristin & Kaserer, Christoph & Ampenberger, Markus & Bitsch, Florian, 2009. "The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany," CEFS Working Paper Series 2009-13, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    • Handle: RePEc:zbw:cefswp:200913
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    Cited by:

    1. Achleitner, Ann-Kristin & Kaserer, Christoph & Kauf, Tobias & Volk, Sarah, 2010. "DAXplus family: Ein Aktienindex zur Darstellung der Performance von Familienunternehmen [DAXplus Family – Primer on a family firm stock index in Germany]," CEFS Working Paper Series 2010-05, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).

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    More about this item

    Keywords

    insider ownership; style index; ownership structure; corporate governance;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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