IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Der Entry Standard der Frankfurter Wertpapierbörse als Nachfolger des Neuen Marktes: Zwei Versuche institutioneller Innovation in Deutschland

  • Engelhardt, Lutz
Registered author(s):

    Seit geraumer Zeit wird dem Standort Deutschland eine Unterversorgung mit Wagniskapital diagnostiziert. Die Etablierung eines Wachstumssegments an der Frankfurter Wertpapierbörse und die Unterstützung auf junge Hochtechnologieunternehmen spezialisierter Beteiligungsunternehmen gehören deswegen seit langem zu den Zielsetzungen deutscher Technologiepolitik. Die beiden letzten Versuche institutioneller Innovation war die Gründung des Neuen Marktes im Jahre 1997 und, nach dessen Scheitern, die Schaffung des Transparenzstandards Entry Standard im Jahre 2005. Durch einen Vergleich der beiden Märkte, ihrer notierten Unternehmen und der an ihnen tätigen Wagniskapitalgeber wird der Frage nachgegangen, ob das Scheitern des Neuen Marktes die grundsätzliche Unmöglichkeit zum Ausdruck gebracht hat, im bankenzentrierten System Deutschlands Aktienmärkte und Akteure nach angelsächsischem Vorbild zu installieren. Es zeigt sich, dass das Scheitern des Neuen Marktes eher einer historisch einmaligen Situation am deutschen Finanzplatz geschuldet war, und dass der Entry Standard neben dem General und dem Prime Standard bis jetzt eine stabilere Entwicklung genommen hat. Bezüglich der Fähigkeit der neuen Transparenzstandards der Frankfurter Wertpapierbörse, schnell wachsende Hochtechnologieunternehmen hervorzubringen und der Rolle, die deutsches Wagniskapital dabei spielen kann, kommt diese Arbeit zu einer moderat optimistischen Einschätzung.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://econstor.eu/bitstream/10419/51221/1/534562914.pdf
    Download Restriction: no

    Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, Research Unit: Institutions, States, Markets with number SP II 2007-05.

    as
    in new window

    Length:
    Date of creation: 2007
    Date of revision:
    Handle: RePEc:zbw:wzbism:spii200705
    Contact details of provider: Postal: Reichpietschufer 50, 10785 Berlin, Germany
    Phone: ++49 - 30 - 25491 - 0
    Fax: ++49 - 30 - 25491 - 684
    Web page: http://www.wzb.eu/
    Email:


    More information through EDIRC

    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.:

    as in new window
    1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
      • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
      • 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.
      • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
    2. Hall, Peter A. & Gingerich, Daniel W., 2004. "Varieties of Capitalism and Institutional Complementarities in the Macroeconomy," MPIfG Discussion Paper 04/5, Max Planck Institute for the Study of Societies.
    3. Vitols, Sigurt & Engelhardt, Lutz, 2005. "National institutions and high tech industries: A varieties of capitalism perspective on the failure of Germany's Neuer Markt," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2005-03, Social Science Research Center Berlin (WZB).
    4. Audretsch, David B, 1995. "The Innovation, Unemployment and Competitiveness Challenge in Germany," CEPR Discussion Papers 1152, C.E.P.R. Discussion Papers.
    5. Manishi Prasad & Peter Wahlqvist & Rich Shikiar & Ya-Chen Tina Shih, 2004. "A," PharmacoEconomics, Springer Healthcare | Adis, vol. 22(4), pages 225-244.
    6. Schanz, Kay-Michael & Richard, Jörg & Schalast, Christoph, 2004. "Unternehmen im Prime Standard staying public oder going private? Nutzenanalyse der Börsennotiz," Frankfurt School - Working Paper Series 60, Frankfurt School of Finance and Management.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:zbw:wzbism:spii200705. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.