ZBB 2016, 362
Securities Market Design and Stock Market Segments for Small Company Shares: Empirical Evidence from Initial Public Offerings in Germany
Table of Contents
- I. Introduction
- II. Literature Review
- 1. Securities Markets and Special Market Segments for Small Company Shares
- 2. Segment Transfer Motives
- 3. Empirical Evidence of Valuation Effects for the US and other Countries
- 4. Empirical Evidence for Market Segmentation and Re-Segmentation in Germany
- 5. “Neuer Markt” and Market Re-segmentation
- III. Data and Methodology
- 1. Data and Sample Description
- 2. Methodology: Performance and Probit Analyses
- IV. Descriptive Statistics and Valuation Effects
- 1. Descriptive Statistics of Segment Transfers
- 2. Variable Analysis of IPO and Re-segmentation Data
- 3. Long-run Post-IPO Performance
- 4. Long-run IPO Performance in the “Neuer Markt” Segment
- V. Analysis of Segment Transfer Decisions
- 1. Determinants of Segment Transfer Decision in 2003
- 2. Determinants of Segment Affiliation at the End of 2012
- VI. Conclusion
- *
- *)Dr. rer.pol., Professor of Finance and Banking, Justus-Liebig University Giessen and Research Fellow Center for Financial Studies, Frankfurt/M.
- **
- **)Dipl.-Kfm., Center for Finance and Banking, Justus-Liebig University GiessenThe authors would like to thank Jay R. Ritter for his comments and suggestions on an earlier draft of the paper. We also appreciate helpful comments and suggestions from the participants at the MFA Annual Meeting, Chicago, 2015, the INFINITI Conference on International Finance, Ljubljana, 2015, the FMA Asian Conference, Seoul, 2015, the European Financial Management Association Conference, Amsterdam, 2015, the World Finance Conference, Buenos Aires, 2015, the Securities and Financial Markets Conference, Kaoshiung, Taiwan, 2015, the Paris Financial Management Conference, Paris, 2015 and the Portuguese Financial Network Conference, Covilha, 2016.
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