The Rise and Fall of Europe's New Stock Markets

Erscheinungsjahr 2004
ISBN: 978-0-7623-1137-8
Verlag: Jai Press Inc.

Buch, Englisch, 368 Seiten, HC gerader Rücken kaschiert, Format (B × H): 161 mm x 240 mm, Gewicht: 724 g

Reihe: Advances in Financial Economics

The advent of new stock markets (the German Neuer Markt, the French Nouveau Marché, the Italian Nuovo Mercato and Nasdaq Europe) has been one of the most important reforms of stock exchanges in Continental Europe in the 1990s. These stock markets aimed at attracting early stage, innovative and high-growth firms that would not have been viable candidates for public equity financing on the main markets of European stock exchanges. Of these new markets, the Neuer Markt emerged as Europe's answer to NASDAQ. However, Europe's new stock markets met with only limited success. Stock prices plummeted after the ending of the stock market bubble and new markets suffered from poor liquidity, insider trading scandals and accounting frauds. This volume provides an overview of the rise and fall of Europe's new stock markets. It contains twelve papers which investigate the characteristics, the ownership structure and the market performance of companies in the short and long run, In addition this volume examines the role of venture capitalists. New stock markets offered venture capitalists an attractive exit for their investments and helped to create a more vibrant venture capital industry in Europe. The private equity market in Europe today is as large as it was just before the advent of new stock markets. As such, the need for stock markets that allow private equity investors to divest their equity stakes in growth companies continues to exist.

Autoren/Hrsg.

Giudici, Giancarlo

Giudici, G.

Roosenboom, Peter

Roosenboom, P.

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationaler Handel

Inhaltsverzeichnis

Abbreviated. Chapter 1: Venture Capital and New Stock Markets in Europe (G. Giudici, P. Roosenboom) Chapter 2: Pricing Initial Public Offerings on Europe's New Stock Markets (G. Giudici, P. Roosenboom) Chapter 3: Financing Growth and Innovation through New Stock Markets: The Case of Biotechnology Firms (F. Bertoni, P.A. Randone) Chapter 4: Managerial Incentives at the Initial Public Offering: An Empirical Analysis of the Alternative Investment Market (P. Roosenboom) Chapter 5: The Valuation of Firms Listed on the Nuovo Mercato: The Peers Comparables Approach (L. Cassia, S. Paleari, S. Vismara) Chapter 6: Valuing Internet Stocks at the Initial Public Offering (M. Botman, P. Roosenboom, T. van der Goot) Chapter 7: The Role of Accounting Data and Web-Traffic in the Pricing of German Internet Stocks (A. Trautwein, S. Vorstius) Chapter 8: The Expiration of Mandatory and Voluntary IPO Lock-Up Provisions-Empirical Evidence from Germany's Neuer Markt (E. Nowak) Chapter 9: Underpricing of Venture-Backed and Non Venture-Backed IPOs: Germany's Neuer Markt (S. Franzke) Chapter 10: The Performance of Venture-Backed IPOs on Europe's New Stock Markets: Evidence from France, Germany and the UK (G. Rindermann) Chapter 11: The Neuer Markt: An (Overly) Risky Asset of Germany's Financial System (H.-P. Burghof, A. Hunger) Chapter 12: The Long-term Performance of Initial Public Offerings on Europe's New Stock Markets G. Giudici, P. Roosenboom)