Format:
Online-Ressource
Edition:
Online-Ausg. Online-Ausg
ISBN:
9781849502931
Series Statement:
Advances in financial economics volume 10
Content:
The advent of new stock markets (the German Neuer Markt, the French Nouveau Marche, 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
Content:
Venture capital and new stock markets in Europe / Giancarlo Giudici, Peter Roosenboom -- The valuation of firms listed on the Nuovo Mercato : the peer comparables approach / Lucio Cassia, Stefano Paleari, Silvio Vismara -- Valuing Internet stocks at the initial public offering / Michiel Botman, Peter Roosenboom, Tjalling van der Goot -- The role of accounting data and web-traffic in the pricing of German internet stocks / Andreas Trautwein, Sven Vorstius -- The expiration of mandatory and voluntary IPO lock-up provisions : empirical evidence from Germany's Neuer Markt / Eric Nowak -- Underpricing of venture-backed and non venture-backed IPOs : Germany's Neuer Markt / Stefanie A. Franzke -- The performance of venture-backed IPOs on Europe's new stock markets : evidence from France, Germany and the U.K / Georg Rindermann -- Pricing initial public offerings on Europe's new stock markets / Giancarlo Giudici, Peter Roosenboom -- The Neuer Markt : an (overly) risky asset of Germanys financial system / Hans-Peter Burghof, Adrian Hunger -- The long-term performance of initial public offerings on Europe's new stock markets / Giancarlo Giudici, Peter Roosenboom -- Financing growth and innovation through new stock markets : the case of European biotechnology firms / Fabio Bertoni, Pier Andrea Randone -- Managerial incentives at the initial public offering : an empirical analysis of the alternative investment market / Peter Roosenboom -- Preface / Giancarlo Giudici, Peter Roosenboom. - The advent of new stock markets (the German Neuer Markt, the French Nouveau Marche, 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
Note:
Online-Ausg.
Additional Edition:
ISBN 9780762311378
Additional Edition:
Erscheint auch als Druck-Ausgabe ISBN 9780762311378
Language:
English
DOI:
10.1016/S1569-3732(2004)10
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