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Regulation light – Germany’s Entry Standard
Andreas Beyer, Claudius Schikora, Alexander Dibelius
Verlag Herbert Utz Verlag , 2010
ISBN 9783831609802 , 201 Seiten
Format PDF, OL
Kopierschutz DRM
Geräte
Table of Contents
6
1. List of Illustrations
10
2. List of Abbreviations
12
3. Foreword by Alexander Dibelius
14
4. Prolog by Pierre Rafih and Claudius Schikora
16
5. Introduction
19
6. Theoretical Considerations on the Economic Necessity of Equity and Stock exchanges
21
6.1 Equity: Concept and Functions
21
6.2 Stock Exchange: Concept and Functions
23
7. Theoretical Considerations on the Economic and Legal Necessity of Capital Market Regulation
27
7.1 Forms of Capital Market Regulation: Public- and Exchange- Orientated Regulation
29
7.2 Intensity of Capital Market Regulation
30
8. State Regulation of the Capital Market in Germany 8.1 Historical Development: the Emergence of the Unregulated Market at Germany’s Stock Exchanges
33
8.2 The Exchange Segments under German Law
33
8.3 Legal Environment for Listed Companies under German Law
35
8.3.1 An Overview of Capital Market Laws
35
8.3.2 The Central Components of Investor Protection and its Field of Application
36
8.3.3 Tightening in Obligations under Capital Market Law since 2005
60
8.3.4 Latest Act and Drafts
70
8.4 Empirical Studies on Capital Market Regulation
74
8.4.1 Experiences in the USA
74
8.4.2 Experiences in Germany
76
8.5 Appraisal of Regulation from the Perspective of Industry Practice
78
8.6 Analysis of Listings in Germany
81
8.7 Concluding Assessment of the Legal Environment for Small Caps
83
9. Overview of Market Segments of the Frankfurt Stock Exchange ( FSE)
85
9.1 General Standard
85
9.2 Prime Standard
88
9.3 Open Market
91
9.3.1 Organisation of the Open Market
91
9.3.2 Number of Companies Going Public and Appraisal of the Open Market
95
9.4 Entry Standard
101
9.4.1 Roles and Tasks of the Applicant
106
9.4.2 The Functions of the Deutsche Börse Listing Partner ( DBLP)
109
9.4.3 Number of Public Offerings and Assessment of the Entry Standard
112
10. Entry Standard Positioning
114
10.1 Comparison of IPOs and Company Profiles for Companies in the Entry Standard and Companies in the Prime Standard
114
10.2 Comparison of Entry Standard with Neuer Markt
117
10.3 Entry Standard Sector Analysis
119
10.4 Characteristics of a Typical Entry Standard Stock ( Quality of Firms)
122
10.5 Investor Sentiment
123
10.6 Applicants
129
10.7 Going and Being Public Principles on Other Exchange Regulated Markets
129
10.7.1 AIM
130
10.7.2 Alternext
140
10.8 Shared Organizational Peculiarities of Exchange Regulated Markets
145
10.8.1 Organizational Characteristics of the Entry Standard as an Alternative Public Market
146
10.8.2 Functions of the ‘Trust Intermediary’ on Exchange Regulated Markets
146
10.8.3 Comparison between the Qualifications of Nomads, Listing Sponsors and Deutsche Börse Listing Partners
148
10.9 Comparison between Primary Market Liquidity on the AIM, Alternext and the Entry Standard
150
10.10 Comparison between AIM, Alternext and Entry Standard Stock Exchange Costs and Secondary Market Liquidity
152
10.10.1 Overview of Costs for Listed Firms
153
10.10.2 Summary of Comparison
160
11. Summary and Outlook
162
12. Appendix
167
13. Literature
170
14. CVs
200
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