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Technische Universität München >
Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München >
CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München >
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http://hdl.handle.net/10419/48445
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| Title: | | The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany  |
| Authors: | | Achleitner, Ann-Kristin Kaserer, Christoph Ampenberger, Markus Bitsch, Florian |
| Issue Date: | | 2009 |
| Series/Report no.: | | CEFS working paper series 2009-13 |
| Abstract: | | Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an ownership-based style index of listed firms in Germany, the German Entrepreneurial Index (GEX®). Introduced in 2005, the GEX® represents recently listed, ownerdominated firms in the German Prime Standard. We review the theoretical foundation and the index construction of the GEX®. In addition, we provide an overview of its development and performance between index inception and end of 2008 and relate this to properties of the German financial market. Finally, we conclude with a critical outlook for the index future against the background of recent developments. |
| Subjects: | | insider ownership style index ownership structure corporate governance |
| JEL: | | G11 G32 G34 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CEFS Working Paper Series, Center for Entrepreneurial and Financial Studies, Technische Universität München
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