Initial public offerings and venture capital in Germany

  title={Initial public offerings and venture capital in Germany},
  author={Stefanie A. Franzke and Stefanie Grohs and Christian Laux},
We present a survey on the role of initial public offerings (IPOs) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a minor role thereafter. In addition, companies that chose an IPO were much older and larger than the average companies going public for the first time in the US or the UK. The level of IPO underpricing in Germany, in contrast, has not been fundamentally different from that in other countries. The… CONTINUE READING


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