The German Entrepreneurial Index (GEX®) - A Primer on an Ownership-Based Style Index in Germany

CEFS Working Paper No. 2009-13

36 Pages Posted: 4 Nov 2009 Last revised: 13 Nov 2009

See all articles by Ann‐Kristin Achleitner

Ann‐Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies

Christoph Kaserer

Technische Universität München (TUM)

Markus Ampenberger

Technische Universität München - Center for Entrepreneurial and Financial Studies

Florian Bitsch

Technische Universität München - Center for Entrepreneurial and Financial Studies

Date Written: April 18, 2009

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.

Keywords: insider ownership, style index, ownership structure, corporate governance

JEL Classification: G11, G32, G34

Suggested Citation

Achleitner, Ann-Kristin and Kaserer, Christoph and Ampenberger, Markus and Bitsch, Florian, The German Entrepreneurial Index (GEX®) - A Primer on an Ownership-Based Style Index in Germany (April 18, 2009). CEFS Working Paper No. 2009-13. Available at SSRN: https://ssrn.com/abstract=1489326 or http://dx.doi.org/10.2139/ssrn.1489326

Ann-Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25181 (Phone)

Christoph Kaserer

Technische Universität München (TUM) ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25489 (Phone)
+49 89 289 25488 (Fax)

HOME PAGE: http://www.cefs.de

Markus Ampenberger

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstraße 21
München, 80333
Germany
++49 89 289 25483 (Phone)
++49 89 289 25488 (Fax)

HOME PAGE: http://www.cefs.de

Florian Bitsch (Contact Author)

Technische Universität München - Center for Entrepreneurial and Financial Studies

Arcisstr. 21
Munich, 80333
Germany
+49.89.28925440 (Phone)

HOME PAGE: http://www.cefs.de

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