National Institutions and High Tech Industries: A Varieties of Capitalism Perspective on the Failure of Germany's Neuer Markt

Vitols, Sigurt; Engelhardt, Lutz

doi:10.2139/ssrn.670764

Cited by 14 publications

(6 citation statements)

References 20 publications

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“…In particular he presented a remarkable correlation between the liberality of the “market-based” ( passim ) institutional framework and various indicators for innovative success in information and communications technology (ICT). Vitols and Engelhardt (2005), unaware of Amable's results, used a similar intuition to explain why innovation policy had been so unsuccessful in fostering the New Economy in Germany. They argued that ICT was characteristically a radically innovative industry with a strong entrepreneurial disposition.…”

Section: Life-cycle Of the Conceptmentioning

confidence: 99%

Comparative institutional advantage: an obituary

Reale

2018

Journal of Institutional Economics

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The article traces the remains of the theory of “comparative institutional advantage”, which was crucial during the early development of the “varieties of capitalism” approach to economics but fell into oblivion quickly afterwards. It follows the discussions of the concept over time and works out possible reasons – theoretical, methodological, and discursive – for the theory's decay. In conclusion, many arguments of the theory seem outdated today but it is a great witness to the zeitgeist of comparative political economy and institutional theory of the millennium.

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Section: Life-cycle Of the Conceptmentioning

confidence: 99%

Comparative institutional advantage: an obituary

Reale

2018

Journal of Institutional Economics

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“…The regulated market also has admission criteria regarding the company's age, equity amount and free float according to the German Stock Exchange Admission Regulation (Börsenzulassungsverordnung BörsZulV). Nevertheless, in comparison to these current nonregulated market segments, the Neuer Markt offered a wide range of requirements to ensure transparency: reports on a quarterly basis according to US-GAAP or IAS had to be published (Vitols and Engelhardt 2005).…”

Section: Underpricing and Market Regulationsmentioning

confidence: 99%

Post-Dotcom IPOs In Germany: After Crisis Developments In Underpricing

Schmuhl

Schnier

2012

IBER

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After the dotcom-breakdown in 2000, German IPOs came to a sudden standstill and recovery took several years. Empirical evidence on German IPO activities so far focused mostly on the preceding new economy bubble. In contrast, this contribution aims at investigating the post-dotcom IPO market in Germany, using a sample of 182 IPOs between March 2002 and April 2011. The influences of private equity investors, underwriters and the market segment on the flotation are analyzed. Subsequently, driving factors of underpricing are identified. Our results indicate that especially offering characteristics affect underpricing. Furthermore, the companys age and the industry have a significant impact. Private equity investors, major underwriters and the market segment lost their empirically observable influence on underpricing. For the post-dotcom market environment, the results show a shift towards other hot-issue industries, a cooling down of investor sentiments and no significant reduction in ex-post uncertainty concerning new market segments.

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“…However, following a sharp decline in stock prices after March 2000, the level of IPO activity declined rapidly, and the Neuer Markt was closed in 2003 (Vitols and Engelhardt, 2005).…”

Section: Four Decades' Evolution Of the German Venture Capital Industrymentioning

confidence: 99%

Evolutionary interpretation of venture capital policy in Israel, Germany, UK and Scotland

2010

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Despite many attempts to develop high-impact venture capital (VC) policies, most VC markets in Europe are still underdeveloped. Many of these policies were based on 'traditional' ) VC policy involving a mix of monetary incentives and institutional changes. In this article, we present an alternative evolutionary VC policy, which is based on a dynamic analysis of emergence processes and on the co-evolution between VC and entrepreneurship, as well as on a dynamic and adaptive view of policy. The article presents four case studies of VC development: Israel, UK, Scotland, and Germany. Evolutionary VC policies rely on few major factors: i) a strategic objective and a long-term commitment to enhancing VC market and high-tech cluster emergence and development, ii) a phased-policy portfolio including both direct and indirect VC-policy components, and iii) a dynamic policy process, which is adaptive to the specific context.

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National Institutions and High Tech Industries: A Varieties of Capitalism Perspective on the Failure of Germany's Neuer Markt

Cited by 14 publications

References 20 publications

Comparative institutional advantage: an obituary

Comparative institutional advantage: an obituary

Post-Dotcom IPOs In Germany: After Crisis Developments In Underpricing

Evolutionary interpretation of venture capital policy in Israel, Germany, UK and Scotland

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