The Neuer Markt as an institution of creation and destruction |
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| Authors: | David B. Audretsch Erik E. Lehmann |
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| Affiliation: | (1) Max Planck Institute, Jena, Germany;(2) Indiana University, Bloomington, IN, USA;(3) Center for Economic Policy Research, London, England;(4) Department Entrepreneurship, Growth and Public Policy, Kahlaische Strasse 10, 07745 Jena, Germany;(5) Management and Organization, University of Augsburg, Universitaetsstr. 16, 86159 Augsburg, Germany |
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| Abstract: | The market for publicly traded equity is the heart of a modern capitalist system. In particular, the market for newly listed firms is in turn a bellwether for the public equity market because the entry gives firms expanded access to capital, allowing them to emerge and grow. On the other hand, stock markets also serve as an institution to reallocate productive resources from non-surviving to surviving firms. We describe the Neuer Markt—a special segment of the Frankfurt Stock Exchange in Germany—as an institution to foster the creation of new firms and their destruction. |
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| Keywords: | Neuer Markt Firm survival Entrepreneurship |
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