The German entrepreneurial index (GEX®) : a primer on an ownership-based style index in Germany

Ann-Kristin Achleitner; Christoph Kaserer; Markus Ampenberger; Florian Bitsch

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. -- insider ownership ; style index ; ownership structure ; corporate governance

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Year of publication:	2009
Authors:	Achleitner, Ann-Kristin ; Kaserer, Christoph ; Ampenberger, Markus ; Bitsch, Florian
Publisher:	Munich : Center for Entrepreneurial and Financial Studies (CEFS)
Subject:	KMU \| SME \| Eigentümerstruktur \| Ownership structure \| Entrepreneurship \| Entrepreneurship approach \| Eigentümer \| Owners \| Corporate Governance \| Corporate governance \| Aktienindex \| Stock index \| Deutschland \| Germany