Germany's Neuer Markt was the largest of numerous new stock markets introduced in Europe during the nineties of the last century to address small and medium sized innovative growth firms. We argue that access to public equity markets is particularly valuable for such firms. However, the...

Underpricing of initial public offerings (IPOs) is a well-known phenomenon in financial capital markets worldwide. Even if several explanations and theories deal with the difference of the issue price of new shares and their first trading price in the secondary market, the underpricing-puzzle is...