{"id":123966,"date":"2024-01-23T08:52:17","date_gmt":"2024-01-23T07:52:17","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/123966\/"},"modified":"2024-11-07T05:30:24","modified_gmt":"2024-11-07T04:30:24","slug":"kmu-boersen-in-europa","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/123966\/","title":{"rendered":"SME Exchanges in Europe"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-123966","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Other than in the USA, there are SME exchanges in Europe (Alternative Investment Markets). This study analyses the performance of these SME exchanges and discusses the organisation of three such exchanges in greater detail. The findings allow drawing policy conclusions which concern the establishment of an SME growth market (MiFID II) in Austria, as well as the strengthening the capital market based elements of the Austrian financing system.","onlinedate":"2016-07-05 00:00:00","lang":"German","publication_series":"","publication_date":"20160701","publication_date_year":"","publication_date_full":false,"publication_num_pages":"118","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":363205,"zip":null,"link":"","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"","invisible":false,"external":false,"embargo_date":"2016-07-05 00:00:00","types":[81966],"research_groups":[3491],"collaboration":"","persons":[3607,3587,3705,13295],"persons_data":"[{\"personId\":3607,\"personName\":\"Werner H\u00f6lzl\",\"organisationNames\":[]},{\"personId\":3587,\"personName\":\"Klaus S. Friesenbichler\",\"organisationNames\":[]},{\"personId\":3705,\"personName\":\"Michael B\u00f6heim\",\"organisationNames\":[]},{\"personId\":13295,\"personName\":\"Thomas Jud\",\"organisationNames\":[\"Improveo\"]}]","clients":[10884,10672],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_bookanthology rendering_apa rendering_bookanthology_apa\\\"><span>H\u00f6lzl, W.<\\\/span><span>, Friesenbichler, K. S.<\\\/span><span>, B\u00f6heim, M.<\\\/span>, &amp; Jud, T. (2016). <span><em>KMU-B\u00f6rsen in Europa<\\\/em><\\\/span>. WIFO, Improveo Beratungs-GmbH. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/58896\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/58896<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_bookanthology rendering_vancouver rendering_bookanthology_vancouver\\\"><span>H\u00f6lzl W<\\\/span><span>, Friesenbichler KS<\\\/span><span>, B\u00f6heim M<\\\/span>, Jud T. <span class=\\\"title\\\"><span>KMU-B\u00f6rsen in Europa<\\\/span><\\\/span>. WIFO, Improveo Beratungs-GmbH; 2016.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_bookanthology rendering_bibtex rendering_bookanthology_bibtex\\\"><div>@book{e4ca5dcec8da4e6b86f3b8be12fdaeb9,<\\\/div><div>  title    = \\\"KMU-B{\\\\\\\"o}rsen in Europa\\\",<\\\/div><div>  abstract = \\\"In Europa gibt es \u2013 im Gegensatz zu den USA \u2013 mit den Alternative Investment Markets eigene M{\\\\\\\"a}rkte f{\\\\\\\"u}r kleine b{\\\\\\\"o}rsennotierte Unternehmen ({\\\"}Small-Caps{\\\"}). Die Studie analysiert die Performance dieser M{\\\\\\\"a}rkte und beschreibt die Organisation von drei ausgew{\\\\\\\"a}hlten M{\\\\\\\"a}rkten im Detail. Aus den Ergebnissen werden wirtschaftspolitische Schlussfolgerungen abgeleitet, die einerseits die Errichtung eines {\\\"}KMU-Wachstumsmarktes{\\\"} nach der EU-Richtlinie {\\\\\\\"u}ber M{\\\\\\\"a}rkte f{\\\\\\\"u}r Finanzinstrumente (MiFID 2) in {\\\\\\\"O}sterreich betreffen und andererseits Ma{\\\\ss}nahmen, um kapitalmarktbasierte Elemente des {\\\\\\\"o}sterreichischen Finanzierungssystems zu st{\\\\\\\"a}rken.\\\",<\\\/div><div>  author   = \\\"Werner H{\\\\\\\"o}lzl and Friesenbichler, \\\\{Klaus S.\\\\} and Michael B{\\\\\\\"o}heim and Thomas Jud\\\",<\\\/div><div>  note     = \\\"KMU-B{\\\\\\\"o}rsen in Europa\\\",<\\\/div><div>  year     = \\\"2016\\\",<\\\/div><div>  month    = jul,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_bookanthology rendering_ris rendering_bookanthology_ris\\\"><p>TY  - BOOK<\\\/p><p>T1  - KMU-B\u00f6rsen in Europa<\\\/p><p>AU  - H\u00f6lzl, Werner<\\\/p><p>AU  - Friesenbichler, Klaus S.<\\\/p><p>AU  - B\u00f6heim, Michael<\\\/p><p>AU  - Jud, Thomas<\\\/p><p>N1  - KMU-B\u00f6rsen in Europa<\\\/p><p>PY  - 2016\\\/7<\\\/p><p>Y1  - 2016\\\/7<\\\/p><p>N2  - In Europa gibt es \u2013 im Gegensatz zu den USA \u2013 mit den Alternative Investment Markets eigene M\u00e4rkte f\u00fcr kleine b\u00f6rsennotierte Unternehmen (\\\"Small-Caps\\\"). Die Studie analysiert die Performance dieser M\u00e4rkte und beschreibt die Organisation von drei ausgew\u00e4hlten M\u00e4rkten im Detail. Aus den Ergebnissen werden wirtschaftspolitische Schlussfolgerungen abgeleitet, die einerseits die Errichtung eines \\\"KMU-Wachstumsmarktes\\\" nach der EU-Richtlinie \u00fcber M\u00e4rkte f\u00fcr Finanzinstrumente (MiFID 2) in \u00d6sterreich betreffen und andererseits Ma\u00dfnahmen, um kapitalmarktbasierte Elemente des \u00f6sterreichischen Finanzierungssystems zu st\u00e4rken.<\\\/p><p>AB  - In Europa gibt es \u2013 im Gegensatz zu den USA \u2013 mit den Alternative Investment Markets eigene M\u00e4rkte f\u00fcr kleine b\u00f6rsennotierte Unternehmen (\\\"Small-Caps\\\"). Die Studie analysiert die Performance dieser M\u00e4rkte und beschreibt die Organisation von drei ausgew\u00e4hlten M\u00e4rkten im Detail. Aus den Ergebnissen werden wirtschaftspolitische Schlussfolgerungen abgeleitet, die einerseits die Errichtung eines \\\"KMU-Wachstumsmarktes\\\" nach der EU-Richtlinie \u00fcber M\u00e4rkte f\u00fcr Finanzinstrumente (MiFID 2) in \u00d6sterreich betreffen und andererseits Ma\u00dfnahmen, um kapitalmarktbasierte Elemente des \u00f6sterreichischen Finanzierungssystems zu st\u00e4rken.<\\\/p><p>M3  - Studie<\\\/p><p>BT  - KMU-B\u00f6rsen in Europa<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[\"Charos Alexandros\"]","scientific_review":"[\"Url Thomas\"]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SME Exchanges in Europe - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/123966\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SME Exchanges in Europe\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/123966\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T04:30:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/123966\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/123966\\\/\",\"name\":\"SME Exchanges in Europe - 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