{"id":88880,"date":"2024-01-22T09:30:58","date_gmt":"2024-01-22T08:30:58","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/88880\/"},"modified":"2024-11-07T00:30:16","modified_gmt":"2024-11-06T23:30:16","slug":"kapitalmarkt-in-oesterreich-struktur-und-verhaltensaenderungen-auf-dem-oesterreichischen-kapitalmarkt","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/88880\/","title":{"rendered":"Changes in the Structure and the Functioning of the Austrian Capital Market"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-88880","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The increasing interdependence on international capital markets has also forced the Austrian capital market to adjust. The Stock Exchange Act of 1989 was modelled after internatinal standards. The Capital Market Act, that is likely to take effect at the beginning of 1992, will not neglect to protect investors, despite a trend towards deregulation. The auction system for bonds issued by the federal government was changed to cope with present-day requirements. Nonetheless, the bond market as well as the stock exchange market exhibit institutional weaknesses. The secondary market for securities is still far removed from an \"efficient\" market.","onlinedate":"1991-11-01 01:00:00","lang":"German","publication_series":"","publication_date":"19911101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":279956,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"64","monthly_report_pages":"633-638","monthly_report_pages_sort":"633","issue":"11","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[4063],"persons_data":"[{\"personId\":4063,\"personName\":\"Peter Brandner\",\"organisationNames\":[]}]","clients":[],"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_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Brandner, P.<\\\/span> (1991). <span>Kapitalmarkt in \u00d6sterreich. Struktur- und Verhaltens\u00e4nderungen auf dem \u00f6sterreichischen Kapitalmarkt<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>64<\\\/em>(11), 633-638. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/1157\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/1157<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Brandner P<\\\/span>. <span class=\\\"title\\\"><span>Kapitalmarkt in \u00d6sterreich. Struktur- und Verhaltens\u00e4nderungen auf dem \u00f6sterreichischen Kapitalmarkt<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 1991 Nov;64(11):633-638.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{4fb8ccc1be364ebbac1b786599fec212,<\\\/div><div>  title    = \\\"Kapitalmarkt in {\\\\\\\"O}sterreich. Struktur- und Verhaltens{\\\\\\\"a}nderungen auf dem {\\\\\\\"o}sterreichischen Kapitalmarkt\\\",<\\\/div><div>  abstract = \\\"Die zunehmende Integration der internationalen Finanzm{\\\\\\\"a}rkte hat auf dem {\\\\\\\"o}sterreichischen Kapitalmarkt Anpassungen bewirkt. Das B{\\\\\\\"o}rsegesetz 1989 orientierte sich an internationalen Standards.Im vorraussichtlich Anfang 1992 in Kraft tretenden Kapitalmarktgesetz werden trotz zunehmender Deregulierung Aspekte des Anlegerschutzes nicht vernachl{\\\\\\\"a}ssigt. Das Tenderverfahren zur Emission der Budesanleihen wurde den heutigen Anforderungen angepa{\\\\ss}t. Nach wie vor weisen aber sowohl der Rentenmarkt als auch der Aktienmarkt institutionelle Schw{\\\\\\\"a}chen auf. Der Sekund{\\\\\\\"a}rmarkt f{\\\\\\\"u}r Wertpapiere ist in {\\\\\\\"O}sterreich noch weit von der Vorstellung eines {\\\"}informationseffizienten{\\\"} Marktes entfernt.\\\",<\\\/div><div>  keywords = \\\"Kapitalmarkt in {\\\\\\\"O}sterreich. Struktur- und Verhaltens{\\\\\\\"a}nderungen auf dem {\\\\\\\"o}sterreichischen Kapitalmarkt; Changes in the Structure and the Functioning of the Austrian Capital Market\\\",<\\\/div><div>  author   = \\\"Peter Brandner\\\",<\\\/div><div>  year     = \\\"1991\\\",<\\\/div><div>  month    = nov,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"64\\\",<\\\/div><div>  pages    = \\\"633--638\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Kapitalmarkt in \u00d6sterreich. Struktur- und Verhaltens\u00e4nderungen auf dem \u00f6sterreichischen Kapitalmarkt<\\\/p><p>AU  - Brandner, Peter<\\\/p><p>PY  - 1991\\\/11<\\\/p><p>Y1  - 1991\\\/11<\\\/p><p>N2  - Die zunehmende Integration der internationalen Finanzm\u00e4rkte hat auf dem \u00f6sterreichischen Kapitalmarkt Anpassungen bewirkt. Das B\u00f6rsegesetz 1989 orientierte sich an internationalen Standards.Im vorraussichtlich Anfang 1992 in Kraft tretenden Kapitalmarktgesetz werden trotz zunehmender Deregulierung Aspekte des Anlegerschutzes nicht vernachl\u00e4ssigt. Das Tenderverfahren zur Emission der Budesanleihen wurde den heutigen Anforderungen angepa\u00dft. Nach wie vor weisen aber sowohl der Rentenmarkt als auch der Aktienmarkt institutionelle Schw\u00e4chen auf. Der Sekund\u00e4rmarkt f\u00fcr Wertpapiere ist in \u00d6sterreich noch weit von der Vorstellung eines \\\"informationseffizienten\\\" Marktes entfernt.<\\\/p><p>AB  - Die zunehmende Integration der internationalen Finanzm\u00e4rkte hat auf dem \u00f6sterreichischen Kapitalmarkt Anpassungen bewirkt. Das B\u00f6rsegesetz 1989 orientierte sich an internationalen Standards.Im vorraussichtlich Anfang 1992 in Kraft tretenden Kapitalmarktgesetz werden trotz zunehmender Deregulierung Aspekte des Anlegerschutzes nicht vernachl\u00e4ssigt. Das Tenderverfahren zur Emission der Budesanleihen wurde den heutigen Anforderungen angepa\u00dft. Nach wie vor weisen aber sowohl der Rentenmarkt als auch der Aktienmarkt institutionelle Schw\u00e4chen auf. Der Sekund\u00e4rmarkt f\u00fcr Wertpapiere ist in \u00d6sterreich noch weit von der Vorstellung eines \\\"informationseffizienten\\\" Marktes entfernt.<\\\/p><p>KW  - Kapitalmarkt in \u00d6sterreich. Struktur- und Verhaltens\u00e4nderungen auf dem \u00f6sterreichischen Kapitalmarkt; Changes in the Structure and the Functioning of the Austrian Capital Market<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 64<\\\/p><p>SP  - 633<\\\/p><p>EP  - 638<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","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>Changes in the Structure and the Functioning of the Austrian Capital Market - 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\/88880\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changes in the Structure and the Functioning of the Austrian Capital Market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/88880\/\" \/>\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=\"2024-11-06T23:30:16+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\\\/88880\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/88880\\\/\",\"name\":\"Changes in the Structure and the Functioning of the Austrian Capital Market - 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