Initial public offerings and venture capital in Germany

We present a survey on the role of initial public offerings (Epos) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a minor role thereafter. In addition, companies that chose an IPO were much older and larger than the average companies going public for the first time in the US or the UK. The level of IPO underpricing in Germany, in contrast, has not been fundamentally different from that in other countries. The picture for venture capital financing is not much different from that provided by IPOs in Germany. For a long time venture capital financing was hardly significant, particularly as a source of early stage financing. The unprecedented boom on the Neuer Markt between 1997 and 2000, when many small venture capital financed firms entered the market, provides a striking contrast to the preceding era. However, by US standards, the levels of both IPO and venture capital activities remained rather low even in this boom phase. The extent to which recent developments will have a lasting impact on the financing of German firms, the level of IPO activity, and venture capital financing, remains to be seen. At the time of writing, activity has come to a near stand still and the Neuer Markt has just been dissolved. The low number of IPOs and the fairly low volume of VC financing in Germany before the introduction of the Neuer Markt are a striking and much debated phenomenon. Understanding the reasons for these apparent peculiarities is vital to understanding the German financial system. The potential explanations that have been put forward range from differentces in mentality to legal and institutional impediments and the availability of alternative sources of financing. Moreover the recent literature discusses how interest groups may have benefited and influenced the situation. These groups include politicians, unions/workers, managers/controlling-owners of established firms as well as banks. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press

Prosodic focus in Vietnamese

This paper reports on pilot work on the expression of Information Structure in Vietnamese and argues that Focus in Vietnamese is exclusively expressed prosodically: there are no specific focus markers, and the language uses phonology to express intonational emphasis in similar ways to languages like English or German. The exploratory data indicates that (i) focus is prosodically expressed while word order remains constant, (ii) listeners show good recoverability of the intended focus structure, and (iii) that there is a trading relationship between several phonetic parameters (duration, f0, amplitude) involved to signal prosodic (acoustic) emphasis

Corporate social responsibility: a myth? The example of the 'Round Table Codes of Conduct' in Germany

This paper is concerned with why and how multinational companies (MNCs) voluntarily engage in Corporate Social Responsibility (CSR), especially in social standards. The first part describes the prevailing perspectives on the CSR debate. Then, with the New Institutionalism in Sociology, an alternative view on CSR is discussed. The third part develops the argument that the ‘traditional’ rational institutional myth developed by Meyer and Rowan should be replaced or supplemented by a CSR myth. After that, the case study of “Round Table Codes of Conduct” provides an example of how MNCs deal with this emerging CSR myth

X-rays from the environment of supermassive black holes in active galaxies

X-rays are a powerful probe of the physical conditions in the nuclei of active galaxies. We review the X-ray properties of radio-quiet AGN, LINERs and ultraluminous IR galaxies based on observations carried out with the X-ray satellite ROSAT. We then summarize the observations of giant X-ray flares from non-active galaxies, interpreted as stellar tidal disruptions by supermassive black holes.Comment: invited review, IX. Marcel Grossmann Meeting on General Relativity, Gravitation and Relativistic Field Theories (Rome, July 2000), session: `Astrophysics of Neutron Stars and Black Holes: Observations'; to appear in the online proceedings at http://www.icra.it/MG/mg9/mg9.htm, a 2-page condensate will be published in World Scientific; long and short version are also available at http://www.xray.mpe.mpg.de/~skomossa