Abstract In 1997 the “Neuer Markt” was opened as a stock market segment for small companies in Germany and initially performed well by attracting 329 initial public offerings (IPOs). It was closed in 2003 and listed companies were forced to transfer to either the higher ranked “Prime...

Abstract Index Mutual Funds (IMF) and Exchange Traded Funds (ETF) have developed into widely-accepted and fast growing passive investment instruments, offering investors a low-cost investment alternative in well diversified portfolios. Allocating more into IMFs and ETFs is the investors’...