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Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes

Author

Listed:
  • Christa Hainz
  • Lars Hornuf
  • Lars Klöhn
  • Björn Brauer
  • Felix Ehrenfried
  • Gerrit Engelmann

Abstract

Der Beitrag untersucht die Auswirkungen der im Sommer 2015 eingeführten Befreiungsvorschriften des Kleinanlegerschutzgesetzes. Durch eine stärkere Regulierung soll das Kleinanlegerschutzgesetz für mehr Transparenz für Anleger auf dem grauen Kapitalmarkt sorgen. Das Gesetz beinhaltet jedoch auch Ausnahmeregelungen. Diese entbinden sowohl Unternehmen, die sich über eine Crowd­investing-Plattform finanzieren, als auch soziale, gemeinnützige und kirchliche Projekte von der Pflicht einer Prospekterstellung bei der Finanzierung über Vermögensanlagen. Grundlage der Untersuchung dieser Ausnahmeregelungen ist die Crowdinvesting-Datenbank, eine Befragung unter sozialen und gemeinnützigen Organisation sowie Expertengespräche. Zusammenfassend lassen sich rund ein Jahr nach Einführung des Kleinanlegerschutzgesetzes keine starken Effekte für den Markt für Schwarmfinanzierungen in Deutschland erkennen. Die analysierten Daten zeigen auch, dass sich das Anlageverhalten durch die neu eingeführte Pflicht zur Selbstauskunft über das Einkommen und Vermögen der Investierenden nicht verändert hat.

Suggested Citation

  • Christa Hainz & Lars Hornuf & Lars Klöhn & Björn Brauer & Felix Ehrenfried & Gerrit Engelmann, 2017. "Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 70(06), pages 26-35, March.
    • Handle: RePEc:ces:ifosdt:v:70:y:2017:i:06:p:26-35
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    References listed on IDEAS

    as
    1. Robert E. Carpenter & Bruce C. Petersen, 2002. "Is The Growth Of Small Firms Constrained By Internal Finance?," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 298-309, May.
    2. Christa Hainz & Lars Hornuf & Lars Klöhn & Björn Brauer & Felix Ehrenfried & Gerrit Engelmann, 2017. "Praxiserfahrungen mit den Befreiungsvorschriften des Kleinanlegerschutzgesetzes," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 78, July.
    3. Lars Hornuf & Matthias Schmitt, 2016. "Success and Failure in Equity Crowdfunding," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 14(2), pages 16-22, 07.
    4. Gregor Dorfleitner & Lars Hornuf & Matthias Schmitt & Martina Weber, 2017. "FinTech in Germany," Springer Books, Springer, number 978-3-319-54666-7, June.
    5. Cassar, Gavin, 2004. "The financing of business start-ups," Journal of Business Venturing, Elsevier, vol. 19(2), pages 261-283, March.
    6. Lars Hornuf & Matthias Neuenkirch, 2017. "Pricing shares in equity crowdfunding," Small Business Economics, Springer, vol. 48(4), pages 795-811, April.
    7. Lars Hornuf & Armin Schwienbacher, 2017. "Should securities regulation promote equity crowdfunding?," Small Business Economics, Springer, vol. 49(3), pages 579-593, October.
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    Cited by:

    1. Christa Hainz & Lars Hornuf & Lisa Nagel & Sarah Reiter & Eliza Stenzhorn, 2019. "Exemption Provisions of the German Small Investor Protection Act: A Follow-up Study," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 17(02), pages 41-51, August.

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    More about this item

    Keywords

    Anlegerschutz; Kapitalbeschaffung; Crowdfunding; Wertpapierrecht;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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