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Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes: Eine Follow-up-Studie

Author

Listed:
  • Christa Hainz
  • Lars Hornuf
  • Lisa Nagel
  • Sarah Reiter
  • Eliza Stenzhorn

Abstract

Das Kleinanlegerschutzgesetz aus dem Jahr 2015 soll durch eine stärkere Regulierung für mehr Transparenz für Anlegerinnen und 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. Christa Hainz, Sarah Reiter, ifo Institut, Lars Hornuf, Lisa Nagel und Eliza Stenzhorn, Universität Bremen, stellen die Regelungen des Kleinanlegerschutzgesetzes dar und analysieren die Auswirkungen der Ausnahmeregelungen rund drei Jahre nach Einführung des Gesetzes.

Suggested Citation

  • Christa Hainz & Lars Hornuf & Lisa Nagel & Sarah Reiter & Eliza Stenzhorn, 2019. "Die Befreiungsvorschriften des Kleinanlegerschutzgesetzes: Eine Follow-up-Studie," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(09), pages 26-37, May.
    • Handle: RePEc:ces:ifosdt:v:72:y:2019:i:09:p:26-37
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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. Cassar, Gavin, 2004. "The financing of business start-ups," Journal of Business Venturing, Elsevier, vol. 19(2), pages 261-283, March.
    4. Lars Hornuf & Matthias Neuenkirch, 2017. "Pricing shares in equity crowdfunding," Small Business Economics, Springer, vol. 48(4), pages 795-811, April.
    5. Christa Hainz & Lars Hornuf, 2019. "The German Small Investor Protection Act from 2015: Practical Experiences with the Exemptions," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 102, July.
    6. Gregor Dorfleitner & Lars Hornuf & Martina Weber, 2018. "Paralyzed by Shock: The Portfolio Formation Behavior of Peer-to-Business Lending Investors," CESifo Working Paper Series 7092, CESifo.
    7. Lars Hornuf & Armin Schwienbacher, 2017. "Should securities regulation promote equity crowdfunding?," Small Business Economics, Springer, vol. 49(3), pages 579-593, October.
    Full references (including those not matched with items on IDEAS)

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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

    Crowdfunding; Anlegerschutz; Kapitalbeschaffung; Wertpapierrecht; KASG;
    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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