Studies

With our studies and surveys we highlight current or fundamental issues of the capital markets. Our studies and surveys – published partly in co-operation with other parties – appear at irregular intervals.

Our surveys are mostly published in German language and can either be downloaded or ordered as printed versions.

Listed companies observe increasing bureaucratic burden as well as decreasing legal certainty from the EU Market Abuse Regulation. In particular, regarding the obligation to publish inside information companies call for guidance. This is the key result of this study conducted by Deutsches Aktieninstitut and Hengeler Mueller. The study is based on a survey among German listed companies on their experiences two years after the Market Abuse Regulation went into ...

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The return triangle for employee shares developed by experts of the hkp/// group calculates returns of, by way of examples, employee share ownership programs of the indices DAX, MDAX, TecDAX und SDAX, and for companies belonging to the respective index. Based on these calculations the study displays the benefits of employee shares, which are characterised by discounts on the market value or bonus shares, provided after a given vesting period by the employer. Furthermore, the study underlines ...

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The third position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom illustrates based on the examples customs and product authorisations as well as data protection and derivatives, what companies can do to solve the problems arising from Brexit. However, it makes also clear that companies especially in the case of a hard Brexit depend on the involvement of regulators and supervisors and cannot mitigate all problems alone. Without ...

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Together with White & Case, Deutsches Aktieninstitut has released a benchmark study to provide information on how German companies position themselves as bidders or as potential targets for a public takeover. Companies from DAX, MDAX, TecDAX and SDAX are surveyed on topics such as their assessment of the likelihood of acquisition or the preparatory stage in a case of takeover. Additionally, expert contributions highlight the legal requirements for public takeovers and the associated ...

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Deutsches Aktieninstitut jointly published the results of a survey among small and mid seized listed companies and capital market experts regarding the going and being public. Apart from the necessity to invest more in shares via the pension system survey participants demand debureaucratisation of the listing process and the being public. 

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Together with EY Deutsches Aktieninstitut released a guideline explaining the steps for a successful implementation of employee share schemes (planning, design, compliance, communication and administration). These steps are illustrated by corporate examples.

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After the entry into force of the evaluated Markets for Financial Instruments Directive (MiFID II/MiFIR) rules for the availability of research will change. Which research services are in the scope of the new rules and how stock-listed companies can prepare themselves for the upcoming changes desribes the paper jointly released by Deutsches Aktieninstitut, Deutsche Börse AG, The German Investment Funds Association BVI, DIRK – Deutscher Investor Relations Verband and DVFA – Deutsche ...

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The current position paper of Deutsches Aktieninstitut on the exit negotiations between the European Union and the United Kingdom complements the first position paper from February 2017 and covers further relevant topics, e.g. clearing, benchmark and rating. The analyses of financial and capital market legislation and concrete examples from practice illustrate which topics deserve particular attention due to their significance for business and society in connection with the Brexit ...

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In its position paper “Exit negotiations between the European Union and the United Kingdom: Minimise Brexit Risks and Strengthen the European Capital Market”, Deutsches Aktieninstitut has identified the essential issues with relevance for capital markets and which deserve particular attention due to their significance for business and society in connection with the Brexit negotiations. Furthermore it makes proposals how the negative impact of Brexit on the affected national economies can be ...

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Allocating assets partly into equities can help foundations to better serve their charitable objectives – not only at the currently low interest rates. This is a central result of a study  of Deutsches Aktieninstitut and UBS Deutschland AG on behalf of Foundation Lindau Nobel Laureate Meetings.

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The Germans still show a number of misunderunstandings about and prejudices against shares that form an obstacle for a deeper equity culture. However, the potential for improvement is higher than the number of shareholders in Germany appears to suggest. These are two core results of this study which have been conducted by Deutsches Aktieninstitut and the Stuttgart stock exchange in order to survey the additude of the German population towards share investments.

 

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As a result of the increasing regulation more and more banks refrain from providing investment advice for shares. This is the main outcome of a survey conducted among German credit institutions. Due to strict regulatory requirements 22 per cent ceased to provide any advise in shares; 65 per cent reduced its talks - by and large significantly - with customers regarding shares.

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The study provides the results of a survey among more than 400,000 retail investors of Deutsche Post DHL. Answers to the following questions are given: What sources of information do retail investors use? Do they prefer dividends or increases of share prices? Do they exercise their voting rights at the general meeting? Since the survey, a joint project of the Ruhr-University Bochum, Deutsche Post DHL, Deutscher Investor Relations Verband (DIRK) and Deutsches Aktieninstitut, has ...

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A study conducted by Deutsches Aktieninstitut and Ernst & Young (EY) shows that many stock listed companies already provide a share based compensation or intend to implement one. Nevertheless, the potential for employee shareholdership in Germany is far from being exhausted. Therefore, responding companies ask politicians to improve public support. Companies which do not provide a share plan mainly state that they fear the implementation costs.

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This joint study of Deutsches Aktieninstitut and PricewaterhouseCooopers summarises the experience of listed companies with the enforcement of accounts by the German enforcer, Deutsche Prüfstelle für Rechnungslegung (Financial Reporting Enforcement Panel, FREP). It reveals how companies prepare for the enforcement, how they evaluate the work of the FREP as well as their general attitude towards the German system of enforcement. The study continues a similar work performed in 2009.

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The financial transaction tax (FTT) would sum up to total costs of 5.0 to 7.3 billion Euros per year for private investors and companies of the real economy. This is the key result of an in-debth impact study for the German economy conducted by Deutsches Aktieninstitut and Oliver Wyman. The result shows that the declard objective not to impact negatively private and investors and non-financial companies by the FTF the cannot be met. Deutsches Aktieninstitut therefore opposes the ...

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The symposium "Shares and the Capital Market" brought together scholars and practioners of corporate financing to discuss the actual and upcoming legal framework of the capital market. The event took place in regard of the leave-taking of the former chief executive of Deutsches Aktieninstitut, Prof. Dr. Rüdiger von Rosen.

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The legal obligation to provide a key information document hinders banks to recommend shares to their retail customers. This is the result of a survey conducted by the Deutsches Aktieninstitut among 1,600 German banks. The Deutsches Aktieninstitut therefore asks for a reform of the existing legislation. Instead of a key information document for every share a key information document for the asset class "shares" should be sufficient.

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The study reveals, that non-financial companies of all sizes frequently use OTC derivative for the purpose of risk management. The risk mitigating benefit of derivative instruments is put at risk by the planned regulation of the OTC derivatives market. Already now, companies notice that the hedging of interest rate, FX or commodity price risks becomes more expensive or gets impossible, because banks are to give up the derivative business.

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Fairness opinions are increasingly used in takeover situation in order to support supervisory and management boards in determing the adequate offering price. The authors discuss the role of fairness opinions in general as well as the legal framework

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The study provides an empirical analyses of both the potential and the willingness of the German "Mittelstand" to raise capital by the means of an intial public offering. It is revealed that 1,250 medium sized companies have a good starting positon and that "Mitttelstand" companies are still rather sceptic with regard on IPO. The study also aims at discussing some of the prejudices among those who are sceptic.

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