The Stock Market Performance of German Family Firms

  • Jan Kuklinski
  • Felix Lowinski
  • Dirk Schiereck
  • Peter Jaskiewicz
Part of the Studies in Classification, Data Analysis, and Knowledge Organization book series (STUDIES CLASS)


This paper investigates the long-run performance of initial public offerings of 208 family firms floated in Germany between 1977 and 1998. Five years after the listing the market-adjusted return was on average −43.39% compared to a broad market index. However, in absolute terms, investors realized a positive return of 32.11% after 60 months.


Abnormal Return Family Firm Initial Public Offering Supervisory Board Family Ownership 


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Copyright information

© Springer-Verlag Berlin · Heidelberg 2005

Authors and Affiliations

  • Jan Kuklinski
    • 1
  • Felix Lowinski
    • 1
  • Dirk Schiereck
    • 2
  • Peter Jaskiewicz
    • 2
  1. 1.Institute for Mergers&AcquisitionsUniversität Witten/HerdeckeWittenGermany
  2. 2.European Business School Oestrich-WinkelOestrich-WinkelGermany

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