Experience from nearly two decades of empirical research and a database dating back to 1960 form the background for this extensive survey of the German stock market. Following a top-down approach, the

• German stock market,
• German industry groups and
• more than 300 single German stocks

are analyzed. The results for the years 1976 through 1995 inform in detail about

• risk,
• return and
• liquidity.

The authors succeed in providing a unique and invaluable source of German stock market information which is hitherto publicly unavailable.

he book addresses investors as well as researchers in the field of finance.

Professor Dr. Hermann Göppl is a former director of the department of Finance and Banking at the University of Karlsruhe, Germany.
Ralf Herrmann, Tobias Kirchner and Marco Neumann were research assistants at the department.