01602nas a2200169   4500008004100000245010200041210006900143260000900212300000900221490000700230520098700237653001201224653001701236100002501253700001801278856013601296       2006                        eng d00aCan Institutional Change Impact High-Technology Firm Growth:  Evidence from Germany's Neuer Markt0 aCan Institutional Change Impact HighTechnology Firm Growth Evide  c2006  a9-230 v253 aTo facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 — the Neuer Markt. To examine whether the Neuer Markt was successful, we compare the relationship between firm size and growth for firms listed on the Neuer Markt and contrast the results with two benchmarks: (1) for German firms prior to the 1990s (to reflect the older traditional manufacturing sector) and (2) for the stylized results for the US. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt; but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy.10aFinance10aOSU-Cascades1 aAudretsch, David, B.1 aElston, Julie  u/biblio/can-institutional-change-impact-high-technology-firm-growth-evidence-germanys-neuer-markt-0