The Börsen-Zeitung has the best reputation in terms of quality and influence, while the Handelsblatt is the most widely read daily newspaper in the German small and mid-cap investment community.
This is the result of a study conducted by the communications consultancy IR.on AG on the evaluation of the most important financial and business media in the market segment for small and medium-sized listed companies. Of the total of 40 participants, 20 are institutional investors and 20 financial analysts with a focus on second-tier equities.
Overall, the investors surveyed manage assets invested in equities of more than EUR 120 billion. The 20 interviewed financial analysts working at banks and independent research houses cover a spectrum of more than 1,000 second-line stocks.
German small and mid-cap companies are only partially taken into account in the major financial and business media, which results in a lower perception in the capital market than blue chips. But which media are used by investment professionals specializing in small cap stocks and how far does their influence reach?
The survey conducted by IR. on AG in August 2010 came to the conclusion that even in the internet age, the daily newspaper is still a compulsory reading for all participants. At 65 percent, the Handelsblatt received the highest number of mentions in the media regularly used for professional reasons, followed by the Financial Times Deutschland (60 percent), Börsen-Zeitung (55 percent) and Frankfurter Allgemeine Zeitung (38 percent).
The Börsen-Zeitung also leads the ranking in terms of the influence on investment decisions and analyses of the small and mid-cap professionals surveyed.
In the assessment of the media with regard to the quality of reporting, the Börsen-Zeitung distinguished itself with a top rating of 1.63 and came in ahead of the much higher-circulation titles Frankfurter Allgemeine Zeitung (1.80) and Handelsblatt (1.84). Among the news services that are most important to analysts and investors in their day-to-day business, Bloomberg is the leader in terms of quality, followed by Dow Jones and Reuters. The Manager Magazine received the best mark in the category of business and investor magazines if its influence on the small & mid cap financial scene is rated as very low.
The Börsen-Zeitung also leads the ranking in terms of the influence on investment decisions and analyses of the small and mid-cap professionals surveyed. The daily newspaper, which is often underestimated due to its low circulation, scored 82 out of 100 possible points, closely followed by the Handelsblatt (78 points) and the Financial Times Deutschland (74 points). The most influential news service for the small and mid-cap community is the German press agency dpa (66 points); the most influential opinion leaders among magazines - although with moderate quality ratings - are Börse Online (64 points), Der Aktionär (62 points) and Euro am Sonntag (61 points).
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