BIS Review 90/2001  1  enterprises through holding companies as well as through insurance companies, banks and pension funds. The tax-exempt status of corporate capital gains from the sale of participating interests, which will take effect from 2002, will have a positive impact.2 Corporate bonds are attractive to yield-oriented investors and can help brand-name enterprises raise large amounts of funds.
On the whole, in the future capital market-based corporate finance will probably gain in importance. 2. Institutionalisation of investment A further development which can be observed in German capital markets is the growing institutionalisation of investment through the increased involvement of insurance companies and asset management companies.