When we write about investors on this blog we are normally referring to angel and VC investors and the funding they provide to open source start-ups. There is a small, but growing, list of VCs that clearly understand the open source development and distribution models and the long-term profit potential of open source software vendors.

Can the same be said of individual and institutional investors buying and selling shares in publicly traded software companies? Not according to the analysis of Oliver Alexy, a research assistant and doctoral candidate at the Technische Universität München TUM Business School in Munich, Germany.

Oliver has analyzed the impact that releasing software under open source licenses has on a company’s share price.

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