The Berlin Stock Exchange in Imperial Germany - A Market for New Technology


Lehmann-Hasemeyer, Sibylle ; Streb, Jochen



URL: http://www.cepr.org/active/publications/discussion...
Document Type: Working paper
Year of publication: 2015
The title of a journal, publication series: Discussion papers / CEPR
Volume: 10558
Place of publication: London
ISSN: 0265-8003
Publication language: English
Institution: School of Law and Economics > Wirtschaftsgeschichte (Streb)
Subject: 330 Economics
900 History
Keywords (English): Industrialisation , innovation , IPO and stock exchange
Abstract: Analysing 474 cases of firms going public in the German capital between 1892 and 1913, we show that innovative firms could rely on the Berlin stock market as a source of financing. The data also reveal that initial public offerings (IPO) of innovative firms were characterized by particularly low underpricing, comparatively high first trading prices, and no long‐run underperformance. We interpret these empirical results as evidence for the surprising fact that contemporary investors had rational expectations.

Dieser Eintrag ist Teil der Universitätsbibliographie.




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