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

Sibylle H. Lehmann-Hasemeyer · Jochen Streb

37 citations0/0 files storedAmerican Economic Review

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Financial Markets and Investment Strategies Historical Economic and Social Studies Corporate Finance and Governance

Abstract

Analyzing 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. Our 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 in the period of the Second Industrial Revolution the Berlin stock exchange was already a well-functioning market for new technology. (JEL G14, N23)

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References

1995The New Issues Puzzle 1991The Long‐Run Performance of initial Public Offerings 2003The great reversals: the politics of financial development in the twentieth century 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics 2002A Review of IPO Activity, Pricing, and Allocations 1998Underwriter Reputation, Initial Returns, and the Long‐Run Performance of IPO Stocks 2002Bank-Based or Market-Based Financial Systems: Which Is Better?1998Venture capital and the structure of capital markets: banks versus stock markets

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