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

• 成果类型: Article
• 署名作者: Lehmann-Hasemeyer, Sibylle; Streb, Jochen
• 署名单位: University Hohenheim; University of Mannheim
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20150626
• 发表日期: 2016
• 页码: 3558-3576
• 关键词: initial public offerings; long-run performance; banks; reputation; returns; GROWTH

摘要

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.