Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938
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14,563 citations
"Law, Politics and the Rise and Fall..." refers background in this paper
...The law and finance literature suggests that civil law countries such as Germany are less likely to introduce laws protecting minority investors and as such are less hospitable to stock market development than are common law countries (La Porta et al., 1998)....
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...The law and finance hypothesis, which originated with papers by La Porta, Lopez de Silanes, Shleifer and Vishny (La Porta et al. 1997; La Porta et al. 1998) (LLSV), posits that the extent to which a country’s laws foster investor confidence by protecting minority shareholders and constraining…...
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...…and finance literature that protection afforded to investors by corporate and securities law helps to determine the extent to which capital markets prosper (La Porta et al., 1998; La Porta et al., 2006), we reveal the positive impact of regulation enacted during the 1880s and 1890s on IPO survival....
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10,005 citations
"Law, Politics and the Rise and Fall..." refers background or result in this paper
...Previous studies have verified a positive relationship between IPO activity and tougher regulation (La Porta et al., 1997; La Porta et al., 2006; Djankov et al., 2008; Doidge et al., 2013)....
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...The law and finance hypothesis, which originated with papers by La Porta, Lopez de Silanes, Shleifer and Vishny (La Porta et al. 1997; La Porta et al. 1998) (LLSV), posits that the extent to which a country’s laws foster investor confidence by protecting minority shareholders and constraining…...
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6,387 citations
5,967 citations
"Law, Politics and the Rise and Fall..." refers background or methods in this paper
...The country is often characterized as an exemplar of a bank-based financial system (Allen and Gale, 1995; Levine, 1997; Guinnane, 2002) and banks indeed often acted as underwriters of IPOs in our dataset and began functioning as gatekeepers of the stock exchange in the 1880s via the Berlin Stock Exchange admission board established in 1882....
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...The country is often characterized as an exemplar of a bank-based financial system (Allen and Gale, 1995; Levine, 1997; Guinnane, 2002) and banks indeed often acted as underwriters of IPOs in our dataset and began functioning as gatekeepers of the stock exchange in the 1880s via the Berlin Stock…...
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1,623 citations
"Law, Politics and the Rise and Fall..." refers background in this paper
...Firm age (Sutton, 1997; Caves, 1998), firm size (Audretsch and Mahmood, 1995), and the type of industrial activity (Agarwal, 1997) have been found to be important determinants of IPO survival, with smaller, younger and new industrial sector firms having a lower survival probability....
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