Journal ArticleDOI
Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938
TLDR
The stock market development in Germany between 1870 and the beginning of World War II has been studied in this article, showing that regulatory changes occurring in the 1880s and 1890s contributed to a very high survival rate among those companies going public, and the market retained its vibrancy through the 1920s notwithstanding an infamous hyperinflation episode. Collapse followed, however, at least partly due to regulatory changes inimical to the publicly quoted firm brought about by the ideological shifts under Nazi rule.Abstract:
Law and politics had a significant impact on stock market development in Germany between 1870 and the beginning of World War II. IPOs can be a bellwether for stock market development and nearly 1100 were carried out on the Berlin Stock Exchange during this period. Regulatory changes occurring in the 1880s and 1890s contributed to a very high survival rate among those companies going public. The IPO market retained its vibrancy through the 1920s notwithstanding an infamous hyperinflation episode. Collapse followed, however, in the 1930s, at least partly due to regulatory changes inimical to the publicly quoted firm brought about by the ideological shifts under Nazi rule.read more
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Twentieth-Century Enterprise Forms: Japan in Comparative Perspective
Leslie Hannah,Makoto Kasuya +1 more
TL;DR: However, Japan's commercial code of 1899 omitted the GmbH (private company) form, which Guinnane et al. as mentioned in this paper see as the jewel in the crown of Germany's organizational menu.
Journal ArticleDOI
Hyperinflation and Stabilization in Weimar Germany
TL;DR: In this paper, a review of new books about hyperinflation and stabilization in Weimar Germany is presented, with a focus on the authorship of the authors and the authors.
Posted Content
Twentieth Century Enterprise Forms: Japan in Comparative Perspective
Leslie Hannah,Makoto Kasuya +1 more
TL;DR: However, Japan's commercial code of 1899 omitted the GmbH (private company) form, which Guinnane et al. as discussed by the authors see as the jewel in the crown of Germany's organizational menu.
References
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Journal ArticleDOI
Going public in interwar Britain
TL;DR: In this article, the authors consider the effectiveness of the interwar stock market for firms going public and find that, contrary to the pecking order theory, IPO proceeds contributed only modestly to domestic industry's capital expenditure needs.
Journal ArticleDOI
The Underpricing of Initial Public Offerings at the Berlin Stock Exchange, 1870–96
TL;DR: In this paper, the authors evaluate underpricing of initial public offerings at the Berlin Stock Exchange between 1870 and 1896 and show that cash-flow relevant information contained in the corporate charter was readily factored in the first market price.
Journal ArticleDOI
Does Law Matter?: The Separation of Ownership and Control in the United Kingdom
TL;DR: In this paper, the authors focus on the emergence of a separation of ownership and control, characterised by widely dispersed share ownership and strong managers, in the United Kingdom and the experience in Britain is instructive because, with respect to corporate governance, no other major industrial nation has more in common with the United States.
Journal ArticleDOI
Corporate Governance and Incentive Contracts: Historical Evidence from a Legal Reform
Christian Bayer,Carsten Burhop +1 more
TL;DR: In this article, the authors exploit a reform in legal rules of corporate governance to identify contractual incentives from the correlation of executive pay and firm performance, and they find that the pay-performance sensitivity decreased significantly after this reform.