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
Citations
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Journal ArticleDOI
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
Regulating IPOs: Evidence from Going Public in London, 1900-1913
TL;DR: In this paper, the authors assess the impact of self-regulation on equity markets by analysing IPO failure rates on the London Stock Exchange during 1900-13 Focussing on differences between Official Quotation (OQ) and Special Settlement (SS), they find that the failure rate of IPOs by way of SS was considerably higher even after controlling for the presence of underwriters and elite directors.
Journal ArticleDOI
New Stock Issues in Germany, 1882–1892: A Comment to Professor Fohlin
TL;DR: Fohlin et al. as discussed by the authors investigated the underpricing of initial public offerings (IPOs) and seasoned equity offerings (SEOs) at the Berlin Stock Exchange between 1882 and 1892 and concluded that underwriters directly reaped profits from pricing their purchase of new issues below market value.
Book ChapterDOI
Das Verhältnis der deutschen Banken zur Industrie
TL;DR: In this paper, Weber et al. describe an unterschiedliche Entwicklung der Industrialisierung in den einzelnen Landern wie der rechtlichen Ausgestaltung des Kreditwesens, das the Organisation des BankwesENS wie ihr Verhaltnis zu den regularen and irregularen Bankgeschaften 1) in den verschiedenen Landern jeweils andere Zuge aufweist.
Book
Der Funktionswandel der deutschen Wertpapierbörsen in der Zwischenkriegszeit (1924-1939)
TL;DR: In this paper, the Entwicklung der deutschen Wertpapierborsen in der Zwischenkriegszeit genauer nachzuzeichnen, als dies bislang gelungen ist.