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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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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Posted Content
The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914
Posted Content
The Exchange as Regulator
TL;DR: In this article, the authors argue that an appropriate response to internationalization would be to devolve more regulatory authority to the exchanges themselves, arguing that the evidence on which such beliefs were based is seriously deficient.
Journal ArticleDOI
The Origins of the German Corporation – Finance, Ownership and Control
TL;DR: In this article, a specially constructed data set on financing and ownership of German corporations from the end of the 19th century to the middle of the 20th century reveals that, as in the UK, there was a high degree of activity on German stock markets with firms issuing equity in preference to borrowing from banks and insider and family ownership declining rapidly.
MonographDOI
Coordination and Information: Historical Perspectives on the Organization of Enterprise
TL;DR: In this article, case studies that examine how firms co-ordinate economic activity in the face of asymmetric information, information not equally available to all parties, are the focus of this volume.