Zielkonflikte bei Aktienerstemissionen?: Regulierung und Zulassungspraxis am Beispiel der Berliner Börse (1870 bis 1932)

Gehlen Boris ()
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Gehlen Boris: Universität Bonn, Institut für Geschichtswissenschaft, Abt. Verfassungs-, Sozial- und Wirtschaftsgeschichte, Konviktstraße 11, D-53113, Bonn, Germany

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2018, vol. 59, issue 1, 39-76

Abstract: The law & finance literature often assumes that financial institutions in Germany, especially in the stock market, were less workable than for example in the U.S. or Great Britain due to extensive state regulation. This article analyses the regulation and admission to listing practices for (initial) public offerings in Germany from 1870 to 1932. It argues, by contrast, that state regulation in the German stock market largely enabled self-regulation and that a closer look at market practices indicates that the written law only offered a framework and left the stock exchanges great scope for manoeuvre. In the end, the German regulatory system came close to what law & finance literature describes as a most efficient market order.

Keywords: financial markets; self-regulation; stock market; IPO; Finanzmärkte; Selbstregulierung; Börse; Aktienerstemissionen (search for similar items in EconPapers)
JEL-codes: G K N (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:jbwige:v:59:y:2018:i:1:p:39-76:n:3

DOI: 10.1515/jbwg-2018-0003

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