The Rise and Fall of the German IPO Market, 1870-1938

Burhop Carsten (), Chambers David () and Cheffins Brian ()
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Burhop Carsten: Rheinische Friedrich-Wilhelms-Universität Bonn, Institut für Geschichtswissenschaft, Abt. Verfassungs-, Sozial- und Wirtschaftsgeschichte, Konviktstraße 11, D-3113, Bonn, Germany
Chambers David: Cambridge Judge Business School, University of Cambridge, Trumpington Street, Cambridge, CB2 1AG, UK, United Kingdom
Cheffins Brian: Faculty of Law, University of Cambridge, 10 West Road, Cambridge, CB3 9DZ, United Kingdom

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2018, vol. 59, issue 1, 9-37

Abstract: This study of over 1,000 initial public offerings (IPOs) on the Berlin stock exchange from German unification to the eve of World War II draws attention to the importance of regulation and deepens our understanding of German stock market development. An increasingly exacting regulatory environment from the early 1880s to 1914 made a vital contribution to the higher likelihood of firms going public surviving. In the inhospitable regulatory setting of the 1930s, IPO activity drew to a halt and the development in the German stock market over the preceding decades reversed. As a complement to our analysis of the impact of regulation, we document the increased involvement of leading universal banks (D-banks) in the IPO market over the whole period.

Keywords: Germany; Financial History; Regulation; Corporate Law; Stock Markets; Deutschland; Finanzgeschichte; Regulierung; Gesellschaftsrecht; Börse (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:9-37:n:2

DOI: 10.1515/jbwg-2018-0002

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