Empirical Capital Market Research in Germany

Wolfgang Bessler () and Reinhard H. Schmidt ()
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Wolfgang Bessler: University of Hamburg
Reinhard H. Schmidt: Goethe-University Frankfurt am Main

A chapter in Ideengeschichte der BWL II, 2022, pp 271-306 from Springer

Abstract: Abstract The article classifies and evaluates the empirical capital market research for Germany for the last 50 years and relates it to U.S. findings, where research already started in the 1960s. Interestingly, significant differences remain. Topics we discuss are asset-pricing models, information efficiency, and market anomalies, as well as initial public offerings, seasoned equity offerings, and preferred shares. We also reflect on the New Economy period and the Neuer Markt around the turn of the millennium, revealing conflicts of interest in the German universal banking system and shortcomings in capital market regulation. We also discuss the recent research for each topic.

Keywords: Capital markets; Securities exchanges; Asset pricing models; Risk and return; Information efficiency; Stock market anomalies; New economy period (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-658-35155-7_11

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DOI: 10.1007/978-3-658-35155-7_11

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