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

David Chambers (), Carsten Burhop and Brian Cheffins
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David Chambers: Cambridge Judge Business School, https://www.jbs.cam.ac.uk/faculty-research/faculty-a-z/david-chambers/

No 25, Working Papers from Department of Economic and Social History at the University of Cambridge

Abstract: The prior literature has advanced differing views on whether Germany during the late 19th and early 20th centuries was an economy supported by an equity-based as well as a bank-oriented financial system. Primarily by deploying a new IPO dataset for the Berlin Stock Exchange encompassing 1870 to 1938, we show German equity markets were well-developed as the 19th century drew to a close and remained so through the 1920s. Our analysis indicates regulation helped to foster development before 1913 but had a deleterious impact during the 1930s and suggests that there was a fruitful coexistence between large banks and markets until the Nazi era.

Keywords: Initial public offerings; Germany; Financial History; Corporate Law; Stock (search for similar items in EconPapers)
JEL-codes: G18 G24 K22 N23 N24 (search for similar items in EconPapers)
Pages: 14,500 words
Date: 2016-07-25, Revised 2016-09-21
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Published in Cambridge Working Paper in Economic & Social History, No. 25

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