The Berlin Stock Exchange in Imperial Germany ? a Market for New Technology?
Authors registered in the RePEc Author Service: Sibylle Lehmann-Hasemeyer
No 10558, CEPR Discussion Papers from C.E.P.R. Discussion Papers
Analysing 474 cases of firms going public in the German capital between 1892 and 1913, we show that innovative firms could rely on the Berlin stock market as a source of financing. The data also reveal that initial public offerings (IPO) of innovative firms were characterized by particularly low underpricing, comparatively high first trading prices, and no long-run underperformance. We interpret these empirical results as evidence for the surprising fact that contemporary investors had rational expectations.
Keywords: Industrialisation; Innovation; Ipo; Stock exchange (search for similar items in EconPapers)
JEL-codes: G14 N23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his and nep-ino
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