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The Berlin Stock Exchange in Imperial Germany ? a Market for New Technology?

, and Jochen Streb
Authors registered in the RePEc Author Service: Sibylle Lehmann-Hasemeyer

No 10558, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: 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)
Date: 2015-04
New Economics Papers: this item is included in nep-his and nep-ino
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