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The geography of stock exchanges in Imperial Germany

Carsten Burhop and Sibylle Lehmann-Hasemeyer ()

No 89-2014, FZID Discussion Papers from University of Hohenheim, Center for Research on Innovation and Services (FZID)

Abstract: 23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a certain exchange. Large firms tend to be listed and tend to go public at the Berlin Stock Exchange, while the regional stock exchanges were important hosts for small and medium-sized firms. Borders and distance affect listing decisions, suggesting that a patriotic home bias and asymmetric information between issuer and investors affected listing decisions.

Keywords: Financial development; Regional stock exchanges; IPOs; Germany; Economic history (search for similar items in EconPapers)
JEL-codes: N23 G23 R12 (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-his and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:fziddp:892014

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