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

Author

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  • Burhop Carsten

    (Rheinische Friedrich-Wilhelms-Universität Bonn, Institut für Geschichtswissenschaft, Abt. Verfassungs-, Sozial- und Wirtschaftsgeschichte, Konviktstraße 11, D-3113, Bonn, Germany)

  • Chambers David

    (Cambridge Judge Business School, University of Cambridge, Trumpington Street, Cambridge, CB2 1AG, UK, United Kingdom)

  • Cheffins Brian

    (Faculty of Law, University of Cambridge, 10 West Road, Cambridge, CB3 9DZ, United Kingdom)

Abstract

This study of over 1,000 initial public offerings (IPOs) on the Berlin stock exchange from German unification to the eve of World War II draws attention to the importance of regulation and deepens our understanding of German stock market development. An increasingly exacting regulatory environment from the early 1880s to 1914 made a vital contribution to the higher likelihood of firms going public surviving. In the inhospitable regulatory setting of the 1930s, IPO activity drew to a halt and the development in the German stock market over the preceding decades reversed. As a complement to our analysis of the impact of regulation, we document the increased involvement of leading universal banks (D-banks) in the IPO market over the whole period.

Suggested Citation

  • Burhop Carsten & Chambers David & Cheffins Brian, 2018. "The Rise and Fall of the German IPO Market, 1870-1938," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 59(1), pages 9-37, May.
    • Handle: RePEc:bpj:jbwige:v:59:y:2018:i:1:p:9-37:n:2
    DOI: 10.1515/jbwg-2018-0002
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    Keywords

    Germany; Financial History; Regulation; Corporate Law; Stock Markets; Deutschland; Finanzgeschichte; Regulierung; Gesellschaftsrecht; Börse;
    All these keywords.

    JEL classification:

    • N - Economic History
    • N - Economic History
    • G - Financial Economics
    • G - Financial Economics
    • K - Law and Economics

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