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Taking Firms to the Stock Market: IPOs and the Importance of Universal Banks in Imperial Germany 1896-1913

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  • Sibylle Lehmann

    (University of Cologne)

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  • Sibylle Lehmann, 2011. "Taking Firms to the Stock Market: IPOs and the Importance of Universal Banks in Imperial Germany 1896-1913," Cologne Economic History papers 9, University of Cologne, Department of Economic and Business History, revised Mar 2011.
    • Handle: RePEc:wso:wpaper:9
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    File URL: http://wigesch.uni-koeln.de/fileadmin/FTP/RePEc/wso/wpaper/ceh1.2011.pdf
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    References listed on IDEAS

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    4. Jay R. Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing, and Allocations," Journal of Finance, American Finance Association, vol. 57(4), pages 1795-1828, August.
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    8. Mark Grinblatt & Chuan Yang Hwang, "undated". "Signalling and the Pricing of Unseasoned New Issues," Rodney L. White Center for Financial Research Working Papers 1-89, Wharton School Rodney L. White Center for Financial Research.
    9. Michaely, Roni & Shaw, Wayne H, 1994. "The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories," Review of Financial Studies, Society for Financial Studies, vol. 7(2), pages 279-319.
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    15. Bruno Biais & Peter Bossaerts & Jean-Charles Rochet, 2002. "An Optimal IPO Mechanism," Review of Economic Studies, Oxford University Press, vol. 69(1), pages 117-146.
    16. Kennedy, Duane B. & Sivakumar, Ranjini & Vetzal, Kenneth R., 2006. "The implications of IPO underpricing for the firm and insiders: Tests of asymmetric information theories," Journal of Empirical Finance, Elsevier, vol. 13(1), pages 49-78, January.
    17. Jarrell, Gregg A, 1981. "The Economic Effects of Federal Regulation of the Market for New Security Issues," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 613-675, December.
    18. Komlos, John, 1978. "The Kreditbanken and German Growth: A Postscript," The Journal of Economic History, Cambridge University Press, vol. 38(2), pages 476-479, June.
    19. Beatty, Randolph P & Welch, Ivo, 1996. "Issuer Expenses and Legal Liability in Initial Public Offerings," Journal of Law and Economics, University of Chicago Press, vol. 39(2), pages 545-602, October.
    20. Ljungqvist, Alexander P., 1997. "Pricing initial public offerings: Further evidence from Germany," European Economic Review, Elsevier, vol. 41(7), pages 1309-1320, July.
    21. Richard B. Carter & Frederick H. Dark & Ajai K. Singh, 1998. "Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks," Journal of Finance, American Finance Association, vol. 53(1), pages 285-311, February.
    22. Smith, Rodney T, 1981. "The Economic Effects of Federal Regulation of the Market for New Security Issues: Comment," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 677-686, December.
    23. Welch, Ivo, 1989. " Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 44(2), pages 421-449, June.
    24. Fremdling, Rainer & Tilly, Richard, 1976. "German Banks, German Growth, and Econometric History," The Journal of Economic History, Cambridge University Press, vol. 36(2), pages 416-424, June.
    25. Megginson, William L & Weiss, Kathleen A, 1991. "Venture Capitalist Certification in Initial Public Offerings," Journal of Finance, American Finance Association, vol. 46(3), pages 879-903, July.
    26. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
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    28. Grinblatt, Mark & Hwang, Chuan Yang, 1989. " Signalling and the Pricing of New Issues," Journal of Finance, American Finance Association, vol. 44(2), pages 393-420, June.
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    Cited by:

    1. Sibylle H. Lehmann, 2014. "Taking firms to the stock market: IPOs and the importance of large banks in imperial Germany, 1896–1913," Economic History Review, Economic History Society, vol. 67(1), pages 92-122, February.
    2. Stefan Gissler, 2015. "A margin call gone wrong: Credit, stock prices, and Germany's Black Friday 1927," Finance and Economics Discussion Series 2015-54, Board of Governors of the Federal Reserve System (U.S.).
    3. Stefan Gissler, 2015. "Slow capital, fast prices: Shocks to funding liquidity and stock price reversals," Finance and Economics Discussion Series 2015-43, Board of Governors of the Federal Reserve System (U.S.).

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    More about this item

    Keywords

    Stock Market; Germany; Universal Banks; Dresdner Bank; Deutsche Bank; price competition;
    All these keywords.

    JEL classification:

    • N2 - Economic History - - Financial Markets and Institutions
    • N8 - Economic History - - Micro-Business History
    • O0 - Economic Development, Innovation, Technological Change, and Growth - - General
    • C0 - Mathematical and Quantitative Methods - - General

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