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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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File URL: http://wigesch.uni-koeln.de/fileadmin/FTP/RePEc/wso/wpaper/ceh1.2011.pdf
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Bibliographic Info

Paper provided by University of Cologne, Department of Economic and Business History in its series Cologne Economic History papers with number 9.

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Length: 36 pages
Date of creation: Jan 2011
Date of revision: Mar 2011
Publication status: Published in Cologne Economic History Paper, 2011
Handle: RePEc:wso:wpaper:9

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Keywords: Stock Market; Germany; Universal Banks; Dresdner Bank; Deutsche Bank; price competition;

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References

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  1. 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 613-75, December.
  2. Mark Grinblatt & Chuan Yang Hwang, . "Signalling and the Pricing of Unseasoned New Issues," Rodney L. White Center for Financial Research Working Papers 01-89, Wharton School Rodney L. White Center for Financial Research.
  3. Fohlin, Caroline, 2010. "Asymmetric Information, Market Power, and the Underpricing of New Stock Issues in Germany, 1882–1892," The Journal of Economic History, Cambridge University Press, vol. 70(03), pages 630-656, September.
  4. Stoll, Hans R. & Curley, Anthony J., 1970. "Small Business and the New Issues Market for Equities," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 5(03), pages 309-322, September.
  5. Reilly, Frank K., 1973. "Further Evidence on Short-Run Results for New Issue Investors," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 8(01), pages 83-90, January.
  6. 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.
  7. 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.
  8. Gelman, Sergey & Burhop, Carsten, 2008. "Taxation, regulation and the information efficiency of the Berlin stock exchange, 1892–1913," European Review of Economic History, Cambridge University Press, vol. 12(01), pages 39-66, April.
  9. David Chambers & Elroy Dimson, 2009. "IPO Underpricing over the Very Long Run," Journal of Finance, American Finance Association, vol. 64(3), pages 1407-1443, 06.
  10. Jay Ritter & Ivo Welch, 2002. "A Review of IPO Activity, Pricing and Allocations," Yale School of Management Working Papers ysm258, Yale School of Management, revised 01 Apr 2002.
  11. Allen, Franklin & Faulhaber, Gerald R., 1989. "Signalling by underpricing in the IPO market," Journal of Financial Economics, Elsevier, vol. 23(2), pages 303-323, August.
  12. Neuburger, Hugh & Stokes, Houston H., 1974. "German Banks and German Growth, 1883–1913: an Empirical View," The Journal of Economic History, Cambridge University Press, vol. 34(03), pages 710-731, September.
  13. Fremdling, Rainer & Tilly, Richard, 1976. "German Banks, German Growth, and Econometric History," The Journal of Economic History, Cambridge University Press, vol. 36(02), pages 416-424, June.
  14. 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.
  15. 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.
  16. Fohlin,Caroline, 2007. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521810203, December.
  17. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
  18. John Komlos, . "The Kreditbanken and German Growth: A Postscript," Articles by John Komlos 39, Department of Economics, University of Munich.
  19. 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 677-86, December.
  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. Ibbotson, Roger G., 1975. "Price performance of common stock new issues," Journal of Financial Economics, Elsevier, vol. 2(3), pages 235-272, September.
  22. 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.
  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 421-49, June.
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