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The geography of stock exchanges in Imperial Germany

Author

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  • Burhop, Carsten
  • Lehmann-Hasemeyer, Sibylle H.

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.

Suggested Citation

  • Burhop, Carsten & Lehmann-Hasemeyer, Sibylle H., 2014. "The geography of stock exchanges in Imperial Germany," FZID Discussion Papers 89-2014, University of Hohenheim, Center for Research on Innovation and Services (FZID).
    • Handle: RePEc:zbw:fziddp:892014
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    Cited by:

    1. Hannah, Leslie & Kasuya, Makoto, 2015. "Twentieth century enterprise forms: Japan in comparative perspective," LSE Research Online Documents on Economics 64489, London School of Economics and Political Science, LSE Library.
    2. HANNAH, Leslie, 2018. "Corporate Governance, Accounting Transparency and Stock Exchange Sizes in Germany, Japan and “Anglo-Saxon” Economies, 1870-1950," Discussion paper series HIAS-E-77, Hitotsubashi Institute for Advanced Study, Hitotsubashi University.
    3. Sibylle Lehmann-Hasemeyer & Jochen Streb, 2016. "The Berlin Stock Exchange in Imperial Germany: A Market for New Technology?," American Economic Review, American Economic Association, vol. 106(11), pages 3558-3576, November.
    4. Lehmann-Hasemeyer, Sibylle & Streb, Jochen, 2017. "Does Social Security crowd out Private Savings? The Case of Bismarck’s System of Social Insurance," IBF Paper Series 06-17, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    5. Campbell, Gareth & Rogers, Meeghan & Turner, John D., 2016. "The rise and decline of the UK's provincial stock markets, 1869-1929," QUCEH Working Paper Series 2016-03, Queen's University Belfast, Queen's University Centre for Economic History.

    More about this item

    Keywords

    Financial development; Regional stock exchanges; IPOs; Germany; Economic history;
    All these keywords.

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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