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Title:Is regulation essential to stock market development? Going public in London and Berlin, 1900-1913 PDF Logo
Authors:Burhop, Carsten
Chambers, David
Cheffins, Brian
Issue Date:2011
Series/Report no.:Preprints of the Max Planck Institute for Research on Collective Goods 2011,15
Abstract:This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received law and finance wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official quotations on the London Stock Exchange performed as well as Berlin IPOs despite the Berlin market being more extensively regulated than the laissez faire London market. Moreover, the IPO failure rate on these two stock markets was lower than it was with better regulated US IPOs later in the 20th century.
Subjects:regulation
financial history
law and finance
initial public offering
investor protection
JEL:G32
K22
N23
G18
G38
G14
G24
Document Type:Working Paper
Appears in Collections:Preprints of the Max Planck Institute for Research on Collective Goods

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