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dc.contributor.authorLehmann, Sibylle H.en_US
dc.date.accessioned2012-10-18en_US
dc.date.accessioned2012-10-19T13:54:04Z-
dc.date.available2012-10-19T13:54:04Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:bsz:100-opus-7702en_US
dc.identifier.urihttp://hdl.handle.net/10419/65377-
dc.description.abstractLarge universal banks played a major role for Germany's industrialisation because they provided loans to the industry and thereby helped firms to overcome liquidity constraints. Previous research has also argued that they were equally important on the German stock market. The present paper provides quantitative and qualitative evidence that although the market for underwriters was dominated by a small oligopoly of six large banks, there was still perceptible competition, which kept fees and short run profits low. Another interesting finding of the paper is the absence of a signalling effect to investors. Neither underpricing nor the one year performance was different for the IPOs issued by one of the Big Six. Thus, although the German IPO business was in the hands of a small oligopoly, investors did not benefit from the lack of competition. One explanation is that the quality of IPOs on the German stock market of the time was very good in general caused by the competition between underwriters, but also by the tight regulation of underwriting, which ensured the quality of all firms on the German stock market.en_US
dc.language.isoengen_US
dc.publisherUniv. Hohenheim, Forschungszentrum Innovation und Dienstleistung Stuttgarten_US
dc.relation.ispartofseriesFZID Discussion Papers 58-2012en_US
dc.subject.jelG21en_US
dc.subject.jelG24en_US
dc.subject.jelN23en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Historyen_US
dc.subject.keywordUniversal Banksen_US
dc.subject.keywordIPOsen_US
dc.titleTaking firms to the stock market: IPOs and the importance of large banks in Imperial Germany 1896 - 1913en_US
dc.typeWorking Paperen_US
dc.identifier.ppn727859196en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:fziddp:582012-
Appears in Collections:FZID Discussion Papers, Universität Hohenheim

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