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dc.contributor.authorLehmann, Sibylle H.en_US
dc.contributor.authorHauber, Philippen_US
dc.contributor.authorOpitz, Alexanderen_US
dc.date.accessioned2012-11-05en_US
dc.date.accessioned2012-11-20T13:01:29Z-
dc.date.available2012-11-20T13:01:29Z-
dc.date.issued2012en_US
dc.identifier.piurn:nbn:de:bsz:100-opus-7761en_US
dc.identifier.urihttp://hdl.handle.net/10419/66523-
dc.description.abstractThe extension of the franchise to social groups with less property and income is associated with greater income redistribution from the rich to the poor and extension in the provision of public goods, which leads to the growth of government expenditure. All of these expected changes are costly and therefore a higher taxation of citizens and industrial firms can be expected, which might have negative effects on investors behavior. The present paper studies the effects of changes in the suffrage in the Kingdom of Saxony at the end of the 19th Century on stock market prices of Saxon firms listed on the Berlin stock exchange: Here the electoral law was changed twice: In 1896 a very restrictive franchise was introduced, which was abolished in 1909 and replaced by a more democratic electoral law. By applying standard event study methodology, we can provide evidence that the restriction of the electoral law had positive effects on Saxon firms on the stock market, whereby the extension in 1909 had negative effects on the stock market.en_US
dc.language.isoengen_US
dc.publisherUniv. Hohenheim, Forschungszentrum Innovation und Dienstleistung Stuttgarten_US
dc.relation.ispartofseriesFZID Discussion Papers 59-2012en_US
dc.subject.jelG11en_US
dc.subject.jelG14en_US
dc.subject.jelG18en_US
dc.subject.jelD72en_US
dc.subject.jelN23en_US
dc.subject.jelN43en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Historyen_US
dc.subject.keywordTaxationen_US
dc.subject.keywordStock Marketsen_US
dc.subject.keywordEvent Studyen_US
dc.subject.keywordInvestorsen_US
dc.subject.keywordSuffrageen_US
dc.subject.keywordElectionsen_US
dc.subject.stwWahlrechten_US
dc.subject.stwDemokratisierungen_US
dc.subject.stwSteuergeschichteen_US
dc.subject.stwPublic Choiceen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwUnternehmenen_US
dc.subject.stwSachsenen_US
dc.titlePolitical rights, taxation, and firm valuation: Evidence from Saxony around 1900en_US
dc.typeWorking Paperen_US
dc.identifier.ppn729172406en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:fziddp:592012-
Appears in Collections:FZID Discussion Papers, Universität Hohenheim

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