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dc.contributor.authorBurhop, Carstenen
dc.date.accessioned2009-07-31-
dc.date.accessioned2010-05-14T12:02:07Z-
dc.date.available2010-05-14T12:02:07Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/32236-
dc.description.abstractIn this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were extraordinary low and averaged less than five percent, even during the speculative period of the early 1870s. Moreover, standard underpricing theories based on asymmetric information, signalling mechanisms, or litigation risk cannot explain underpricing. In contrast to modern markets, the past market return had a negative influence on initial returns. Finally, we show that cash-flow relevant information contained in the corporate charter were readily factored in the first market price. Thus, the historical capital market differed from today's market, but seems to have been efficient.en
dc.language.isoengen
dc.publisher|aMax Planck Institute for Research on Collective Goods |cBonnen
dc.relation.ispartofseries|aPreprints of the Max Planck Institute for Research on Collective Goods |x2008,46en
dc.subject.jelN23en
dc.subject.jelN43en
dc.subject.jelG18en
dc.subject.ddc330en
dc.subject.keywordInitial public offeringsen
dc.subject.keywordFinancial historyen
dc.subject.keywordGermany pre-1913en
dc.subject.stwUnderpricingen
dc.subject.stwWertpapieremissionen
dc.subject.stwKapitalertragen
dc.subject.stwBörsenkursen
dc.subject.stwEffizienzmarkttheseen
dc.subject.stwDeutschland (bis 1945)en
dc.titleThe underpricing of initial public offerings in imperial Germany, 1870-1896-
dc.typeWorking Paperen
dc.identifier.ppn605763836en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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