Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/66523 
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dc.contributor.authorLehmann, Sibylle H.en
dc.contributor.authorHauber, Philippen
dc.contributor.authorOpitz, Alexanderen
dc.date.accessioned2012-11-05-
dc.date.accessioned2012-11-20T13:01:29Z-
dc.date.available2012-11-20T13:01:29Z-
dc.date.issued2012-
dc.identifier.piurn:nbn:de:bsz:100-opus-7761en
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
dc.language.isoengen
dc.publisher|aUniversität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID) |cStuttgarten
dc.relation.ispartofseries|aFZID Discussion Paper |x59-2012en
dc.subject.jelG11en
dc.subject.jelG14en
dc.subject.jelG18en
dc.subject.jelD72en
dc.subject.jelN23en
dc.subject.jelN43en
dc.subject.ddc330en
dc.subject.keywordFinancial Historyen
dc.subject.keywordTaxationen
dc.subject.keywordStock Marketsen
dc.subject.keywordEvent Studyen
dc.subject.keywordInvestorsen
dc.subject.keywordSuffrageen
dc.subject.keywordElectionsen
dc.subject.stwWahlrechten
dc.subject.stwDemokratisierungen
dc.subject.stwSteuergeschichteen
dc.subject.stwPublic Choiceen
dc.subject.stwBörsenkursen
dc.subject.stwUnternehmenen
dc.subject.stwSachsenen
dc.titlePolitical rights, taxation, and firm valuation: Evidence from Saxony around 1900-
dc.typeWorking Paperen
dc.identifier.ppn729172406en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:fziddp:592012en

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