Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/98252
Authors: 
Burhop, Carsten
Lehmann-Hasemeyer, Sibylle H.
Year of Publication: 
2014
Series/Report no.: 
FZID Discussion Paper 89-2014
Abstract: 
23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a certain exchange. Large firms tend to be listed and tend to go public at the Berlin Stock Exchange, while the regional stock exchanges were important hosts for small and medium-sized firms. Borders and distance affect listing decisions, suggesting that a patriotic home bias and asymmetric information between issuer and investors affected listing decisions.
Subjects: 
Financial development
Regional stock exchanges
IPOs
Germany
Economic history
JEL: 
N23
G23
R12
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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