Political rights, taxation, and firm valuation : evidence from Saxony around 1900

Opitz, Alexander; Lehmann, Sibylle H.; Hauber, Philipp

Political rights, taxation, and firm valuation : evidence from Saxony around 1900

dc.contributor.author	Opitz, Alexander	de
dc.contributor.author	Lehmann, Sibylle H.	de
dc.contributor.author	Hauber, Philipp	de
dc.date.accessioned	2024-04-08T08:47:36Z
dc.date.available	2024-04-08T08:47:36Z
dc.date.created	2012-11-05
dc.date.issued	2012
dc.description.abstract	The 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, where by the extension in 1909 had negative effects on the stock market.	en
dc.identifier.swb	373233639
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5639
dc.identifier.urn	urn:nbn:de:bsz:100-opus-7761
dc.language.iso	eng
dc.relation.ispartofseries	FZID discussion papers; 59
dc.rights.license	publ-ohne-pod	en
dc.rights.license	publ-ohne-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_ubh.php
dc.subject	Financial history	en
dc.subject	Taxation	en
dc.subject	Stock market	en
dc.subject	Event study	en
dc.subject	Investor	en
dc.subject	Suffrage	en
dc.subject	Election	en
dc.subject.ddc	330
dc.subject.gnd	Steuer	de
dc.subject.gnd	Sachsen	de
dc.subject.gnd	Aktienmarkt	de
dc.subject.gnd	Geschichte	de
dc.title	Political rights, taxation, and firm valuation : evidence from Saxony around 1900	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.faculty.number	7	de
local.faculty.number	3	de
local.institute.number	795	de
local.institute.number	520	de
local.opus.number	776
local.series.issueNumber	59
local.series.title	FZID discussion papers
local.university	Universität Hohenheim	de
local.university.faculty	Landesanstalten	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Forschungszentrum Innovation und Dienstleistung	de
local.university.institute	Institute for Economics	en
local.university.institute	Institut für Volkswirtschaftslehre	de

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