The persistence of ownership inequality – investors on the Germanstock exchanges, 1869-1945

Neumayer, Andreas; Lehmann-Hasemeyer, Sibylle

The persistence of ownership inequality – investors on the Germanstock exchanges, 1869-1945

dc.contributor.author	Neumayer, Andreas	de
dc.contributor.author	Lehmann-Hasemeyer, Sibylle	de
dc.date.accessioned	2024-04-08T08:56:16Z
dc.date.available	2024-04-08T08:56:16Z
dc.date.created	2018-09-26
dc.date.issued	2018
dc.description.abstract	We study the ownership structure of joint-stock firms for the period of 1869 to 1945 based on a unique hand-collected data set. The data covers a selection of 785 general meetings of 276 firms, including details of more than 10,000 investors. We show that after the hyperinflation of 1923, when shares became cheaper, the ownership share among lower social classes rose significantly. Moreover, with the rise of women rights after 1919, the number of shares owned by women also increased significantly. However, despite these shifts, the majority of shares remained in the hands of institutional investors and investors from the upper class, who mainly constituted and controlled the general meetings. Thus, despite the increased participation of women and the lower social classes, a stark inequality of opportunities persisted.	en
dc.identifier.swb	511436416
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/6305
dc.identifier.urn	urn:nbn:de:bsz:100-opus-15252
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheim discussion papers in business, economics and social sciences; 2018,20
dc.rights.license	publ-mit-pod	en
dc.rights.license	publ-mit-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_mit_pod.php
dc.subject	Stock exchanges	en
dc.subject	Investors	en
dc.subject	Characteristics	en
dc.subject	Investment behaviour	en
dc.subject.ddc	330
dc.subject.gnd	Börse	de
dc.subject.gnd	Investor	de
dc.subject.gnd	Anlageverhalten	de
dc.title	The persistence of ownership inequality – investors on the Germanstock exchanges, 1869-1945	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	3	de
local.institute.number	520	de
local.opus.number	1525
local.series.issueNumber	2018,20
local.series.title	Hohenheim discussion papers in business, economics and social sciences
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institute for Economics	en
local.university.institute	Institut für Volkswirtschaftslehre	de

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