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ResearchPaper
2014
The geography of stock exchanges in Imperial Germany
The geography of stock exchanges in Imperial Germany
Abstract (English)
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.
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Publication license
Publication series
FZID discussion papers; 89
Published in
Faculty
Faculty of Business, Economics and Social Sciences
State Institutes
State Institutes
Institute
Institute of Economics
Forschungszentrum Innovation und Dienstleistung
Forschungszentrum Innovation und Dienstleistung
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Edition / version
Citation
Identification
DOI
ISSN
ISBN
Language
English
Publisher
Publisher place
Classification (DDC)
330 Economics
Original object
Free keywords
Standardized keywords (GND)
Sustainable Development Goals
BibTeX
@techreport{Lehmann-Hasemeyer2014,
url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5816},
author = {Lehmann-Hasemeyer, Sibylle and Burhop, Carsten},
title = {The geography of stock exchanges in Imperial Germany},
year = {2014},
school = {Universität Hohenheim},
series = {FZID discussion papers},
}