Replication data for: The Berlin Stock Exchange in Imperial Germany: A Market for New Technology?

Principal Investigator(s):  View help for Principal Investigator(s) Sibylle Lehmann-Hasemeyer; Jochen Streb

Version:  View help for Version V1

Name File Type Size Last Modified
  AER-2015-0626_data_and_dofiles 10/20/2021 09:00:AM
LICENSE.txt text/plain 14.6 KB 10/12/2019 12:24:AM

Project Citation: 

Lehmann-Hasemeyer, Sibylle, and Streb, Jochen. Replication data for: The Berlin Stock Exchange in Imperial Germany: A Market for New Technology? Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113064V1

Project Description

Summary:  View help for Summary Analyzing 474 cases of firms going public in the German capital between 1892 and 1913, we show that innovative firms could rely on the Berlin stock market as a source of financing. Our data also reveal that initial public offerings (IPO) of innovative firms were characterized by particularly low underpricing, comparatively high first trading prices, and no long-run underperformance. We interpret these empirical results as evidence for the surprising fact that in the period of the Second Industrial Revolution the Berlin stock exchange was already a well-functioning market for new technology.

Scope of Project

Subject Terms:  View help for Subject Terms innovation; patents; IPO; stock exchange
JEL Classification:  View help for JEL Classification
      G14 Information and Market Efficiency; Event Studies; Insider Trading
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      G24 Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
      G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
      N23 Economic History: Financial Markets and Institutions: Europe: Pre-1913
Geographic Coverage:  View help for Geographic Coverage Germany
Time Period(s):  View help for Time Period(s) 1896 – 1914
Universe:  View help for Universe All IPOs at the Berlin stock exchange
Data Type(s):  View help for Data Type(s) other:

Methodology

Unit(s) of Observation:  View help for Unit(s) of Observation IPO,

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Published Versions

V1 [2019-10-12]

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