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

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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: 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: [innovation, patents, IPO, stock exchange]

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: Germany

Universe: All IPOs at the Berlin stock exchange

Data Type(s): other:

Methodology

Unit(s) of Observation: IPO,

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Published Versions

V1 [2019-10-12]

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