Taking firms to the stock market : IPOs and the importance of large banks in imperial Germany 1896-1913

Lehmann, Sibylle H.

Taking firms to the stock market : IPOs and the importance of large banks in imperial Germany 1896-1913

dc.contributor.author	Lehmann, Sibylle H.	de
dc.date.accessioned	2024-04-08T08:47:31Z
dc.date.available	2024-04-08T08:47:31Z
dc.date.created	2012-10-18
dc.date.issued	2012
dc.description.abstract	Large universal banks played a major role for Germany?s industrialisation because they provided loans to the industry and thereby helped firms to overcome liquidity constraints. Previous research has also argued that they were equally important on the German stock market. The present paper provides quantitative and qualitative evidence that although the market for underwriters was dominated by a small oligopoly of six large banks, there was still perceptible competition, which kept fees and short run profits low. Another interesting finding of the paper is the absence of a signalling effect to investors. Neither underpricing nor the one year performance was different for the IPOs issued by one of the Big Six. Thus, although the German IPO business was in the hands of a small oligopoly, investors did not benefit from the lack of competition. One explanation is that the quality of IPOs on the German stock market of the time was very good in general caused by the competition between underwriters, but also by the tight regulation of underwriting, which ensured the quality of all firms on the German stock market.	en
dc.identifier.swb	372362168
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/5633
dc.identifier.urn	urn:nbn:de:bsz:100-opus-7702
dc.language.iso	eng
dc.relation.ispartofseries	FZID discussion papers; 58
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	Universal banks	en
dc.subject	IPOs	en
dc.subject.ddc	330
dc.subject.gnd	Going Public	de
dc.subject.gnd	Aktienmarkt	de
dc.title	Taking firms to the stock market : IPOs and the importance of large banks in imperial Germany 1896-1913	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.export.bibtex	@techreport{Lehmann2012, url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5633}, author = {Lehmann, Sibylle H.}, title = {Taking firms to the stock market : IPOs and the importance of large banks in imperial Germany 1896-1913}, year = {2012}, school = {Universität Hohenheim}, series = {FZID discussion papers}, }
local.export.bibtexAuthor	Lehmann, Sibylle H.
local.export.bibtexKey	Lehmann2012
local.export.bibtexType	@techreport
local.faculty.number	7	de
local.faculty.number	3	de
local.institute.number	795	de
local.institute.number	520	de
local.opus.number	770
local.series.issueNumber	58
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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