| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10558 |
| DP10558 The Berlin Stock Exchange in Imperial Germany ? a Market for New Technology? | |
| [unavailable] | |
| 发表日期 | 2015-04-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Analysing 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. The 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 contemporary investors had rational expectations. |
| 主题 | Economic History |
| 关键词 | Industrialisation Innovation Ipo Stock exchange |
| URL | https://cepr.org/publications/dp10558 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539390 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP10558 The Berlin Stock Exchange in Imperial Germany ? a Market for New Technology?. 2015. |
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