Project Description
By the end of the 19th Century 23 Stock Exchanges were in operation in Germany. This project aims at getting a clearer picture 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 and how important stock exchanges were for financing innovation.
Research Grants
Expectations and experience: What governed investment in banking stocks (1897 - 1931). Funded by DFG as part of the Priority programme (SPP 1859): Experience and Expectation: Historical Foundation of Economic Behaviour.
Involved Researchers
Carsten Burhop (Universität Bonn)
Sibylle Lehmann-Hasemeyer (sibylle.lehmann@uni-hohenheim.de)
Alexander Opitz
Project-related Publications
Lehmann-Hasemeyer, S. and Opitz, Alexander (2018). The value of active politicians on supervisory boards-Evidence from the Berlin stock exchange and the parliament in Interwar Germany. Scandinavian Economic History Review, forthcoming
Burhop, C. and S. Lehmann-Hasemeyer (Hg.) (2018). Börsengeschichte / Stock Market History. Jahrbuch für Wirtschaftsgeschichte 59(1), forthcoming.
Burhop, C. and Lehmann-Hasemeyer, S. (2016). The Berlin stock exchange and the geography of German stock markets in 1913. European Review of Economic History, 20(4), 429-451.
Lehmann-Hasemeyer, S. and Streb, J. (2016). The Berlin Stock Exchange in Imperial Germany – a Market for New Technology? American Economic Review, 106(11), 3558–3576.
Lehmann-Hasemeyer, S. and Burhop, C. (2014). The Geographic Conversion of German Stock Exchange Centres, 1913-37. Bankhistorisches Archiv, 40 (1-2), 23-37.
Lehmann-Hasemeyer, S., Hauber, P., Opitz, A. (2014). The political stock market in the German Kaiserreich - Do markets punish the extension of the suffrage to the benefit of the working class? Evidence from Saxony. Journal of Economic History, 74(4), 1140-1167.
Lehmann S. (2014). Taking Firms to the Stock Market: IPOs and the Importance of Large Banks in Imperial Germany 1896-1913. Economic History Review, 67(1), 92–122.
Lehmann S. (2011). Die Bedeutung der Emissionsbanken auf dem deutschen Aktienmarkt 1896-1913. Vierteljahresschrift für Sozial- und Wirtschaftsgeschichte, 98(3), 331-340.