Industrialisation , innovation , IPO and stock exchange
Abstract:
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.
Dieser Eintrag ist Teil der Universitätsbibliographie.
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