The Berlin Stock Exchange in Imperial Germany: A Market for New Technology?
分析了1892至1913年间474家德国公司上市案例，发现创新企业能从柏林股市获得融资，其IPO折价低、首日交易价高且无长期表现不佳，表明当时柏林交易所已是运作良好的新技术市场。
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.