Fohlin, Caroline; Reinhold, Steffen - In: Cliometrica, Journal of Historical Economics and … 4 (2010) 1, pp. 75-96
We provide new evidence on the efficiency of the Berlin Stock Exchange prior to World War I, when it ranked among the top few markets worldwide by market capitalization. Using a new set of monthly stock price data for a random sample of German companies between 1904 and 1910, we estimate a...