Germany's historical national accounts are controversially discussed in a series of recent papers by Fremdling and Stäglin (2004, 2005), Ritschl (2004) and Burhop and Wolff (2005). The growth of the German economy during the nineteenth century, the level of economic development reached in 1913...

In this article, we investigate the information efficiency of the Berlin stock exchange using returns of a new daily stock-market index for the years 1892–1913. We focus on the impact of the 1896 stock exchange law and of the increases of the stock-market turnover tax in 1894 and 1900 on...