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Transaction costs, liquidity and expected returns at the Berlin stock exchange, 1892-1913
Burhop, Carsten; Gelman, Sergey - 2010
We estimate effective spreads and round-trip transaction costs at the Berlin Stock Exchange for the period 1892-1913 using daily stock market returns for a sample of 27 stocks. Our results show that transaction costs at the main stock exchange in a bank-based financial system at the turn of the...
Persistent link: https://www.econbiz.de/10010270431
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How government bond prices reflect wartime events: The case of the Stockholm market
Waldenström, Daniel; Frey, Bruno S. - 2002
. Unlike in countries involved in WWII, this market was unregulated. The outbreak of World War II heavily depressed prices of … substantially. The battle of Stalingrad turns out indeed to be a turning-point of the war. This approach represents a complementary …
Persistent link: https://www.econbiz.de/10010281153
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The underpricing of initial public offerings in imperial Germany, 1870-1896
Burhop, Carsten - 2008
In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were extraordinary low and averaged less than five percent, even during the speculative period of the early 1870s....
Persistent link: https://www.econbiz.de/10010266992
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Is regulation essential to stock market development? Going public in London and Berlin, 1900-1913
Burhop, Carsten; Chambers, David; Cheffins, Brian - 2011
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received law and finance wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...
Persistent link: https://www.econbiz.de/10010286711
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Using Markets to Measure Pre-War Threat Assessments: The Nordic Countries Facing World War II
Waldenström, Daniel; Frey, Bruno S. - 2006
increased threats of war prior to the World War II outbreak. This would explain, and possibly excuse, why their governments did … widely held war threat assessments from the fluctuations of sovereign market yields collected from all Nordic bond markets at … this period. Our results show that the Nordic contemporaries indeed perceived significant war risk increases around the …
Persistent link: https://www.econbiz.de/10010320043
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Stock markets and business cvycle comovement in Germany before World War I: Evidence from spectral analysis
Ritschl, Albrecht; Uebele, Martin - 2005
This paper examines the comovement of the stock market and of real activity in Germany before World War I under the …
Persistent link: https://www.econbiz.de/10010263613
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Was Weber Wrong? A Human Capital Theory of Protestant Economic History
Becker, Sascha O.; Wößmann, Ludger - 2007
Max Weber attributed the higher economic prosperity of Protestant regions to a Protestant work ethic. We provide an alternative theory, where Protestant economies prospered because instruction in reading the Bible generated the human capital crucial to economic prosperity. County-level data from...
Persistent link: https://www.econbiz.de/10010427495
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Brain drain in the age of mass migration: Does relative inequality explain migrant selectivity?
Stolz, Yvonne; Baten, Jörg - 2012
Brain drain is a core economic policy problem for many developing countries today. Does relative inequality in source and destination countries influence the brain-drain phenomenon? We explore human capital selectivity during the period 1820-1909.We apply age heaping techniques to measure human...
Persistent link: https://www.econbiz.de/10010280801
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Cartels, managerial incentives, and productive efficiency in German coal mining, 1881-1913
Burhop, Carsten; Lübbers, Thorsten - 2008
In this paper, we evaluate the impact of cartelisation and managerial incentives on the productive efficiency of German coal mining corporations. We focus on coal mining in the Ruhr district, Germany's main mining area. We use stochastic frontier analysis and an unbalanced dynamic panel data set...
Persistent link: https://www.econbiz.de/10010264842
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Liquidity measures, liquidity drivers and expected returns on an early call auction market
Burhop, Carsten; Gelman, Sergey - 2011
We analyze the determinants of illiquidity and its impact on asset pricing for purely call-auction traded stocks on Berlin Stock Exchange using 22 years of daily data (1892-1913). We use the Lesmond et al. (1999) measure of transaction costs to proxy illiquidity. We show that transaction costs...
Persistent link: https://www.econbiz.de/10010286700