Taking Firms to the Stock Market: IPOs and the Importance of Large Banks in Imperial Germany, 1896–1913
Taking Firms to the Stock Market: IPOs and the Importance of Large Banks in Imperial Germany, 1896–1913
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将企业带入股票市场：首次公开募股和德意志帝国大型银行的重要性，1896 年至 1913 年
DOI：
10.1111/1468-0289.12016
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发表时间：
2014
期刊：
影响因子：
--
通讯作者：
Lehmann
中科院分区：
文献类型：
--
作者：
Lehmann
大型全能银行在德国工业化中发挥了重要作用，因为它们向工业提供贷款，从而帮助企业克服流动性限制。此前的研究还认为，它们对德国股市同样重要。本文提供了定量和定性的证据，表明尽管承销商市场由六家大型银行的小寡头垄断，但仍然存在明显的竞争，这使得费用和短期利润保持在较低水平。这里提出的另一个有趣的发现是缺乏对投资者的信号效应。六大巨头之一发行的首次公开募股无论是抑价还是一年表现都没有什么不同。因此，尽管德国IPO业务掌握在小寡头手中，但投资者并没有从缺乏竞争中受益。一种解释是，当时德国股市的IPO质量总体上非常好，这既是承销商之间竞争的结果，也是承销监管严格的结果，保证了德国股市所有企业的质量。
Large universal banks played a major role in Germany's industrialization because they provided loans to industry and thereby helped firms to overcome liquidity constraints. Previous research has also argued that they were equally important for the German stock market. This article provides quantitative and qualitative evidence that although the market for underwriters was dominated by a small oligopoly of six large banks, there was still perceptible competition, which kept fees and short‐run profits low. Another interesting finding presented here is the absence of a signalling effect to investors. Neither underpricing nor the one‐year performance was different for the IPOs issued by one of the Big Six. Thus, although the German IPO business was in the hands of a small oligopoly, investors did not benefit from the lack of competition. One explanation is that the quality of IPOs on the German stock market of the time was very good in general as a result of the competition between underwriters, but also as a result of the tight regulation of underwriting, which ensured the quality of all firms on the German stock market.
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