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SUMMARY:Stock market development in Germany: 1869-1925 - Dr Carsten Burhop
 \, MPI for Research on Collective Goods
DTSTART:20101213T170000Z
DTEND:20101213T190000Z
UID:TALK26129@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:The German financial system is typically considered to be bank
 -based financial system. Yet\, recent research shows that the relevance of
  bank credits for corporate finance declined during the late 19th and earl
 y 20th century. Moreover\, it has been suggested that banks nonetheless re
 mained important financial intermediaries since they acted as gatekeepers 
 to the stock market. We show that a large stock market developed in German
 y between the 1870s and World War I. Moreover\, we demonstrate that banks 
 were indeed important intermediaries between corporations going public and
  investors. To support our hypothesis\, we present newly collected data ab
 out the number and value of firms listed in Germany at various points in t
 ime between 1869 and 1925.    \n\nThis paper is joint work with Sibylle Le
 hmann. Those interested in joining us for dinner should contact ddc22.\n
LOCATION:Lucia Windsor Room\, Newnham College
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