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- Title
Zielkonflikte bei Aktienerstemissionen?
- Authors
Gehlen, Boris
- Abstract
The law & finance literature often assumes that financial institutions in Germany, especially in the stock market, were less workable than for example in the U.S. or Great Britain due to extensive state regulation. This article analyses the regulation and admission to listing practices for (initial) public offerings in Germany from 1870 to 1932. It argues, by contrast, that state regulation in the German stock market largely enabled self-regulation and that a closer look at market practices indicates that the written law only offered a framework and left the stock exchanges great scope for manoeuvre. In the end, the German regulatory system came close to what law & finance literature describes as a most efficient market order.
- Subjects
GERMANY; LICENSE agreements; STOCK exchanges; FINANCIAL markets; GOING public (Securities); STATE regulation; HISTORY
- Publication
Jahrbuch für Wirtschaftsgeschichte, 2018, Vol 59, Issue 1, p39
- ISSN
0075-2800
- Publication type
Article
- DOI
10.1515/jbwg-2018-0003