Sibylle Lehmann-Hasemeyer: Regional stock exchanges to alleviate information asymmetries?
| Termin |
Donnerstag, 7. Juli 2022, 16.15 - 18.00 Uhr |
|---|---|
| Veranstaltungsart | Vorlesung/Vortrag |
| Reihe | Forschungsseminar "Economic History, Growth & Development" |
| Einrichtung | Wirtschaftswissenschaftlicher Bereich |
| Veranstalter | Lehrstuhl für Empirische Makroökonomik, Prof. Dr. Lars Börner |
| Veranstaltungsort | online |
| Straße | online |
| PLZ/Ort | onlin online |
Beschreibung
Regional stock exchanges to alleviate information asymmetries? Evidence from 120 years of going public in Germany.
Information asymmetry is a major obstacle to credit access. This is particularly severe for small, innovative firms. Due to the misallocation of resources this may hamper regional growth. While firm characteristics are given; the government may alleviate asymmetry with improving the financial infrastructure. This could be done for instance with regional stock exchanges, since potential investors in spatial proximity may “know” the firm better.
We test this hypothesis based on a sample of all IPOs that took place in Germany in the period 1897 to 2016. To identify causality, we use the fact that several regional stock exchanges closed in the 1930s or were lost due to territorial losses after 1945. While in the 19th century, we observe 22 stock exchanges in Germany, we only observe eight after 1949.
Hinweise
Die Veranstaltung findet online statt. Die Zugangsdaten sind beim Veranstalter zu erfragen.