Germany's historical national accounts are controversially discussed in a series of recent papers by Fremdling and Stäglin (2004, 2005), Ritschl (2004) and Burhop and Wolff (2005). The growth of the German economy during the nineteenth century, the level of economic development reached in 1913...

The present paper proposes to employ a major shift in the legal and institutional environment to identify contractual incentives from the correlation of executive pay and firm performance. We use the reform of the German stock companies act in 1884 as such a major shift and estimate the...

We analyse the relation of firm performance and managerial turnover in 19th century German banking by probit estimation. This period covers a major reform of corporate governance. Before the reform performance and turnover were unrelated, whereas after the reform more successful managers left...

23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a certain exchange. Large firms tend to be listed...

This study assesses the impact of self-regulation on equity markets by analysing IPO failure rates on the London Stock Exchange during 1900–13. Focussing on differences between Official Quotation (OQ) and Special Settlement (SS) methods of going public, we find that the failure rate of IPOs by...