In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 … during the speculative period of the early 1870s. Moreover, standard underpricing theories based on asymmetric information …, signalling mechanisms, or litigation risk cannot explain underpricing. In contrast to modern markets, the past market return had …

In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 … during the speculative period of the early 1870s. Moreover, standard underpricing theories based on asymmetric information …, signalling mechanisms, or litigation risk cannot explain underpricing. In contrast to modern markets, the past market return had …

the involvement of professional investment banking services. IPOs over-pricing in the early decades gives way to under-pricing …

the involvement of professional investment banking services. IPOs over-pricing in the early decades gives way to under-pricing …

involvement of professional investment banking services. IPOs over-pricing in the early decades gives way to under-pricing in the …

far more numerous than actual IPOs. IPOs in Greece remained unregulated throughout the period. Their under-pricing became …