Regulating IPOs: Evidence from Going Public in London and Berlin, 1900-1913

C. Burhop, D. Chambers, B. Cheffins
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引用次数: 3

Abstract

We revisit debates on the regulation of IPOs by analyzing failure rates of IPOs carried out between 1900 and 1913 on the London and Berlin stock exchanges, two of the leading financial markets during the early 20th century. IPOs were regulated more heavily in Germany than in Britain and, as might be expected, the failure rate of IPOs on the Berlin Stock Exchange was lower than it was on the London Stock Exchange. On the other hand, the failure rate of IPOs obtaining an “Official Quotation” on the London Stock Exchange was almost as low as Berlin’s. Moreover, while tough regulation of IPOs can result in a counterproductive restriction of investment choice, in the case of a London Stock Exchange junior market known as the Special Settlement sector post-IPO performance was sufficiently poor to suggest that tighter regulation would have been beneficial to the average investor.
监管ipo: 1900-1913年伦敦和柏林上市的证据
我们通过分析1900年至1913年在伦敦和柏林证券交易所(20世纪早期的两个主要金融市场)进行的首次公开募股的失败率,重新审视有关首次公开募股监管的辩论。德国对首次公开募股的监管比英国更严格,正如人们所预料的那样,柏林证券交易所首次公开募股的失败率低于伦敦证券交易所。另一方面,在伦敦证券交易所获得“官方报价”的ipo失败率几乎与柏林一样低。此外,尽管对ipo的严格监管可能导致对投资选择的适得其反的限制,但在伦敦证券交易所(London Stock Exchange)被称为特别结算(Special Settlement)的次级市场,ipo后的表现非常糟糕,表明更严格的监管本来会对普通投资者有利。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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