Sibylle Lehmann: Die Bedeutung der Emissionsbanken auf dem deutschen Aktienmarkt 1896–1913

This research project aims at investigating the importance of certain banks and bank groups on the market for initial public offerings in Imperial Germany from 1896 to 1913. One can observe a small oligopoly at the top of the market, consisting of the same universal banks that dominated other financial services such as government bonds and loans. Furthermore the market became more and more concentrated over time. However, the main finding of the project is that this did not directly translate in market power. The market was still quite competitive and firm-banks relationship depended on performance of the first issues.

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