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Empirical Capital Market Research in Germany

In: Ideengeschichte der BWL II

Author

Listed:
  • Wolfgang Bessler

    (University of Hamburg)

  • Reinhard H. Schmidt

    (Goethe-University Frankfurt am Main)

Abstract

The article classifies and evaluates the empirical capital market research for Germany for the last 50 years and relates it to U.S. findings, where research already started in the 1960s. Interestingly, significant differences remain. Topics we discuss are asset-pricing models, information efficiency, and market anomalies, as well as initial public offerings, seasoned equity offerings, and preferred shares. We also reflect on the New Economy period and the Neuer Markt around the turn of the millennium, revealing conflicts of interest in the German universal banking system and shortcomings in capital market regulation. We also discuss the recent research for each topic.

Suggested Citation

  • Wolfgang Bessler & Reinhard H. Schmidt, 2022. "Empirical Capital Market Research in Germany," Springer Books, in: Wenzel Matiaske & Dieter Sadowski (ed.), Ideengeschichte der BWL II, pages 271-306, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-35155-7_11
    DOI: 10.1007/978-3-658-35155-7_11
    as

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