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SUMMARY:The Value of Regulation and Reputation: Going Public in London and
  Berlin\, 1900-1913 - Dr David Chambers ( Judge Business School)
DTSTART:20101011T160000Z
DTEND:20101011T180000Z
UID:TALK26132@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:The emergence of an active IPO market was essential to the pro
 cess of\ncapital market development. A well-functioning market required th
 e trust of\npublic investors as ownership separated from control. Previous
  research has\nbeen inconclusive as to how effective were regulation and r
 eputation in\nestablishing the IPO market. In this paper we undertake a co
 mparative study\nof the IPO markets between 1900 and 1913 in regulated Ber
 lin and\nlaissez-faire London\, where two-thirds of IPOs occurred by way o
 f the\nunregulated Special Settlement method. All IPOs on the Berlin stock
  exchange\nsurvived and on average they made money for investors and perfo
 rmed in line\nwith the market. In London\, however\, as many as one in fiv
 e Special\nSettlement IPOs failed and investors were wiped out. Whilst the
 re were some\nlong-term "winners" amongst these London IPOs\, investors sa
 w these gains\noverwhelmed by their losses. Here was early evidence that u
 nregulated and\nuncertified IPO markets were bad for investor wealth.\n\nT
 here are seats remaining at dinner. Please contact ddc22 to register.
LOCATION:Lucia Windsor Room\, Newnham College
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