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Displaying results 1 to 11 of 11.

  1. Real wages and labour productivity in Britain and Germany, 1871-1938
    a unified approach to the international comparison of living standards
    Author: Broadberry, Stephen N.; Burhop, Carsten
    Published: June 2009
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    Throughout the period 1871-1938, the average British worker was better off than the average German worker, but there were significant differences between major sectors. For the aggregate economy, the real wage gap was about the same as the labour... more

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    Throughout the period 1871-1938, the average British worker was better off than the average German worker, but there were significant differences between major sectors. For the aggregate economy, the real wage gap was about the same as the labour productivity gap, but again there were important sectoral differences. Compared to their productivity, German industrial workers were poorly paid, whereas German agricultural and service sector employees were overpaid. This affected the competitiveness of the two countries in these sectors. There were also impor-tant differences in comparative real wages by skill level, affecting the extent of poverty. -- Economic history ; Britain ; Germany ; Real wages

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/32224
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2009,18
    Subjects: Reallohn; Arbeitsproduktivität; Qualifikation; Industrie; Dienstleistungssektor; Komparativer Vorteil; Internationaler Wettbewerb; Vergleich; Großbritannien; Deutschland (bis 1945)
    Scope: Online-Ressource (35 S.), graph. Darst.
  2. The design of licensing contracts
    chemicals, pharmaceuticals, and electrical engineering in imperial Germany
    Author: Burhop, Carsten; Lübbers, Thorsten
    Published: 2011
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    We investigate a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. Our empirical results suggest that strategic behaviour seems to be relevant for the... more

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    We investigate a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. Our empirical results suggest that strategic behaviour seems to be relevant for the design of licensing contracts, whereas inventor moral hazard and risk aversion of licensor or licensee seem to be irrelevant. Moreover, our results suggest that uncertainty regarding the profitability of licensed technology influenced the design of licensing contracts. More specifically, profit sharing agreements or producer milestones were typically included into licensing contracts. -- Economic History ; Germany ; pre-1913 ; Licensing contracts ; Technology transfer

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/57506
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2011,18
    Subjects: Lizenz; Vertrag; Technologietransfer; Wettbewerbsstrategie; Industriegeschichte; Deutschland (bis 1945)
    Scope: Online-Ressource (PDF-Datei: 27 S., 407 KB)
  3. Liquidity measures, liquidity drivers and expected returns on an early call auction market
    Author: Burhop, Carsten; Gelʹman, Sergej V.
    Published: 2011
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    We analyze the determinants of illiquidity and its impact on asset pricing for purely call-auction traded stocks on Berlin Stock Exchange using 22 years of daily data (1892-1913). We use the Lesmond et al. (1999) measure of transaction costs to proxy... more

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    We analyze the determinants of illiquidity and its impact on asset pricing for purely call-auction traded stocks on Berlin Stock Exchange using 22 years of daily data (1892-1913). We use the Lesmond et al. (1999) measure of transaction costs to proxy illiquidity. We show that transaction costs were low and comparable to today's costs. Liquidity was negatively correlated with active informed trading, particularly being low for small and distressed stocks and in crises times. Liquidity concerns were a major driver of asset pricing: we find significant illiquidity level and illiquidity risk premia as well as an explicit premium for informed trading. -- Transaction Costs ; Liquidity Premium ; Informed Trading

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/57489
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2011,19
    Subjects: Börsenkurs; Marktliquidität; Risikoprämie; Insiderhandel; Geschichte; Deutschland (bis 1945)
    Scope: Online-Ressource (PDF-Datei: 34 S., 491 KB)
  4. Is regulation essential to stock market development?
    going public in London and Berlin, 1900-1913
    Author: Burhop, Carsten; Chambers, David; Cheffins, Brian
    Published: 2011
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received "law and finance" wisdom that legally mandated investor protection is pivotal to the development of... more

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    This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received "law and finance" wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official quotations on the London Stock Exchange performed as well as Berlin IPOs despite the Berlin market being more extensively regulated than the laissez faire London market. Moreover, the IPO failure rate on these two stock markets was lower than it was with better regulated US IPOs later in the 20th century. -- Regulation ; Financial history ; Law and finance ; initial public offering ; investor protection

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/57501
    Edition: This Vers.: July 2011
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2011,15
    Subjects: Börsengang; Finanzmarktregulierung; Kapitalmarktrecht; Börse; Geschichte; Deutschland (bis 1945); Großbritannien
    Scope: Online-Ressource (PDF-Datei: 37 S., 531 KB)
  5. Poverty and crime in 19th century Germany
    a reassessment
    Author: Traxler, Christian; Burhop, Carsten
    Published: 2010
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    Using panel data for Prussia during 1882 to 1910, we replicate Mehlum, Miguel, and Torvik's (2006) study on the causal effect of poverty on crime in 19th century Germany. In addition, our data set allows us to make several original contributions to... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Using panel data for Prussia during 1882 to 1910, we replicate Mehlum, Miguel, and Torvik's (2006) study on the causal effect of poverty on crime in 19th century Germany. In addition, our data set allows us to make several original contributions to the literature. We confirm the robust positive effect of poverty on property crime. Employing the rye price as a proxy for poverty, we show that the effect is less pronounced for provinces with a large agricultural sector. As Mehlum et al., we also find a strong negative impact of poverty on violent crime. However, once we account for beer consumption, this effect vanishes. -- Crime ; Poverty ; rye price ; beer ; weather ; Prussia

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/57471
    RVK Categories: PH 2360 ; PH 8520
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2010,35
    Subjects: Armut; Kriminalität; Alkoholkonsum; Gewalt; Sozialgeschichte; Schätzung; Preußen
    Scope: Online-Ressource (PDF-Datei: 15 S., 413 KB)
  6. The geography of stock exchanges in Imperial Germany
    Author: Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H.
    Published: 2014
    Publisher:  Univ. Hohenheim, Forschungszentrum Innovation und Dienstleistung, Stuttgart

    23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a... more

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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    DS 221 (89)
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    Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
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    23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a certain exchange. Large firms tend to be listed and tend to go public at the Berlin Stock Exchange, while the regional stock exchanges were important hosts for small and medium-sized firms. Borders and distance affect listing decisions, suggesting that a patriotic home bias and asymmetric information between issuer and investors affected listing decisions.

     
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/98252
    Series: FZID discussion papers ; 89-2014
    CC economics
    Subjects: Wirtschaftsgeschichte <Fach>; Börse; Going Public
    Scope: Online-Ressource
    Notes:

    Parallel als Druckausg. erschienen
  7. The historical market for technology licenses
    chemicals, pharmaceuticals, and electrical engineering in imperial Germany
    Author: Burhop, Carsten; Lübbers, Thorsten
    Published: 2009
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    We investigate a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. A regression analysis shows that licensing contracts closed before a patent was... more

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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    We investigate a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. A regression analysis shows that licensing contracts closed before a patent was granted and contracts closed between firms and individual inventors had a higher probability of including a profit-sharing clause. This supports Jensen and Thursby's (2001) model, who propose equity-sharing licensing contracts to solve moral hazard problems. Moreover, we show that milestones were a substitute for profit shares. Furthermore, exclusive licences offered a significantly higher profit share to the licensor. -- Economic History ; Germany ; pre-1913 ; Licensing contracts ; Technology transfer

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/32238
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2009,25
    Subjects: Lizenz; Erfolgsbeteiligung; Patent; Technologietransfer; Chemieindustrie; Pharmaindustrie; Elektroindustrie; Geschichte; Deutschland (bis 1945)
    Scope: Online-Ressource (27 S.)
  8. The transfer of patents in Imperial Germany
    Author: Burhop, Carsten
    Published: 2009
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    We describe the transfer of patents in late 19th- and early 20th- century Germany using a new and comprehensive database containing information on about 20,000 transactions. The number of transactions shows an upward trend, in total numbers and as a... more

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    Staats- und Universitätsbibliothek Bremen
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    We describe the transfer of patents in late 19th- and early 20th- century Germany using a new and comprehensive database containing information on about 20,000 transactions. The number of transactions shows an upward trend, in total numbers and as a share of patents in force. In total, about eight percent of patents were transferred at least once during their existence. Many transactions involved the transfer of patents with an above-average quality from individual inventors to firms and to newly-created - "entrepreneurial" - firms. In addition, valuable patents were transferred between firms. About two-thirds of all transfers occurred during the first three years of a patents’ existence, giving the new owner potentially a long period of patent protection. -- Economic History ; Germany ; pre-1913; Patents ; Technology transfer

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/32192
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2009,26
    Subjects: Patent; Lizenz; Technologietransfer; Geschichte; Deutschland (bis 1945)
    Scope: Online-Ressource (25 S.)
  9. Incentives and innovation?
    R&D management in Germany's high-tech industries during the second industrial revolution
    Author: Burhop, Carsten; Lübbers, Thorsten
    Published: Oct. 2008
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    The allocation of intellectual property rights between firms and employed researchers causes a principal-agent problem between the two parties. We investigate the working contracts of inventors employed by German chemical, pharmaceutical, and... more

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    The allocation of intellectual property rights between firms and employed researchers causes a principal-agent problem between the two parties. We investigate the working contracts of inventors employed by German chemical, pharmaceutical, and electrical engineering firms at the turn of the 20th century and show that some firms were aware of the principal-agent problem and offered performance-related compensation schemes to their scientists. However, neither a higher total compensation nor a higher share of variable compensation in total compensation is correlated with a higher innovative output. Thus, incentives techniques were already used during the early history of industrial research laboratories, but their impact on innovative output was unsystematic. -- Compensation packages ; incentives ; innovation ; economic history ; Germany, pre-1913

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/32247
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2008,38
    Subjects: Industrieforschung; Leistungsentgelt; Wissenschaftler; Prinzipal-Agent-Theorie; Innovation; Deutschland (bis 1945)
    Scope: Online-Ressource (25 S.), graph. Darst.
  10. The underpricing of initial public offerings in imperial Germany, 1870-1896
    Author: Burhop, Carsten
    Published: Dec. 2008
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were extraordinary low and averaged less than five percent, even during the... more

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    In this article, we evaluate underpricing of initial public offerings (IPOs) at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first day returns were extraordinary low and averaged less than five percent, even 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 a negative influence on initial returns. Finally, we show that cash-flow relevant information contained in the corporate charter were readily factored in the first market price. Thus, the historical capital market differed from today's market, but seems to have been efficient. -- Initial public offerings ; Financial history ; Germany pre-1913

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/32236
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2008,46
    Subjects: Underpricing; Börsengang; Kapitaleinkommen; Börsenkurs; Effizienzmarkthypothese; Deutschland (bis 1945)
    Scope: Online-Ressource (21 S.)
  11. Transaction costs, liquidity and expected returns at the Berlin stock exchange, 1892-1913
    Author: Burhop, Carsten; Gelman, Sergey
    Published: 2010
    Publisher:  Max Planck Inst. for Research on Collective Goods, Bonn

    We estimate effective spreads and round-trip transaction costs at the Berlin Stock Exchange for the period 1892-1913 using daily stock market returns for a sample of 27 stocks. Our results show that transaction costs at the main stock exchange in a... more

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    We estimate effective spreads and round-trip transaction costs at the Berlin Stock Exchange for the period 1892-1913 using daily stock market returns for a sample of 27 stocks. Our results show that transaction costs at the main stock exchange in a bank-based financial system at the turn of the 20th century were quite low and about comparable to transaction costs in modern markets. Nonetheless, transaction costs varied substantially over time and across securities, whereby the cross-sectional variation could be substantially explained by firm size and time variation by crises. Furthermore, we find surprising evidence that transaction costs decrease the expected excess returns. Thereby size and momentum premia are of expected signs while market beta has no significant influence on the cross-sectional return variation. -- Transaction Costs ; Effective spreads ; Economic History ; Germany

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/38855
    Series: Preprints of the Max Planck Institute for Research on Collective Goods ; 2010,20
    Subjects: Geld-Brief-Spanne; Börsenkurs; Wertpapierhandel; Transaktionskosten; Kapitaleinkommen; Erwartungsbildung; Marktliquidität; Börsengeschichte; Deutschland (bis 1945)
    Scope: Online-Ressource (25 S.), graph. Darst.