Carsten Burhop
Dados Biográficos
| ID | 1239282 |
|---|---|
| NOME | Carsten Burhop |
| PRENOMES | Carsten |
| SOBRENOME | Burhop |
| ASSINATURA | BURHOP C |
| AFILIAÇÕES | Max Planck Society |
| ORCID | 0000-0002-2714-6558 |
| VERIFICADO | Sim |
| TOTAL DE OBRAS | 28 |
| TOTAL DE CITAÇÕES | 93 |
| TOTAL COMO AUTOR | 28 |
| TOTAL COMO EDITOR | 0 |
| PRIMEIRO ANO DE PUBLICAÇÃO | 2004 |
| ANO MAIS RECENTE DE PUBLICAÇÃO | 2026 |
| ÍNDICE H | 6 |
Do Firms Issue More Equity When Markets Become More Liquid? The Case of Imperial Germany, 1898–1913
Based on new aggregated data on initial and seasoned equity offerings (IPOs and SEOs) on the Berlin Stock Exchange before the First World War on a monthly basis and in combination with several other available datasets, we test the hypothesis presented by Hanselaar, René Stulz, and Mathijs (2019. Do Firms Issue More Equity when Markets Become More Liquid?” Journal of Financial Economics 133 (1): 64–82) that market liquidity significantly influence…
Nachruf Prof. Richard Hugh Tilly, PhD
Trading costs and trading quantity at the Berlin Stock Exchange, 1892–1913
We estimate two components of stock market liquidity, namely trading costs and trading volume, for the Berlin Stock Exchange, 1892–1913. Our three trading cost indicators are highly correlated with each other. To estimate trading volume, we use turnover tax revenues and turnover data from the Berliner Kassenverein. We use information on stock exchange turnover taxes collected in Berlin and we have compiled monthly data. We show that the three ind…
Das Wechselkreditgeschäft der Reichsbank vor der Bankenkrise von 1931
This article examines two aspects of the Reichsbank’s discount business in the years 1924 to 1932: First, the granting of Reichsbank discount loans to commercial banks in their function as lenders of last resort. Second, the direct granting of discount loans by the Reichsbank to non-banks to finance the short-term assets of industry and trade. From 1931 onwards, the Reichsbank increasingly granted financial discount loans to alleviate the liquidi…
Börsengeschichte – Einführung
In this introduction, we review the state of the art of stock market history in Germany and preview the main findings of the articles published in this special issue. In Germany, scholars have long focused on institutional aspects of stock market history. Yet, starting in the late 1990s, quantitative work also started to take-off. Some of the articles published in this special issue go further down this road. Moreover, several of the following pa…
The Rise and Fall of the German IPO Market, 1870-1938
This study of over 1,000 initial public offerings (IPOs) on the Berlin stock exchange from German unification to the eve of World War II draws attention to the importance of regulation and deepens our understanding of German stock market development. An increasingly exacting regulatory environment from the early 1880s to 1914 made a vital contribution to the higher likelihood of firms going public surviving. In the inhospitable regulatory setting…
Regulating IPOs
Wiederaufstieg, Krise Und Rekonstruktion
Deutschland im Weltwährungssystem von Bretton Woods
This paperdescribes the evolution of the internationalmonetary system set-up at the BrettonWoods Conference in 1944 until its breakdown in 1973. In particular, we focus on economic disequilibria inside the system and political constraints faced by actors. Germany is the key country in our story. On the one hand, it became an "economic superpower" during the late 1950s and 1960s, causing growing economic imbalances inside the system. Onthe other h…
Einführung
The German Market for Patents during the “Second Industrialization,” 1884–1913
Using newly collected patent assignment data for late nineteenth- and early twentieth-century Germany and a standard econometric approach from the international trade literature—the gravity model—we demonstrate the existence of border effects on a historical technology market. We show that the geographic distance between assignor and assignee negatively affected the probability of patent assignments, as well as the fact that a state or internatio…
New Stock Issues in Germany, 1882-1892
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
The design of licensing contracts
The article investigates a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. The empirical results suggest that strategic behaviour is relevant for the design of licensing contracts, whereas inventor moral hazard and risk aversion of licensor or licensee seem to be less important. Moreover, the results suggest that uncertainty regarding the profitabi…
The historiography of the 1931 crisis in Germany
In this article, I review the key research contributions written on the German financial crisis of 1931. After four decades, consent about the origins and course of the crisis has still not been reached, since a set of disentangled factors - reparations, short-term foreign bank debt, the design of the gold standard, and the behaviour of individual banks - all contributed to the crisis. It seems that the 1931 crisis was caused by the pressure of r…
Incentives and innovation? R&D management in Germany’s chemical and electrical engineering industries around 1900
Real Wages and Labor Productivity in Britain and Germany, 1871-1938
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 labor 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 …
The Transfer of Patents in Imperial Germany
We describe the transfer of patents in late-nineteenth- and early-twentieth-century Germany using a new database containing information on 20,000 transactions. The number of transactions shows an upward trend, in total numbers and as a share of patents in force. About 8 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 inventor…
Pharmaceutical Research in Wilhelmine Germany
This paper offers a detailed case study of the emergence, organization, and development of research and development at E. Merck. During the 1890s, revolutionary changes in the scientific knowledge base, especially the rise of bacteriological research and the entry of dyestuff producers into the pharmaceuticals market, combined with the financial distress Merck was undergoing to force the firm to reorganize pharmaceutical research as a corporate s…
No need for governance? The impact of corporate governance on valuation, performance and survival of German banks during the 1870s
We describe the legal rules underlying corporate governance of banks in Germany during the 1870s as well as the rules of governance fixed in corporate charters collected from a sample of 202 charters for the year 1872. Governance standards were – on average – below the legal default. In particular, voting rights as well as monitoring rights of shareholders were restricted. Most governance provisions did not affect the level of Tobin's Q in 1872, …
Cartels, Managerial Incentives, and Productive Efficiency in German Coal Mining, 1881-1913
Managerial firms and cartels were central components of the German economy during the late nineteenth and early twentieth century. Based on stochastic frontier regressions, we show for a sample of coal mining corporations and the period 1881-1913 that cartelization did not affect productive efficiency. Bonuses paid to board members, however, did increase the efficiency of coal mining firms. Thus, one pillar of the German economic model did not ne…
Resolving the Anglo-German Industrial Productivity Puzzle, 1895-1935
In a recent article, Ritschl (2008) criticized findings of Broadberry and Burhop (2007) regarding the comparative level of manufacturing labour productivity in Germany compared to Britain between 1895 and 1938. In this paper, we re-evaluate Ritschl's claims and show that our earlier results are broadly consistent with the historical data. Our new results show that labour productivity in German manufacturing in 1907 was about 8.4 percent higher th…
Die Bautätigkeit während der deutschen Industrialisierung
Comparative Productivity in British and German Manufacturing Before World War II
This article provides a new benchmark estimate of comparative Germany/U.K. labor productivity in manufacturing for circa 1907, and experiments with alternative German manufacturing production indices for time series projection from a circa 1935 benchmark. A consistent picture of broadly similar levels of manufacturing labor productivity in Britain and Germany throughout the period 1871-1938 is established. We also show that a substantial German p…
Sozial- und Wirtschaftsgeschichte
Did banks cause the German industrialization
Regulating IPOs
A Compromise Estimate of German Net National Product, 1851–1913, and its Implications for Growth and Business Cycles
We develop a compromise estimate of the German Net National Product for the years 1851–1913 based on four estimates from Hoffmann (1965) and Hoffmann and Müller (1959) by recalculating industrial production, investment, home and foreign capital income. Because differences remain during the early decades, we compute a weighted average compromise series. Economic activity is shown to be higher than the older estimates suggest. The average growth ra…
Comparative Productivity in British and German Manufacturing Before World War II
This article provides a new benchmark estimate of comparative Germany/U.K. labor productivity in manufacturing for circa 1907, and experiments with alternative German manufacturing production indices for time series projection from a circa 1935 benchmark. A consistent picture of broadly similar levels of manufacturing labor productivity in Britain and Germany throughout the period 1871-1938 is established. We also show that a substantial German p…
Did banks cause the German industrialization
Pharmaceutical Research in Wilhelmine Germany
This paper offers a detailed case study of the emergence, organization, and development of research and development at E. Merck. During the 1890s, revolutionary changes in the scientific knowledge base, especially the rise of bacteriological research and the entry of dyestuff producers into the pharmaceuticals market, combined with the financial distress Merck was undergoing to force the firm to reorganize pharmaceutical research as a corporate s…
The Transfer of Patents in Imperial Germany
We describe the transfer of patents in late-nineteenth- and early-twentieth-century Germany using a new database containing information on 20,000 transactions. The number of transactions shows an upward trend, in total numbers and as a share of patents in force. About 8 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 inventor…
Executive Remuneration and Firm Performance
Real Wages and Labor Productivity in Britain and Germany, 1871-1938
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 labor 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 …
Resolving the Anglo-German Industrial Productivity Puzzle, 1895-1935
In a recent article, Ritschl (2008) criticized findings of Broadberry and Burhop (2007) regarding the comparative level of manufacturing labour productivity in Germany compared to Britain between 1895 and 1938. In this paper, we re-evaluate Ritschl's claims and show that our earlier results are broadly consistent with the historical data. Our new results show that labour productivity in German manufacturing in 1907 was about 8.4 percent higher th…
Incentives and innovation? R&D management in Germany’s chemical and electrical engineering industries around 1900
The German Market for Patents during the “Second Industrialization,” 1884–1913
Using newly collected patent assignment data for late nineteenth- and early twentieth-century Germany and a standard econometric approach from the international trade literature—the gravity model—we demonstrate the existence of border effects on a historical technology market. We show that the geographic distance between assignor and assignee negatively affected the probability of patent assignments, as well as the fact that a state or internatio…
New Stock Issues in Germany, 1882-1892
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Cartels, Managerial Incentives, and Productive Efficiency in German Coal Mining, 1881-1913
Managerial firms and cartels were central components of the German economy during the late nineteenth and early twentieth century. Based on stochastic frontier regressions, we show for a sample of coal mining corporations and the period 1881-1913 that cartelization did not affect productive efficiency. Bonuses paid to board members, however, did increase the efficiency of coal mining firms. Thus, one pillar of the German economic model did not ne…
The design of licensing contracts
The article investigates a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. The empirical results suggest that strategic behaviour is relevant for the design of licensing contracts, whereas inventor moral hazard and risk aversion of licensor or licensee seem to be less important. Moreover, the results suggest that uncertainty regarding the profitabi…
Die Vergütung des Führungspersonals deutscher Großbanken, 1871–1913
This paper describes and analyses level, structure, and development of executive remuneration of board members and deputy board members of large German joint-stock credit banks using principal-agent theory. Between 1871 and 1913, executives received an average real income of about 100,000 Mark. About 70 percent of it were profit shares. A profit increase by one percent increased the executive remuneration by about 1.2 percent. This strong incenti…
Executive Remuneration and Firm Performance
Die Vergütung des Führungspersonals deutscher Großbanken, 1871–1913
This paper describes and analyses level, structure, and development of executive remuneration of board members and deputy board members of large German joint-stock credit banks using principal-agent theory. Between 1871 and 1913, executives received an average real income of about 100,000 Mark. About 70 percent of it were profit shares. A profit increase by one percent increased the executive remuneration by about 1.2 percent. This strong incenti…
A Compromise Estimate of German Net National Product, 1851–1913, and its Implications for Growth and Business Cycles
We develop a compromise estimate of the German Net National Product for the years 1851–1913 based on four estimates from Hoffmann (1965) and Hoffmann and Müller (1959) by recalculating industrial production, investment, home and foreign capital income. Because differences remain during the early decades, we compute a weighted average compromise series. Economic activity is shown to be higher than the older estimates suggest. The average growth ra…
Did banks cause the German industrialization
Die Bautätigkeit während der deutschen Industrialisierung
Comparative Productivity in British and German Manufacturing Before World War II
This article provides a new benchmark estimate of comparative Germany/U.K. labor productivity in manufacturing for circa 1907, and experiments with alternative German manufacturing production indices for time series projection from a circa 1935 benchmark. A consistent picture of broadly similar levels of manufacturing labor productivity in Britain and Germany throughout the period 1871-1938 is established. We also show that a substantial German p…
Sozial- und Wirtschaftsgeschichte
Resolving the Anglo-German Industrial Productivity Puzzle, 1895-1935
In a recent article, Ritschl (2008) criticized findings of Broadberry and Burhop (2007) regarding the comparative level of manufacturing labour productivity in Germany compared to Britain between 1895 and 1938. In this paper, we re-evaluate Ritschl's claims and show that our earlier results are broadly consistent with the historical data. Our new results show that labour productivity in German manufacturing in 1907 was about 8.4 percent higher th…
Pharmaceutical Research in Wilhelmine Germany
This paper offers a detailed case study of the emergence, organization, and development of research and development at E. Merck. During the 1890s, revolutionary changes in the scientific knowledge base, especially the rise of bacteriological research and the entry of dyestuff producers into the pharmaceuticals market, combined with the financial distress Merck was undergoing to force the firm to reorganize pharmaceutical research as a corporate s…
No need for governance? The impact of corporate governance on valuation, performance and survival of German banks during the 1870s
We describe the legal rules underlying corporate governance of banks in Germany during the 1870s as well as the rules of governance fixed in corporate charters collected from a sample of 202 charters for the year 1872. Governance standards were – on average – below the legal default. In particular, voting rights as well as monitoring rights of shareholders were restricted. Most governance provisions did not affect the level of Tobin's Q in 1872, …
Cartels, Managerial Incentives, and Productive Efficiency in German Coal Mining, 1881-1913
Managerial firms and cartels were central components of the German economy during the late nineteenth and early twentieth century. Based on stochastic frontier regressions, we show for a sample of coal mining corporations and the period 1881-1913 that cartelization did not affect productive efficiency. Bonuses paid to board members, however, did increase the efficiency of coal mining firms. Thus, one pillar of the German economic model did not ne…
Incentives and innovation? R&D management in Germany’s chemical and electrical engineering industries around 1900
Real Wages and Labor Productivity in Britain and Germany, 1871-1938
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 labor 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 …
The Transfer of Patents in Imperial Germany
We describe the transfer of patents in late-nineteenth- and early-twentieth-century Germany using a new database containing information on 20,000 transactions. The number of transactions shows an upward trend, in total numbers and as a share of patents in force. About 8 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 inventor…
The historiography of the 1931 crisis in Germany
In this article, I review the key research contributions written on the German financial crisis of 1931. After four decades, consent about the origins and course of the crisis has still not been reached, since a set of disentangled factors - reparations, short-term foreign bank debt, the design of the gold standard, and the behaviour of individual banks - all contributed to the crisis. It seems that the 1931 crisis was caused by the pressure of r…
The design of licensing contracts
The article investigates a sample of 180 technology licensing contracts closed by German chemical, pharmaceutical, and electrical engineering companies between 1880 and 1913. The empirical results suggest that strategic behaviour is relevant for the design of licensing contracts, whereas inventor moral hazard and risk aversion of licensor or licensee seem to be less important. Moreover, the results suggest that uncertainty regarding the profitabi…
Wiederaufstieg, Krise Und Rekonstruktion
Deutschland im Weltwährungssystem von Bretton Woods
This paperdescribes the evolution of the internationalmonetary system set-up at the BrettonWoods Conference in 1944 until its breakdown in 1973. In particular, we focus on economic disequilibria inside the system and political constraints faced by actors. Germany is the key country in our story. On the one hand, it became an "economic superpower" during the late 1950s and 1960s, causing growing economic imbalances inside the system. Onthe other h…
Einführung
The German Market for Patents during the “Second Industrialization,” 1884–1913
Using newly collected patent assignment data for late nineteenth- and early twentieth-century Germany and a standard econometric approach from the international trade literature—the gravity model—we demonstrate the existence of border effects on a historical technology market. We show that the geographic distance between assignor and assignee negatively affected the probability of patent assignments, as well as the fact that a state or internatio…
New Stock Issues in Germany, 1882-1892
An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content
Regulating IPOs
Börsengeschichte – Einführung
In this introduction, we review the state of the art of stock market history in Germany and preview the main findings of the articles published in this special issue. In Germany, scholars have long focused on institutional aspects of stock market history. Yet, starting in the late 1990s, quantitative work also started to take-off. Some of the articles published in this special issue go further down this road. Moreover, several of the following pa…
The Rise and Fall of the German IPO Market, 1870-1938
This study of over 1,000 initial public offerings (IPOs) on the Berlin stock exchange from German unification to the eve of World War II draws attention to the importance of regulation and deepens our understanding of German stock market development. An increasingly exacting regulatory environment from the early 1880s to 1914 made a vital contribution to the higher likelihood of firms going public surviving. In the inhospitable regulatory setting…
Das Wechselkreditgeschäft der Reichsbank vor der Bankenkrise von 1931
This article examines two aspects of the Reichsbank’s discount business in the years 1924 to 1932: First, the granting of Reichsbank discount loans to commercial banks in their function as lenders of last resort. Second, the direct granting of discount loans by the Reichsbank to non-banks to finance the short-term assets of industry and trade. From 1931 onwards, the Reichsbank increasingly granted financial discount loans to alleviate the liquidi…
Economics (21 obras) · Political science (16 obras) · Business (14 obras) · German (14 obras) · Finance (10 obras) · Historical Economic and Social Studies (9 obras) · Law (9 obras) · Finance (8 obras) · History (8 obras) · Computer Science (7 obras)