39. Jahrgang | Jahr 2013 | Heft 1


Aufsatz: Seite 1-19

Carsten Burhop
Ressourcenkonflikte bei Aktienerstemissionen im Deutschen Reich um 1900
Resource Conflicts in the Initial Public Offering of Shares in the German Empire around the Year 1900 — The evaluation of companies, particularly their tangible and intangible resources, poses a particular problem in the initial public offering of shares. Because the actual value can only be measured after the first share price has been established on the stock exchange, and it has been shown that this first share price remains stable. Based on this uncertainty, conflicts between the parties to the initial public offering may arise. In the present paper these lines of conflict will be investigated in four case studies from the early 20th century (Friedrich Thörls Vereinigte Harburger Ölfabriken, Harburger Eisen- und Broncewerke, Farbwerke Rasquin, Hubertus Braunkohlen). The selected examples show that the large Berlin banks had, in any case, very thoroughly prepared the initial public offering of shares and ultimately also carried them out successfully. This reflected the experience of the so-called 'founding years' ('Gründerjahre') from 1870 to 1873, in which even leading stock credit banks and private bankers had far less carefully organized initial public offering of shares.