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| Tekijä: | Gehrig, T. Fohlin, C. |
| Otsikko: | Trading costs in early securities markets: The case of the Berlin Stock Exchange 1880-1910 |
| Lehti: | Review of finance
2006 : VOL. 10:4, p. 587-612 |
| Asiasana: | stock markets stock exchanges securities trading costs history Germany |
| Kieli: | eng |
| Tiivistelmä: | Based on daily prices, this study estimates effective spreads of securities traded at the Berlin Stock Exchange in 1880, 1890, 1900 and 1910. Several extensions of the Roll measure are applied. There are found surprisingly tight effective spreads for the historical data, comparable with similar measures of the MDAX and DAX at the end of the 20th century. |
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