Article1992

Explaining the NYSE Listing Choices of NASDAQ Firms

Arnold Richard Cowan · Frederick H. Dark · Ajai Kumar Singh

44 citations0/0 files storedFinancial Management

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Financial Markets and Investment Strategies Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

Traditionally, financial theory has offered little guidance to managers who must choose whether to list their stock on an exchange or allow it to continue trading over-the-counter. Recent developments in market microstructure theory allow a more careful analysis of the exchange listing decision. Market microstructure theory implies that firms list their stocks on exchanges to reduce transaction costs to their investors. A major component of the cost of trading common stocks is the bid-ask spread. Several differences exist between the trading arrangements, or microstructure, of the New York Stock Exchange and NASDAQ that may contribute to differences in bid-ask spreads for a given stock depending on where it is traded.

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References

1987The Relation Between Price Changes and Trading Volume: A Survey 1987Price, trade size, and information in securities markets 1991Trading Volume and Price Reactions to Public Announcements 1983Biases in computed returns 1988Liquidity and Asset Prices: Financial Management Implications 1986Stock Exchange Listings, Firm Value, and Security Market Efficiency: The Impact of NASDAQ 1990Market microstructure and asset pricing 1990Empirical Estimates of Beta When Investors Face Estimation Risk

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2006Asset Returns and the Listing Choice of Firms 2007From Listing to Delisting: Foreign Firms' Entry and Exit from the U.S.1996A survey of evidence on domestic and international stock exchange listings with implications for markets and managers 2010Why do only some Nasdaq firms switch to the NYSE? Evidence from corporate transactions 2003Trading costs, investor recognition and market response: An analysis of firms that move from the Amex (Nasdaq) to Nasdaq (Amex)

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