Article1986

THE INFORMATIONAL VALUE OF LISTING ON THE NEW YORK STOCK EXCHANGE

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

Abstract

ABSTRACT In this paper, the authors test market reaction to the listing of a stock on the New York Stock Exchange independently from other attendant news and test the hypothesis that listing has different informational value for stocks that have performed differently in the prelisting period. Their findings support the argument that listing conveys positive information. Listing is observed to be of most value for firms with ambiguous earnings performance.

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1985Using daily stock returns 1977Estimating betas from nonsynchronous data 1983On corporate governance 1983Security price reactions around corporate spin-off announcements 1983Friction in the trading process and the estimation of systematic risk 1983Estimating and Adjusting for the Intervalling-Effect Bias in Beta 1977Stock Exchange Listings and Securities Returns 1970NEW LISTINGS AND THEIR PRICE BEHAVIOR

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1990Liquidity and Stock Exchange Listing 1996A survey of evidence on domestic and international stock exchange listings with implications for markets and managers

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