Listing Changes and Visibility Gains

Abstract

This study examines whether visibility changes for firms moving from the AMEX to the NYSEfrom 1984 through 1993. The study uses four proxies to measure visibility: (1) the number of analysts estimating the firm's next fiscal year's earnings (NOA); (2) the number of institutional shareholders (NOI); (3) the percentage of shares held by institutions (POS); and (4) the number of citations in The Wall Street Journal (NOC). A control sample of firms that remained on the AMEX provides a basis for comparing changes in visibility. The empirical evidence suggests a positive association between AMEX-toNYSE transfers and visibility gains for each measure (except the three-month period immediately around listing for NOC). Regression analysis also supports a relationship between the listing change to the NYSE and increased visibility, especially in NOA and POS. Therefore, the evidence generally supports management's perceptions about the link between AMEX-to-NYSE switches and visibility gains.

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