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Journal of Finance

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Опубликовано на портале: 22-06-2006
John J. McConnell, Gregory B. Kadlec Journal of Finance. 1994.  Vol. 49. No. 2. P. 611-636. 
This article documents the effect on share value of listing on the New York Stock Exchange and reports the results of a joint test of Mertons (1987) investor recognition factor and Amihud and Mendelsons (1986) liquidity factor as explanations of the change in share value. We find that, on average, firms earn abnormal returns of 5 percent in response to the listing announcement and that listing is associated an increase in number of shareholders, and a reduction in bid-ask spreads. Cross-sectional regressions provide support for both investor recognition and bid-ask spreads as sources of value from exchange listing.
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