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| Author: | Papaioannou, G.J. Travlos, N.G. Viswanathan, K.G. |
| Title: | The operating performance of firms that switch their stock listings |
| Journal: | Journal of Financial Research
2003 : WINTER, VOL. 26:4, p. 469-486 |
| Index terms: | Stock market listing |
| Freeterms: | Operating performance |
| Language: | eng |
| Abstract: | The operating performance of stocks that switch from NASDAQ to the American Stock Exchange (AMEX) or the New Stock Exchange (NYSE) and from AMEX to NYSE is examined in this paper. In specific, it is investigated, whether post-listing operating performance is consistent with the reported negative long-term drift of post-listing stock returns and whether there is evidence of self-selection of the listing time. Evidence is found of negative post-listing changes in operating return on assets and sales, which, on a match-adjusted basis, are significant for the relatively small NASDAQ stocks switching to AMEX. |
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