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| Author: | Mase, B. |
| Title: | A change of focus: Stock market reclassification in the UK |
| Journal: | European Journal of Finance
2008 : APR/JUN, VOL. 14:3-4, p. 179-193 |
| Index terms: | stock markets restructuring United Kingdom |
| Language: | eng |
| Abstract: | This paper explores the impact of a focus change by a firm, as signified by a firm's stock market reclassification (here as: recln). It is distinguished btw. a firm's sector recln. motivated by information specific to that firm and one resulting from the sector redefinition and reorganization. The direction of the price effects following recln. depends significantly on this distinction. Moreover, a stock's return comovement with the FTSE All-Share Index is affected by its recln. into a new sector, consistent with the allocation of stocks into categories by investors. |
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