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| Author: | Tse, Y. Devos, E. |
| Title: | Trading costs, investor recognition and market response: an analysis of firms that move from the Amex (Nasdaq) to Nasdaq (Amex) |
| Journal: | Journal of Banking and Finance
2004 : JAN, VOL. 28:1, p. 63-83 |
| Index terms: | Stock markets Stock exchanges USA |
| Freeterms: | Trading costs Investor recognition Market response Change of listing location |
| Language: | eng |
| Abstract: | The authors examine 36 firms that moved from American Stock Exchange (Amex) to Nasdaq and 70 firms that moved from Nasdaq to the Amex after the market reform of Nasdaq. Quoted, effective, and realized spreads increase when firms switch from the Amex (Nasdaq) to Nasdaq (Amex). Quotations on both markets exhibit quote clustering. The overall results suggest that firms that move to Nasdaq increase investor recognition and volume at the expense of an increase in trading cost, whereas firms that move to the Amex experience lower trading costs with no apparent change in investor recognition. |
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