haku: @journal_id 592 / yhteensä: 267
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| Tekijä: | Sapp, T.R.A. Yan, X. |
| Otsikko: | The Nasdaq-AMEX merger, Nasdaq reforms, and the liquidity of small firms |
| Lehti: | Journal of Financial Research
2003 : SUMMER, VOL. 26:2, p. 191-206 |
| Asiasana: | Liquidity Mergers Small and medium-sized enterprises (SMEs) Stock returns |
| Kieli: | eng |
| Tiivistelmä: | After the Nasdaq and American Stock Exchange (AMEX) merged in 1998, officials of the new entity argued that some "smaller, harder to trade" companies on Nasdaq should switch to AMEX to improbe liquidity. The recommendation is based on the traditional view that a substantial trading cost reduction should be realized when a company swithces from the multidealer Nasdaq system to the AMEX specialist system. Nevertheless, in light of the 1997 Nasdaq reforms, the validity of these arguments is re-examined using data from 1996-98 on companies that switch from the Nasdaq to the AMEX or the New York Stock Exchange. Evidence from transaction costs, volatility and stock returns indicates declining benefits to switching during the sample period. |
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