標題: Price and Liquidity Effects of Switching Exchange Listings
作者: Liao, Tsai-Ling
Yu, Min-Teh
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: exchange listing;liquidity effect;price effect
公開日期: 1-Jul-2013
摘要: By examining the price and liquidity effects around announcements of switching exchanges by firms within structurally similar markets in Taiwan, the authors uncover that while switching firms experience only a trivial effect around the application announcement days, there is a pronounced price rise during the prelisting period. Subsequently, they find only a partial reversal of this prelisting increase over the listing days and the postlisting period. However, they observe that stock liquidity improves following the application announcements, peaks around the listing days, and remains at high levels after listing. Further results suggest that firms' announcements that they are switching exchanges are not followed by improved earnings relative to performance-matched control firms. Collectively, these results reveal that transfer stocks in Taiwan convey information about permanent improvements in liquidity rather than better earnings prospects, which is consistent with the stock marketability implications of managerial exchange-switching decisions.
URI: http://dx.doi.org/10.2753/REE1540-496X4904S302
http://hdl.handle.net/11536/23353
ISSN: 1540-496X
DOI: 10.2753/REE1540-496X4904S302
期刊: EMERGING MARKETS FINANCE AND TRADE
Volume: 49
Issue: 
起始頁: 20
結束頁: 34
Appears in Collections:Articles