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OTC Market Switching and Stock Returns: Some Empirical Evidence

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  • Baker, H Kent
  • Edelman, Richard B
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    Abstract

    In this study the effect on the common stock returns of 278 firms that switched OTC market segments from 1982 to 1987 is examined. It is hypothesized that abnormally positive returns are associated with news of the move from the NASDAQ to the NASDAQ National Market System (NMS) inclusions for stocks with low versus high liquidity before switching. Using event study methodology, results support these hypotheses. Unlike post-listing studies, the evidence reveals no anomalous return behavior during the post-NMS inclusion period studied.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 13 (1990)
    Issue (Month): 4 (Winter)
    Pages: 325-38

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    Handle: RePEc:bla:jfnres:v:13:y:1990:i:4:p:325-38

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0270-2592
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    Web page: http://www.southwesternfinance.org/
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    Cited by:
    1. A.K Cisse, 2011. "Transfert de marché de cotation : Motivations et Conséquences," Post-Print halshs-00658730, HAL.
    2. Leledakis, George N. & Papaioannou, George J. & Travlos, Nickolaos G. & Tsangarakis, Nickolaos V., 2009. "Stock splits in a neutral transaction cost environment: Evidence from the Athens Stock Exchange," Journal of Multinational Financial Management, Elsevier, vol. 19(1), pages 12-25, February.
    3. LaPlante, Michele & Muscarella, Chris J., 1997. "Do institutions receive comparable execution in the NYSE and Nasdaq markets? A transaction study of block trades," Journal of Financial Economics, Elsevier, vol. 45(1), pages 97-134, July.
    4. A.K Cisse, 2010. "Consequences economiques du transfert de marché de cotation : cas du NYSE-Euronext Paris," Post-Print halshs-00534749, HAL.
    5. Wenbin Tang & Hoang Nguyen & Van Nguyen, 2013. "The effects of listing changes between NASDAQ market segments," Journal of Economics and Finance, Springer, vol. 37(4), pages 584-605, October.

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