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Evidence of Managerial Timing: The Case of Exchange Listings

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  • Webb, Gwendolyn P
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    Abstract

    Before an exchange listing, stock performance is exceptionally high. Earlier research reports that post-listing performance is poor. I document that the post-listing performance of most firms that list on either the American Stock Exchange or the New York Stock Exchange differs little from that of similar stocks that do not list. However, listing stocks that experience the highest prelisting performance underperform their control stocks after listing. This finding supports the hypothesis that managers can time exchange listings around a peak in stock performance.

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    Bibliographic Info

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

    Volume (Year): 22 (1999)
    Issue (Month): 3 (Fall)
    Pages: 247-63

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    Handle: RePEc:bla:jfnres:v:22:y:1999:i:3:p:247-63

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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. Cheng, Yingmei, 2005. "Post-listing underperformance: Is it really bad to move trading locations?," Journal of Corporate Finance, Elsevier, Elsevier, vol. 12(1), pages 97-120, December.
    2. Les Coleman, 2007. "Just How Serious is Insider Trading? An Evaluation using Thoroughbred Wagering Markets," Journal of Gambling Business and Economics, University of Buckingham Press, University of Buckingham Press, vol. 1(1), pages 31-55, February.
    3. Papaioannou, George J. & Travlos, Nickolaos G. & Viswanathan, K.G., 2009. "Visibility effects and timing in stock listing changes: Evidence from operating performance," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 49(2), pages 357-377, May.
    4. Cécile Carpentier & Jean-Marc Suret, 2011. "L’escompte canadien : un réexamen," CIRANO Project Reports 2011rp-11, CIRANO.
    5. Chang, Chiao-Yi, 2013. "The market response of insider transferring trades and firm characteristics in Taiwan," Emerging Markets Review, Elsevier, Elsevier, vol. 16(C), pages 131-144.
    6. Del Brio, Esther B. & Miguel, Alberto & Perote, Javier, 2002. "An investigation of insider trading profits in the Spanish stock market," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 42(1), pages 73-94.
    7. Ching, Ken M.L. & Firth, Michael & Rui, Oliver M., 2006. "The information content of insider trading around seasoned equity offerings," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 14(1), pages 91-117, January.
    8. Lo, Keng-Hsin & Wang, Kehluh & Liao, Tsai-Ling, 2006. "Insider transfer trading of banking companies around exchange listing," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 15(2), pages 215-234, April.

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