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Evidence and Implications of Increases in Trading Volume around Exchange Listings

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  • Tandon, Kishore
  • Webb, Gwendolyn P

Abstract

After controlling for market volume trends and differences in volume measurement between the Nasdaq and the exchanges, we find that mean trading volumes increase significantly for Nasdaq stocks that list on the Amex or the NYSE. Furthermore, stocks with low (high) pre-listing volume tend to realize the largest volume increases (decreases) as well as the best (worst) post-listing performance. Our results support the hypothesis that stocks with high past trading volumes tend to experience lower future returns, and shed new light on the nature and possible causes of poor post-listing stock performance. Copyright 2001 by MIT Press.

Suggested Citation

  • Tandon, Kishore & Webb, Gwendolyn P, 2001. "Evidence and Implications of Increases in Trading Volume around Exchange Listings," The Financial Review, Eastern Finance Association, vol. 36(2), pages 21-44, May.
  • Handle: RePEc:bla:finrev:v:36:y:2001:i:2:p:21-44
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    Cited by:

    1. 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, vol. 49(2), pages 357-377, May.
    2. Chern, Keh-Yiing & Tandon, Kishore & Yu, Susana & Webb, Gwendolyn, 2008. "The information content of stock split announcements: Do options matter?," Journal of Banking & Finance, Elsevier, vol. 32(6), pages 930-946, June.

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