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The Operating Performance of Firms that Switch Their Stock Listings

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  • George J. Papaioannou
  • Nickolaos G. Travlos
  • K. G. Viswanathan

Abstract

In this article we examine the operating performance of stocks that switch from NASDAQ to the American Stock Exchange (AMEX) or the New Stock Exchange (NYSE) and from AMEX to the NYSE. Specifically, we investigate whether post-listing operating performance is consistent with the reported negative long-term drift of post-listing stock returns and whether there is evidence of self-selection of the listing time. We find evidence of negative post-listing changes in operating return on assets and sales, which, on a match-adjusted basis, are significant for the relatively small NASDAQ stocks switching to AMEX. We also find evidence that firms self-select the time of listing changes. 2003 The Southern Finance Association and the Southwestern Finance Association.

Suggested Citation

  • George J. Papaioannou & Nickolaos G. Travlos & K. G. Viswanathan, 2003. "The Operating Performance of Firms that Switch Their Stock Listings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(4), pages 469-486.
  • Handle: RePEc:bla:jfnres:v:26:y:2003:i:4:p:469-486
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    Cited by:

    1. Andreas Charitou & Christodoulos Louca, 2009. "Cross-Listing and Operating Performance: Evidence from Exchange-Listed American Depositary Receipts," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(1-2), pages 99-129.
    2. 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.
    3. Park, Jong-Ho & Binh, Ki Beom & Eom, Kyong Shik, 2016. "The effect of listing switches from a growth market to a main board: An alternative perspective," Emerging Markets Review, Elsevier, vol. 29(C), pages 246-273.
    4. Lin, Wen-Chun & Liao, Tsai-Ling, 2015. "Exchange listing type and firm financial reporting behavior," International Review of Economics & Finance, Elsevier, vol. 38(C), pages 234-249.

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