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Explaining the NYSE Listing Choices of NASDAQ Firms

  • Arnold R. Cowan
  • Richard B. Carter
  • Frederick H. Dark
  • Ajai K. Singh
Registered author(s):

    Traditionally, financial theory has offered little guidance to managers who must choose whether to list their stock on an exchange or allow it to continue trading over-the-counter. Recent developments in market microstructure theory allow a more careful analysis of the exchange listing decision. Market microstructure theory implies that firms list their stocks on exchanges to reduce transaction costs to their investors. A major component of the cost of trading common stocks is the bid-ask spread. Several differences exist between the trading arrangements, or microstructure, of the New York Stock Exchange and NASDAQ that may contribute to differences in bid-ask spreads for a given stock depending on where it is traded.

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    Article provided by Financial Management Association in its journal Financial Management.

    Volume (Year): 21 (1992)
    Issue (Month): 4 (Winter)
    Pages:

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    Handle: RePEc:fma:fmanag:cowan92
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