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Investor recognition and liquidity: evidence from dual listing on the NYSE and NASDAQ

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  • S. Hegde
  • H. Lin
  • S. Varshney

Abstract

This article examines the impact of the NYSE firms’ decision to dual list on NASDAQ and the resultant trading liquidity, after controlling for the endogeneity of the decision. Using a simultaneous system of equations approach, we find evidence that dual listing lowers transaction costs, but does not lead to any significant improvement in investor recognition. Further, the improvement in market quality due to dual listing on NASDAQ does generate, albeit somewhat weak, positive cumulative abnormal returns surrounding the dual listing.

Suggested Citation

  • S. Hegde & H. Lin & S. Varshney, 2017. "Investor recognition and liquidity: evidence from dual listing on the NYSE and NASDAQ," Applied Economics Letters, Taylor & Francis Journals, vol. 24(4), pages 229-232, February.
    • Handle: RePEc:taf:apeclt:v:24:y:2017:i:4:p:229-232
    DOI: 10.1080/13504851.2016.1178841
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