Does it Matter if Ticker Symbols are 3 or 4 Characters on NASDAQ?

In July 2007 the SEC granted a proposal by the NASDAQ stock exchange to allow firms relisting on the NASDAQ to retain their 3-digit ticker. We examine whether the length of a ticker symbol on NASDAQ matters by comparing stocks that transfer their listing from AMEX to NASDAQ with 3-digit tickers, which previous signaled a listing on the AMEX or the NYSE, to stocks that list on NASDAQ with the historical 4-digit symbol. Our results suggest that ticker lengths for NASDAQ listed stocks do not matter to traders. After moving from AMEX to NASDAQ, the number of trades and trading volume shift from AMEX to NASDAQ. We also find some evidence that trading activity on ARCA decreases after relisting on NASDAQ