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Using additions of NYSE- and Nasdaq-listed firms to the S&P 500, between 1989 and 2000, we explore the price effects of noninformation related demand shocks. After controlling for various firm characteristics, index fund growth, and arbitrage risk, we find that NYSE stocks suffer less pronounced...
Persistent link: https://www.econbiz.de/10005704285
We present an analytical survey of the explanations-price pressure, downward-sloping demand curves, improved liquidity, improved operating performance, and increased investor awareness-for the increase in stock value associated with inclusion in the S&P 500 Index. We find that increased investor...
Persistent link: https://www.econbiz.de/10008676272
Persistent link: https://www.econbiz.de/10012090032