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Article: AMEX-to-NYSE transfers, market microstructure, and shareholder wealth. (American Stock Exchange, New York Stock Exchange) (Market Microstructure and Corporate Finance Special Issue)
- Article from:
- Financial Management
- Article date:
- December 22, 1992
- Author:
CopyrightCOPYRIGHT 1992 Financial Management Association. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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H. Kent Baker is a Professor of Finance and Chair of the Department of Finance and Real Estate, and Richard B. Edelman is a Professor of Finance, both at the Kogod College of Business Administration, The American University, Washington, D.C.
* For more than 50 years, researchers have examined the market behavior of common stocks around their initial listing on a national exchange -- the American (AMEX) or New York (NYSE) Stock Exchange.(1) A change in the market in which a stock is traded should not influence stockholder wealth apart from microstructure effects. Past research has found anomalous stock price behavior around the time stocks switch from one trading ...