Hostname: page-component-586b7cd67f-vdxz6 Total loading time: 0 Render date: 2024-12-04T09:29:04.367Z Has data issue: false hasContentIssue false
  • English
  • Français

The Impact of Changes in Trading Location on a Security's Systematic Risk

Published online by Cambridge University Press:  19 October 2009

William W. Reints  and
Pieter A. Vandenberg
Get access Rights & Permissions [Opens in a new window]

Extract

Listing of common stock on an exchange is believed by many to have a positive value for the firm. One implication of purported advantages has been improvement in the price of the stock when it is listed. Another advantage to an investor could be a reduction in the risk level of a security through trading location changes. The purpose of this research is to investigate the effect upon a security's risk level when its trading location is transferred to the New York Stock Exchange.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 10 , Issue 5 , December 1975 , pp. 881 - 890
Copyright
Copyright © School of Business Administration, University of Washington 1975

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

[1]Chow, Gregory. “Test of Equality between Sets of Coefficients in Two Linear Regressions.” Econometrica, vol. 28, no. 3 (July 1960), pp. 590–605.CrossRefGoogle Scholar
[2]Eiteman, Wilford J. et al. The Stock Market, 4th ed.New York: McGraw Hill, 1966, Chapter 10.Google Scholar
[3]Faust, Robert W. “Does Listing on the Big Board Really Increase Market Price.” Financial Executive, vol. 37 (April 1969), pp. 12–116.Google Scholar
[4]Jensen, Michael C. “The Performance of Mutual Funds in Period 1945–1964.” Journal of Finance, vol. 28, no. 2 (May 1968), pp. 389–416.Google Scholar
[5]Jensen, Michael, editor. Studies in the Theory of Capital Markets. New York: Praeger Publications, 1972.Google Scholar
[6]Merjos, Anna. “Up on the Curb.” Barrons, May 1, 1967, pp. 9–10.Google Scholar
[7]O'Donnell, John C. “Case Evidence on the Value of a New York Stock Exchange Listing.” MSU Business Topics, vol. 17 (Summer 1969), pp. 15–21.Google Scholar
[8]Sharpe, William F.Portfolio Theory and Capital Markets. New York: McGraw Hill, 1971.Google Scholar
[9]Ule, Maxwell G. “Price Movements of Newly Listed Common Stock.” Journal of Business, vol. 10 (October 1937), pp. 346–369.Google Scholar
[10]Van Home, James. “New Listings and Their Price Behavior.” Journal of Finance, vol. 25, no. 4 (September 1970), pp. 783–794.CrossRefGoogle Scholar