The effect of NYSE listing on a firm's media visibility

被引：0
|
作者：
Baker H.K. [1 ]
Powell G.E. [2 ]
Weaver D.G. [3 ]
机构：
[1] Department of Finance and Real Estate, Kogod College of Business Administration, American University, NW, Washington, D.C. 20016-8044
[2] Department of Economics and Management, Hood College, Frederick
[3] Department of Economics and Finance, Baruch College, Box E-0621, New York, NY 10012
来源：
Journal of Economics and Finance | 1998年 / 22卷 / 1期
关键词：
Small Firm; Large Firm; Wall Street Journal; Listing Firm; Earning Growth;
D O I：
10.1007/BF02823229
中图分类号：
学科分类号：
摘要：
The most frequently cited reason by corporate managers for switching their firm's trading location from Nasdaq to the NYSE is to improve visibility. This study examines whether these perceptions about listing are real or illusory and whether firm size affects media visibility. Based on a large sample of firms that listed on the NYSE compared with a matched sample of firms remaining on Nasdaq, the results show that NYSE listing does not lead to gains in media visibility during the period immediately after listing. Over a longer period, small- and medium-sized firms experience significant gains in media visibility compared with large firms. Additional tests show that increased media coverage is attributable much more to the rapid earnings growth before listing than to listing. Therefore, managers erroneously attribute the visibility gains to NYSE listing.
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页码：19 / 28
页数：9
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