Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/125597
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Type: Journal article
Title: The curious case of changes in trading dynamics: When firms switch from NYSE to NASDAQ
Author: Dang, V.
Michayluk, D.
Pham, T.
Citation: Journal of Financial Markets, 2018; 41:17-35
Publisher: Elsevier BV
Issue Date: 2018
ISSN: 1386-4181
1386-4181
Statement of
Responsibility: 
Viet Anh Dang, David Michayluk, Thu Phuong Pham
Abstract: Voluntarily switching trading location from the New York Stock Exchange to the NASDAQ is a new phenomenon, with 53 companies making the switch since 2000. We examine the stated reasons for the move and investigate the consistency with the subsequent market dynamics, including effects on liquidity, trading activity, and visibility.We find the move to the NASDAQ increases trading costs, improves visibility, attracts more liquidity providers in the long term, explaining the subsequent increase in trading volume and supporting many of the management statements justifying the move. Our findings suggest multidimensional aspects may be important considerations in moves between exchanges.
Keywords: Trading costs; Volume; Exchange listing; NYSE; NASDAQ
Description: Available online 19 July 2018
Rights: © 2018 Elsevier B.V. All rights reserved.
RMID: 0030094993
DOI: 10.1016/j.finmar.2018.07.001
Appears in Collections:Business School publications

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