AMEX-to-NYSE Transfers, Market Microstructure, and Shareholder Wealth
研究公司股票从美国证券交易所转板到纽约证券交易所对股东财富的影响，分析市场微观结构差异如何影响股票回报与价值。
Each year some corporate managers decide to change the listing of their firm's common stock from the American Stock Exchange (AMEX) to the New York Stock Exchange (NYSE). In making this decision to switch auction markets, managers presumably act in the best interests of their shareholders. The potential implications of this managerial decision are far-reaching because differences between the AMEX and NYSE may affect security returns and share value. Little empirical research is available about whether shareholders benefit if a firm switches the trading location of its common stock from the AMEX to the NYSE.