The Long‐Run Negative Drift of Post‐Listing Stock Returns
研究发现公司转到纽交所或美交所上市后，股票回报普遍不佳，且小公司经理倾向于在业绩下滑前申请上市，导致上市后表现差，但大公司无此现象。
ABSTRACT After firms move trading in their stock to the American or New York Stock Exchanges, stock returns are generally poor. Although many listing firms issue equity around the time of listing, post‐listing performance is not entirely explained by the equity issuance puzzle. Similar to the conclusions regarding other long‐run phenomena, poor post‐listing performance appears related to managers timing their application for listing. Managers of smaller firms, where initial listing requirements may be more binding, tend to apply for listing before a decline in performance. Poor post‐listing performance is not observed in larger firms.