Investor Recognition, Liquidity, and Exchange Listings in the Reformed Markets
研究公司从纳斯达克转板到纽交所的现象，发现尽管价差已相近，但转板仍带来正收益，主要原因是投资者认可度提升。
We examine multiple facets of firms' descisions to list on the NYSE. Although the average Nasdaq spreads are now comparable to the average NYSE spreads, we find that firms continue to switch from Nasdaq to the NYSE, and that they experience positive cumulative abnormal returns on listing. Using a simultaneous ststem of equations approach, we establish that enhanced investor recognition mainly explains this phenomenon. A logistic regression suggesrts that corporate listing choice is consistent with these findings, since eligible unlisted firms already have high volumes and recognition and might not benefit as much as do firms that actually switch.