Does One Size Fit All? The Consequences of Switching Markets with Different Regulatory Standards
研究了小公司从监管较严的伦敦市场切换到监管较松的市场后的股价和经营表现，发现短期股价下跌但长期回升，且经营业绩改善，表明对部分公司而言宽松监管可能更合适。
Abstract As the regulation of public companies has tightened, many companies have switched to stock exchanges with lower regulatory requirements. We analyse the consequences for smaller quoted companies of switching between the two London markets, which differ in their regulatory regimes. Firms that switch to lighter regulation experience, on average, negative announcement returns of approximately 5%. However there is a longer‐term upward drift in stock returns after the switch. We relate these financial returns to improvements in operating performance in the years following the switch, suggesting that for some companies, and their investors, a lighter regulatory environment may be appropriate .