The effects of exchange listing on market quality: Evidence from over‐the‐counter uplistings
研究公司从场外交易市场升级到纳斯达克、纽交所等交易所后，流动性显著改善，价格发现能力提升，对投资者、管理者和交易所官员有参考价值。
Abstract We study the effects of exchange uplisting from the modern over‐the‐counter (OTC) markets on liquidity, volatility, and price discovery. In a series of difference‐in‐differences tests, we find that for a sample of OTC treatment firms that uplist to the NASDAQ, New York Stock Exchange (NYSE), or NYSE MKT, relative to matched control firms, liquidity improves dramatically after listing. We also show that price discovery improves for treatment firms vis‐à‐vis control firms after listing. The results contribute to the discussion surrounding the facilitation of capital formation and offer important insights to investors, managers, and exchange officials.