The Effect of Investor Sentiment toward an Exchange Merger on Liquidity

Takanori Hisada
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Takanori Hisada: Graduate School of Economics, Osaka University, Machikaneyama 1-7, Toyonaka.Osaka 560-0043, Japan.

International Journal of Economics and Financial Issues, 2018, vol. 8, issue 2, 315-318

Abstract: This study investigates the relationships among an exchange merger, investor sentiment, and liquidity by analyzing data from the 2013 merger of the Tokyo Stock Exchange and Osaka Securities Exchange. In contrast to prior studies, this study considers the investor sentiment e?ect of the merger. Synergy and the investor sentiment e?ect occur in the short run with liquidity increases. The investor sentiment e?ect occurs more strongly in small stocks.

Keywords: Investor sentiment; Exchange merger; Liquidity (search for similar items in EconPapers)
JEL-codes: G10 G19 G40 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ1:2018-02-37

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