Do institutions care about market structure? A case study of listing firms

Michele O’Neill ()

Journal of Economics and Finance, 2002, vol. 26, issue 1, 50-62

Abstract: Trading by institutions on the NSYE and Nasdaq markets has grown dramatically. Yet, while listing effects for firms moving to an exchange have been studied for more than 60 years, evidence on whether listing is beneficial is mixed. This study focuses on listing effects to institutional traders by examining different factors that capture changes in block execution. Results indicate price impacts and liquidity costs decline for various types of block trades and block trade sizes, the average volume of which increases after listing.(JEL G20) Copyright Springer 2002

Date: 2002
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DOI: 10.1007/BF02744451

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