The Puzzle in Post-Listing Common Stock Returns

Prior studies indicate that common stocks tend to earn negative returns immediately following listing on the NYSE. The authors document the phenomenon in detail and investigate a number of possible explanations. No full explanation is discovered, although several are ruled out.

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Bibliographic Details
Published in:The Journal of finance (New York) 1987-03, Vol.42 (1), p.119-140
Main Authors: McCONNELL, JOHN J., SANGER, GARY C.
Format: Article
Language:English
Subjects:
Arithmetic mean
Business structures
Common stock
Financial securities
Listing
Null hypothesis
Over the counter stock
Rates of return
Returns
Sample size
Securities analysis
Statistical analysis
Stock exchanges
Stock market indices
Stock prices
Stocks
Studies
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Description
Summary:Prior studies indicate that common stocks tend to earn negative returns immediately following listing on the NYSE. The authors document the phenomenon in detail and investigate a number of possible explanations. No full explanation is discovered, although several are ruled out.
ISSN:0022-1082
1540-6261
DOI:10.1111/j.1540-6261.1987.tb02554.x