Market capitalization

About: Market capitalization is a research topic. Over the lifetime, 3583 publications have been published within this topic receiving 77288 citations. The topic is also known as: market cap & market value.

S&P 500 Index Replacements

Abstract: Standard & Poor9s has become increasingly aggressive in deleting stocks from the S&P 500 index. Where once it made replacements in the index only when a particular stock had to be removed due to merger or acquisition, corporate restructuring, and bankruptcy filing, S&P now voluntarily removes a company for a variety of reasons, which may include low market capitalization, low share price, dwindling market share, or simply the need to find a spot for an up-and-comer. There are a variety of impacts on share price and trading volume for stocks added to and deleted from the S&P 500 during the period January 1996 through December 2001. For additions, abnormal returns and trading volumes are higher than ever. For deletions, share prices are dealt a crippling blow.

The determinants of voluntary disclosures in malaysia: the case of internet financial reporting

Abstract: Previous research suggests that there is a rather heterogeneous use of the Internet as an instrument for investor relations strategies and corporate reporting among Malaysian firms [i.e. types of informati on disclosed (Ruhaya, Nafisah & Normahiran, 2000; Noor & Mohamad, 2000), qualitative nature of Internet reporting (Nik & Amdan, 2001) and benefits of reporting on the websites (Salleh, Nariah, Mazlin & Shireejit, 2000). This study has investigated whether the differences in Internet Financial Reporting (IFR) policies might be due to a firm’s specific characteristics. Given there is no mandatory requirement for IFR disclosure, the study adopts the traditional voluntary disclosure variables in an attempt to e xplain such practices by Malaysian main board listed firms in Kuala Lumpur Stock Exchange (KLSE). A total of 100 firms were selected based on their market capitalization for the year 2001. All selected firms were analyzed via their web sites or linkage to KLSE web site if present and traceable. The regression results show that firm size, leverage, growth, foreign share ownership and shareholders concentration were directly attributed to the adoption of IFR by the listed firms. In conclusion, a bigger firm, a more leveraged firm, a high growth firm, a firm with high foreign share ownership and a firm with highly concentrated shareholders has a higher tendency to adopt IFR.

A Call Auction’s Impact on Price Formation and Order Routing: Evidence from the NASDAQ Stock Market

Abstract: Electronic call auctions are used globally to open and close equity market trading; as such, they are a critically important facility that needs to be better understood. The paper focuses on the impact NASDAQ’s calls (introduced in 2004) have had on bid-ask spreads, price volatility, and order routing in the continuous market that follows daily openings and which precedes daily closings. NASDAQ’s closing call has significantly reduced both spreads and volatility for all market capitalization groups. Its opening call similarly reduced spreads, while a generally similar, though somewhat weaker, pattern of volatility reduction was realized. Although the pattern of trading volume has, for the most part, not been significantly affected, our findings, comprehensively viewed, suggest that the calls have had a positive spillover effect on the dynamic behavior of price formation in NASDAQ’s continuous market.