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Stock exchange
About: Stock exchange is a research topic. Over the lifetime, 39566 publications have been published within this topic receiving 612044 citations.
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183 citations
183 citations
TL;DR: In this paper, the authors examine whether the limit order book is informative about future price changes and whether traders use this information when trading, and they find that traders in lower-priced stocks are less likely to initiate such actions because of the large relative tick size.
182 citations
TL;DR: In this paper, the authors examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K stock exchanges before and after the enactment of SOX in 2002.
Abstract: In this paper, we examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K. stock exchanges before and after the enactment of SOX in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges from 1995–2006, we develop an exchange choice model that captures firm-level, industry-level, exchange-level, and country-level listing incentives, and test whether these listing preferences changed following the enactment of SOX. After controlling for firm characteristics and other economic determinants of these firms' exchange choice, we find that the listing preferences of large foreign firms choosing between U.S. exchanges and the London Stock Exchange's (LSE) Main Market did not change following the enactment of SOX. In contrast, we find that the likelihood of a U.S. listing among small foreign firms choosing between the NASDAQ and LSE's Alternative Investment Market decreased following the enactment of SOX. The negative effect among small firms is consistent with these marginal companies being less able to absorb the incremental costs associated with SOX compliance. The screening of smaller firms with weaker governance attributes from U.S. exchanges is consistent with the heightened governance costs imposed by SOX increasing the bonding-related benefits of a U.S. listing.
182 citations
TL;DR: In this paper, the authors measured the intellectual capital performance of quoted banks in ISE using the efficiency coefficient, called Value Added Intellectual Coefficiency (VAICTM), and tested the effect of this Intellectual capital performance on profitability using Data Envelopment Analysis (DEA).
Abstract: Purpose – The purpose of the paper is to obtain measure of the intellectual capital (IC) performance of quoted banks on the Istanbul Stock Exchange Market (ISE) in Turkey for the period 1995‐2004 and test the effect of the intellectual capital performance on profitability.Design/methodology/approach – Data required for calculating intellectual capital efficiencies were obtained from the ISE for the period 1995‐2004. The authors measured the intellectual capital performance of quoted banks in ISE using the efficiency coefficient, called Value Added Intellectual Coefficiency (VAICTM), and tested the effect of this intellectual capital performance on profitability using Data Envelopment Analysis (DEA). In addition, three different portfolios were constructed based on three different inputs to observe the effect of the intellectual capital on investors' behavior.Findings – The effect of intellectual capital on profitability on the banking sector on the ISE was calculated as 61.3 percent on average and Portfol...
182 citations