کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5063082 1476669 2016 45 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of listing switches from a growth market to a main board: An alternative perspective
ترجمه فارسی عنوان
اثر فهرست تغییر از یک بازار رشد به یک صفحه اصلی: چشم انداز جایگزین
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
We examine whether firms switching listings from the Korean growth market (KOSDAQ) to the main board (KOSPI) experienced improved trading-related market quality. We focus on market macrostructure and use a difference-in-difference technique with nearest matching. Contrary to previous research and practitioners' opinions, we find that trading-related market quality mostly deteriorated or remained unchanged following the switch, indicating that the specific market macrostructure of a country matters. Listing switches produce a negative externality by weakening KOSDAQ and thereby impairing funding for innovative new firms, suggesting that policymakers should encourage firms whose characteristics fit the standalone growth market to remain listed there.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Emerging Markets Review - Volume 29, December 2016, Pages 246-273
نویسندگان
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