The DOI matches its Crossref record.
The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence from Exchange Listings
Abstract
This article documents the effect on share value of listing on the New York Stock Exchange and reports the results of a joint test of Merton's (1987) investor recognition factor and Amihud and Mendelson's (1986) liquidity factor as explanations of the change in share value. We find that during the 1980s stocks earned abnormal returns of 5 percent in response to the listing announcement and that listing is associated with an increase in the number of shareholders and a reduction in bid‐ask spreads. Cross‐sectional regressions provide support for both investor recognition and liquidity as sources of value from exchange listing.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Financial Development and Economic Growth: Views and Agenda
Levine, R. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1678 · Cited by 2,977
Stock Markets, Banks, and Economic Growth
Levine, R., & Zervos, S. (1999) · Policy Research Working Papers · doi:10.1596/1813-9450-1690 · Cited by 2,881
Market Frictions, Price Delay, and the Cross-Section of Expected Returns
Hou, K., & Moskowitz, T. J. (2005) · Review of Financial Studies · doi:10.1093/rfs/hhi023 · Cited by 1,083
Preferences for Stock Characteristics As Revealed by Mutual Fund Portfolio Holdings
FALKENSTEIN, E. G. (1996) · The Journal of Finance · doi:10.1111/j.1540-6261.1996.tb05204.x · Cited by 1,058
Foerster, S. R., & Karolyi, G. A. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00134 · Cited by 1,050
Metadata
- Authors
- KADLEC, G. B., & MCCONNELL, J. J.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1994-06
- Volume
- 49
- Issue
- 2
- Pages
- 611-636
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2147017459
- Cited by
- 411
- References
- 0
- FWCI
- 14.72
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence from Exchange Listings. https://app.cochat.ai/papers/10.1111/j.1540-6261.1994.tb05154.x
- The paper
- KADLEC, G. B., & MCCONNELL, J. J. (1994). The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence from Exchange Listings. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1994.tb05154.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
