The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
An Anatomy of the “S&P Game”: The Effects of Changing the Rules
Abstract
This study analyzes the effects of changes in S&P 500 index composition from January 1986 through June 1994, a period during which Standard and Poor's began its practice of preannouncing changes five days beforehand. The new announcement practice has given rise to the “S&P game” and has altered the way stock prices react. We find that prices increase abnormally from the close on the announcement day to the close on the effective day. The overall increase is greater than under the old announcement policy although part of the increase reverses after the stock is included in the index.
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
Cites
CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*
Sharpe, W. F. (1964) · The Journal of Finance · doi:10.1111/j.1540-6261.1964.tb02865.x · Cited by 19,441
Cited by
Does Net Buying Pressure Affect the Shape of Implied Volatility Functions?
Bollen, N. P. B., & Whaley, R. E. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00647.x · Cited by 987
Self-citationChen, H., Noronha, G., & Singal, V. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00683.x · Cited by 600
Doh, J. P., Howton, S. D., Howton, S. W., & Siegel, D. S. (2010) · Journal of Management · doi:10.1177/0149206309337896 · Cited by 481
Mitchell, M., Pulvino, T., & Stafford, E. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00626.x · Cited by 426
Demand Curves for Stocks Do Slope Down: New Evidence from an Index Weights Adjustment
Kaul, A., Mehrotra, V., & Morck, R. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00230 · Cited by 377
Metadata
- Authors
- BENEISH, M. D., & WHALEY, R. E.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1996-12
- Volume
- 51
- Issue
- 5
- Pages
- 1909-1930
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2042924053
- Cited by
- 334
- References
- 1
- FWCI
- 5.43
- 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: An Anatomy of the “S&P Game”: The Effects of Changing the Rules. https://app.cochat.ai/papers/10.1111/j.1540-6261.1996.tb05231.x
- The paper
- BENEISH, M. D., & WHALEY, R. E. (1996). An Anatomy of the “S&P Game”: The Effects of Changing the Rules. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1996.tb05231.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.
