NYSE VS NASDAQ RETURNS - MARKET MICROSTRUCTURE OR THE POOR PERFORMANCE OF INITIAL PUBLIC OFFERINGS
成果类型：
Article
署名作者：
LOUGHRAN, T
署名单位：
University of Illinois System; University of Illinois Urbana-Champaign
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(93)90006-W
发表日期：
1993
页码：
241-260
关键词：
摘要：
Reinganum (1990) reports that small NYSE securities have average returns about 6% per year higher than those of similarly-sized NASDAQ securities during the 1973-1988 period. He attributes the return differential to market microstructure differences. In contrast, this paper demonstrates that differences in the characteristics of the companies listed on the two exchanges explain much of the disparity. About 60% of the return differential can be attributed to the poor performance of recent initial public offerings, which comprise a large portion of the firms on NASDAQ. On average, IPOs underperform during the six calendar years after going public.