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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/120375
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/120375


    Title: The competitive effects of S&P 500 Index revisions
    Authors: Chen, Sheng-Syan;Lin, Yueh-Hsiang
    陳聖賢
    Chen, Sheng-Syan
    Contributors: 財管系
    Date: 2018-08
    Issue Date: 2018-10-05 16:29:58 (UTC+8)
    Abstract: Firms added to the S&P 500 Index gain a competitive advantage over their non‐S&P 500 industry competitors. They experience positive stock valuation effects at the expense of competitors. The inclusion is associated with both reductions in financial constraints and the cost of equity and increases in capital investment for the newly added firms. When the increase in capital investment is greater, they gain more market share and enjoy better valuation effects. Rivals’ share price responses are negatively related to the announcement effect of the newly added firm. Deletions from the index, however, do not have symmetric effects.
    Relation: Journal of Business Finance and Accounting, Volume45, Issue7-8 , Pages 997-1027
    Data Type: article
    DOI 連結: https://doi.org/10.1111/jbfa.12312
    DOI: 10.1111/jbfa.12312
    Appears in Collections:[財務管理學系] 期刊論文

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