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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/120375

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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 link:	https://doi.org/10.1111/jbfa.12312
DOI:	10.1111/jbfa.12312
Appears in Collections:	[Department of Finance] Periodical Articles

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