The competitive effects of S&P 500 Index revisions

Autor:	Sheng-Syan Chen, Yueh-Hsiang Lin
Rok vydání:	2018
Předmět:	Valuation effects 050208 finance Index (economics) 05 social sciences Cost of equity Monetary economics Competitor analysis Share price Competitive advantage Accounting 0502 economics and business Economics Stock valuation Business Management and Accounting (miscellaneous) 050207 economics Market share Finance
Zdroj:	Journal of Business Finance & Accounting. 45:997-1027
ISSN:	0306-686X
DOI:	10.1111/jbfa.12312
Popis:	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.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::63250d3ce21419ab8288bd761bef38f2 https://doi.org/10.1111/jbfa.12312 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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