| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27593 |
| 来源ID | Working Paper 27593 |
| Does Joining the S&P 500 Index Hurt Firms? | |
| Benjamin Bennett; René M. Stulz; Zexi Wang | |
| 发表日期 | 2020-07-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of index inclusion has disappeared and the long-run impact of index inclusion has become negative. Inclusion worsens stock price informativeness and some aspects of governance. Compensation, investment, and financial policies change with index inclusion. For instance, payout policies of firms joining the index become more similar to the policies of their index peers. ROA falls following inclusion. There is no evidence of an impact of inclusion on competition. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w27593 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585264 |
| 推荐引用方式 GB/T 7714 | Benjamin Bennett,René M. Stulz,Zexi Wang. Does Joining the S&P 500 Index Hurt Firms?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27593.pdf（772KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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