| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29365 |
| 来源ID | Working Paper 29365 |
| Is Stock Index Membership for Sale? | |
| Kun Li; Xin (Kelly) Liu; Shang-Jin Wei | |
| 发表日期 | 2021-10-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | While major stock market indices are followed by large monetary investments, we document that membership decisions for S&P 500 have a nontrivial amount of discretion. We show that firms’ purchases of S&P ratings appear to improve their chance of entering the index (but purchases of Moody’s ratings do not). Furthermore, firms tend to purchase more S&P ratings when there are openings in the index membership. Such a pattern is also confirmed by an event study that explores a rule change on index membership in 2002. Finally, discretionary additions exhibit subsequent deterioration in financial performance relative to rules-based additions. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w29365 |
| 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/587039 |
| 推荐引用方式 GB/T 7714 | Kun Li,Xin ,Shang-Jin Wei. Is Stock Index Membership for Sale?. 2021. |
| 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 | ||
| w29365.pdf（658KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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