Demand Curves for Stocks Do Slope Down : New Evidence From An Index Weights Adjustment  

Oleh:

Kaul, Aditya ; Mehrotra, Vikas ; Morck, Randall

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 893-912.
Topik: STOCKS; stock prices; flotation; effects; studies; securities markets
Fulltext: p 893.pdf (104.08KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Weights in the toronto stock exchange 300 index are determined by the market values of the included stocks' public floats. In november 1996, the exchange implemented a previously announced revision of its definition of the public float. This revision, which increased the floats and the index weights of 31 stocks, conveyed no information and had no effect on the legal duties of shareholders. Afefcted stocks experienced statistically significant excess returns of 2,3 percent during the event week, and no price reversal occured as trading volume returned to normal levels. These findings support downward sloping demand curves for stocks.

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