Asymmetric Changes in Stock Prices and Investor Recognition around Revisions to the S&P 500 Index

This study finds that first-time additions to the S&P 500 Index or its family experience permanent price increases; however, companies upgraded from lesser-known S&P indices, reentering the S&P 500, or dropped from the index experience temporary price changes. These price patterns can be...

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Veröffentlicht in:	Financial analysts journal 2011-01, Vol.67 (1), p.72-84
1. Verfasser:	Zhou, Haigang
Format:	Artikel
Sprache:	eng
Schlagworte:	Addition Bond ratings Business structures Cost estimates Demand curves EQUITY INVESTMENTS Hypotheses Index funds Indexes Investment Investments Investors Mid cap investments Personal finance Price increases Put & call options Revaluation Revisions Shareholders Small cap investments Stock exchange Stock market indices Stock prices Studies
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Zusammenfassung:	This study finds that first-time additions to the S&P 500 Index or its family experience permanent price increases; however, companies upgraded from lesser-known S&P indices, reentering the S&P 500, or dropped from the index experience temporary price changes. These price patterns can be explained by changes in investor recognition.
ISSN:	0015-198X 1938-3312
DOI:	10.2469/faj.v67.n1.1