Transition of stocks from SESDAQ to the main board of the SES : study of returns, risk and changes in trading characteristics.
Francis, Gerard A.
Date of Issue1994
College of Business (Nanyang Business School)
The main objective of this study was to test the hypothesis that there are positive returns to stocks on transition from the SESDAQ to the Main Board. Studies done in the U.S. on returns to stocks upon transferring from the NASDAQ OTC to the NYSE or AMEX, by Fabozzi, Ying et al and Edelman and Baker have all found positive cumulative abnormal returns in the period immediately prior to the transfer. Prior to this current study, no similar studies have been done in the local context.
NANYANG TECHNOLOGICAL UNIVERSITY