Kadlec, Gregory B.McConnell, John J.2023-08-112023-08-112023-041078-1196http://hdl.handle.net/10919/116021In this article, we report the results of our recent study of 273 companies that during the 1980s decided to switch the trading locale of their shares from the over-the-counter (OTC) or NASDAQ market to the NYSE. We found that share prices increased by about 6%, on average, at the time the stocks became listed on the NYSE, and that the investor base of these firms increased by almost 20%. We also found that the average stock experienced a reduction in bid/ask spread of about 5% after listing. In an analysis of the relation among share prices, investor base, and bid/ask spread, we found that the stock price increase was significantly correlated with both the percentage increase in investor base and the reduction in bid/ask spread.application/pdfenCreative Commons Attribution-NonCommercial-NoDerivatives 4.0 Internationalstock-exchange listingsArticle - Refereedhttps://doi.org/10.1111/jacf.125381745-6622