Please use this identifier to cite or link to this item:
Full metadata record
DC FieldValueLanguage
dc.contributor.authorJohnny K.H. Kwokvi
dc.description.abstract"Purpose – The purpose of this paper is to study whether switching trading venues create value in the Hong Kong stock market. Design/methodology/approach – By using an event study, the paper investigates the abnormal returns (AR) earned by firms in the Growth Enterprise Market (GEM) relating to switching to the Main Board (MB). Two measures, turnover of the stock and Amihud’s (2002) illiquidity ratio, are used to examine the liquidity effects. Findings – The switch is accompanied by a long-term increase in stock price for low liquidity firms only. High liquidity firms underperform with persistent negative excess returns after switching, while the transient negative excess returns in low liquidity firms reverse gradually. The results further show a significant increase in trading activity for low liquidity firms following the switch, while there is a significant decline in both trading activity and liquidity in firms with high liquidity. The overall results suggest that moving from GEM to the MB is beneficial to low liquidity firms but detrimental to high liquidity firms. Originality/value – This study is the first to investigate whether moving from GEM to the MB creates value in the Hong Kong stock market."vi
dc.formatPortable Document Format (PDF)-
dc.publisherUniversity of Economics Ho Chi Minh Cityvi
dc.relation.ispartofJournal of Asian Business and Economic Studiesvi
dc.relation.ispartofseriesJED, Vol.27(1)-
dc.subjectStock liquidityvi
dc.subjectGrowth enterprise marketvi
dc.subjectMain boardvi
dc.subjectTrading venuevi
dc.titleDoes switching trading venues create value? evidence from Hong Kongvi
dc.typeJournal Article-
item.fulltextOnly abstracts-
item.openairetypeJournal Article-
Appears in Collections:JABES in English
Show simple item record

Google ScholarTM



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.