Each year some corporate managers decide to change the listing of their firm's common stock from the American Stock Exchange (AMEX) to the New York Stock Exchange (NYSE). In making this decision to switch auction markets, managers presumably act in the best interests of their shareholders. The...

Corporate managers often cite improved firm visibility as a motive for listing on the New York Stock Exchange (NYSE). We use three proxies to test this motive: the number of analysts following a firm, the number of institutional shareholders, and the number of shares held by institutions. We...