This study examines the influence of the number of financial analysts following a firm on market reaction around the announcement of stock splits. Results show that the raw as well as abnormal returns at the announcement of stock splits are negatively related to the level of analyst coverage....

This study analyzes the effects of listing changes within NASDAQ market segments during the period of 1998 to 2005. We find that firms phased up from the NASDAQ Small Capital Market (SmallCap) to the NASDAQ National Market (NNM) experienced significant declines in bid-ask spreads, the volatility...