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The Effect of Investor Sentiment toward an Exchange Merger on Liquidity

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  • Takanori Hisada

    (Graduate School of Economics, Osaka University, Machikaneyama 1-7, Toyonaka.Osaka 560-0043, Japan.)

Abstract

This study investigates the relationships among an exchange merger, investor sentiment, and liquidity by analyzing data from the 2013 merger of the Tokyo Stock Exchange and Osaka Securities Exchange. In contrast to prior studies, this study considers the investor sentiment e?ect of the merger. Synergy and the investor sentiment e?ect occur in the short run with liquidity increases. The investor sentiment e?ect occurs more strongly in small stocks.

Suggested Citation

  • Takanori Hisada, 2018. "The Effect of Investor Sentiment toward an Exchange Merger on Liquidity," International Journal of Economics and Financial Issues, Econjournals, vol. 8(2), pages 315-318.
    • Handle: RePEc:eco:journ1:2018-02-37
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Investor sentiment; Exchange merger; Liquidity;
    All these keywords.

    JEL classification:

    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G19 - Financial Economics - - General Financial Markets - - - Other

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