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Listing and the liquidity of bank stocks: revisited

Author

Listed:
  • Donald Fraser
  • John Groth
  • Steven Byers

Abstract

This paper investigates the association between listing and liquidity over the January 1991-December 1994 period for a large number of bank stocks. An empirical model is developed in which liquidity (using a measure that reflects the volume-price effects of demand and supply in market price) is a function of listing and certain other (ceteris paribus) variables. The model is virtually identical to the one employed in the previous study of the topic. The empirical results of the current study are compared to those of the prior one. Despite enormous changes in the structure of the financial system and in the banking system, the empirical results are consistent with those of the prior study: listed bank stocks do not appear to have greater liquidity than unlisted bank stocks. In fact, the results suggest that listing adversely affects liquidity. Various potential reasons for this finding are presented in the paper.

Suggested Citation

  • Donald Fraser & John Groth & Steven Byers, 1997. "Listing and the liquidity of bank stocks: revisited," Applied Financial Economics, Taylor & Francis Journals, vol. 7(2), pages 165-172.
    • Handle: RePEc:taf:apfiec:v:7:y:1997:i:2:p:165-172
    DOI: 10.1080/096031097333727
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    Cited by:

    1. Díaz, Antonio & Escribano, Ana, 2020. "Measuring the multi-faceted dimension of liquidity in financial markets: A literature review," Research in International Business and Finance, Elsevier, vol. 51(C).

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