We study the effects of exchange uplisting from the modern over-the-counter (OTC) markets on liquidity, volatility, and price discovery. In a series of difference-in-differences tests, we find that for a sample of OTC treatment firms that uplist to the NASDAQ, New York Stock Exchange (NYSE), or NYSE MKT, relative to matched control firms, liquidity improves dramatically after listing. We also show that price discovery improves for treatment firms vis-à-vis control firms after listing. The results contribute to the discussion surrounding the facilitation of capital formation and offer important insights to investors, managers, and exchange officials.

中文翻译：

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交易所上市对市场质量的影响：来自场外上市的证据

我们研究了现代场外 (OTC) 市场的交易所上市对流动性、波动性和价格发现的影响。在一系列差异检验中，我们发现，对于在纳斯达克、纽约证券交易所 (NYSE) 或 NYSE MKT 上市的 OTC 处理公司样本，相对于匹配的控制公司，上市后流动性显着改善. 我们还表明，上市后处理公司相对于控制公司的价格发现有所改善。结果有助于围绕促进资本形成的讨论，并为投资者、经理和交易所官员提供重要的见解。