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Firms changing their listing from the less regulated AIM to the more regulated main section of the London Stock Exchange exhibit positive returns on the day the decision is announced, while for firms moving in the opposite direction both announcement and implementation day returns are negative. Following implementation, the pattern of returns is reversed for both categories of firm. Some of the changes in returns reflect changes in liquidity, while the remainder reflect adjustments to the cost of capital resulting from different bonding requirements and agency risks between the two listing regimes.

Bonding, Firm Value and Liquidity: An Analysis of Migrations Between the AIM and the Official List of the London Stock Exchange