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JOURNAL OF ACCOUNTING AND FINANCE
S&P 500 Inclusion Announcements and Downstream Customer Industries
Author(s): Kelly E. Carter
Citation: Kelly E. Carter, (2013) "S&P 500 Inclusion Announcements and Downstream Customer Industries," Journal of Accounting and Finance, Vol. 13, Iss. 5, pp. 94 - 106
Article Type: Research paper
Publisher: North American Business Press
Abstract:
I examine the effect of Standard and Poor’s (S&P) 500 inclusion announcements on downstream
customer industries. I find that, when supplier firms are announced into the S&P 500, their downstream
customer industries lose value. Multivariate regression results show that customer losses are between
$1.8 and $2 million at the firm level and between $17.1 million and $19.6 million at the industry level.
These results suggest that (1) wealth transfers explain a portion of the positive returns that accrue to
added firms and their industry and (2) S&P 500 inclusion announcements contain information about
industries one step down the supply chain.
