Crossing the Market Divide : Valuation Effects of Uplistings in Sweden

Sammanfattning

This study examines the short-term and medium-term valuation effects of uplisting from Nasdaq First North to Nasdaq Stockholm Main Market between 2013 and 2025. The short term effect is examined using a standard event study approach with a sample of 81 firms. The results show a significant positive cumulative average abnormal return of 4.4% in the main event window [0, +1] surrounding the uplisting announcement. The medium-term effect is examined using a difference-in-differences approach with a sample of 42 firms. No statistically significant effect on firm value, measured by Tobin’s Q up to three years after the uplisting, is found. The findings indicate that uplisting announcements are interpreted as value-relevant information by the market in the short term, while no statistically significant evidence is found of a durable change in firm value over the medium term.