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Corporate Name Changes: The Case of M&As within the S&P 500 Index

In this study, we examine the effect of name change on mergers and acquisitions (M&amp;As) among S&amp;P 500 companies from 1979 to 2017. We find a significant name change effect on the S&amp;P 500 index change announcement, although information about the name change was public at the time of the M&amp;A announcement. The annualized short-term abnormal return for the name change within a week is about 60%, and the 1-year buy and hold abnormal return for the name change is about 10%. We further estimate that the impact of price pressure on index trading is 0.34%.