@article {Beneish51, author = {Messod D. Beneish and Robert E. Whaley}, title = {S\&P 500 Index Replacements}, volume = {29}, number = {1}, pages = {51--60}, year = {2002}, doi = {10.3905/jpm.2002.319863}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Standard \& Poor{\textquoteright}s has become increasingly aggressive in deleting stocks from the S\&P 500 index. Where once it made replacements in the index only when a particular stock had to be removed due to merger or acquisition, corporate restructuring, and bankruptcy filing, S\&P now voluntarily removes a company for a variety of reasons, which may include low market capitalization, low share price, dwindling market share, or simply the need to find a spot for an up-and-comer. There are a variety of impacts on share price and trading volume for stocks added to and deleted from the S\&P 500 during the period January 1996 through December 2001. For additions, abnormal returns and trading volumes are higher than ever. For deletions, share prices are dealt a crippling blow.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/29/1/51}, eprint = {https://jpm.pm-research.com/content/29/1/51.full.pdf}, journal = {The Journal of Portfolio Management} }