https://www.nber.org/digest/nov13/w19290.html F
Post# of 1015
FROM the above cite
"Past studies have found that companies added to the S&P 500 experience increases in their share values, and yet recent studies with the largest samples also have shown that there are no corresponding declines in share values when firms are deleted from that index"
" lingering "investor recognition" of firms that were once on an index may partially explain why their share prices don't fall after deletions" - yes