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Re:S&P 500 to exclude Snap after voting rights debate by kxxsc on Tuesday August 01, 2017 @07:07PM (#14906321)
If you're interested, the National Bureau of Economic Research has some pretty interesting work on the subject:

Stock Price Reactions to Index Inclusion: http://www.nber.org/digest/nov13/w19290.html

The Mysterious Growing Value of S&P 500 Membership: http://www.nber.org/papers/w8654

Big Picture: Inclusion in an index does have some +ve effect on price

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