This paper investigates the impact of non-practising entity (NPE) patent litigation on the delisting of the firms in the United States (US) stock market. Using a sample of high-tech and patent-intensive firms from the US market between 2000 and 2019, we find that frivolous patent trolling by...

Delisting of company’s shares is probably the least thing an existing and prospective investor ever think of when dealing with any given portfolio. This is particularly inconveniencing to numerous insignificant minority shareholders who might have easily purchased shares under Initial Public...

This paper empirically examines the impact of exiting the stock market on corporate innovation activities using Japanese going private type MBO data. Difference-in-differences analysis in regression framework is implemented on panel data consisting of firms that conducted public-to-private MBO...

We develop a theoretical real options model that advises firms on the timing of voluntary delisting. We apply this model to 2,358 U.S. listed firms (1980-2016) and classify them as listed (delisted) firms that should be listed (delisted), good decision (GD), and listed (delisted) firms which...

With two news-based measures on war, I document that managers mitigated war risk through dividend cuts, arguably to establish a war chest. Moreover, I find that companies postponed their initial public offerings and that foreign companies were more likely to delist after the onset of wars....

There is a perceived conflict of interests in going private transactions, resulting fromtransferring a company's ownership and control to affiliated parties and terminatingits public status. These deals are subject to mandatory disclosure requirements, aimedto inform shareholders before the...

In 2005, some of the biggest delistings from the Spanish electronic market were prompted by venture capital investors. This kind of transaction has experienced something of a boom in recent times, driving down the number of listed companies. One explanation is that venture capitalists are...

In this paper, we investigate how going private affects corporate innovation activities. We compare the innovation activities of firms that went private to the innovation activities of firms that received a going-private offer but stayed as public for reasons unrelated to innovation. Using...

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasers of $3.6 trillion of equity (in 2015 dollars) rather than net issuers. The propensity to be listed is lower across all firm size...

Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasers of $3.6 trillion of equity (in 2015 dollars) rather than net issuers. The propensity to be listed is lower across all firm size...

Stock delisting is a commonly value destructive process imposing significant costs on investors, firms and public markets. A relatively recent surge in the number of delistings across international markets restates the question on the roots and causes of delisting. Using a hand-picked sample...

In this study, we propose a new rationale for firms' delisting and going private decision: voluntary delist then reissue shares and relist in the “home” country, because of favorable government economic policy and regulatory changes. 29 (27) out of 127 U.S.-listed Chinese ADRs announced...

This paper provides evidence on the net effect of country-level adoption and implementation of International Financial Reporting Standards (IFRS). We use firm-years from 18 IFRS-adopting jurisdictions to examine the association between the country-level adoption of IFRS and the overall...

It is claimed that exchange listing of its stock benefits a firm by improving its stock liquidity and access to capital, thereby affecting real decisions and consequent outcome variables. Testing this claim empirically encounters obvious and formidable endogeneity problems. This paper...

Diese Dissertation befasst sich mit zwei Aspekten von freiwilligen Börsenrückzügen: Charakteristika von Unternehmen, welche die Börsennotierung aufgeben sowie dem Einfluss des Lebenszyklusabschnitts auf die Rückzugsentscheidung. Die erste Studie befasst sich mit Theorien zu freiwilligen...

Borrowing a measure from ecology, we introduce a spatial dispersion index to quantify the firm traits related to firm geographic location and investigate firm exposure to local home bias and local investor risk tolerance as determinants of corporate market value. Consistent with the investor...

Is the decision to go public or private a stock market driven 'side-show' or does it have significant effects on investment and profitability‘ We address this issue using a comprehensive dataset of private and public companies in the UK during 1996-2006. Firms with high investment-financing...

The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its level of development and the quality of its institutions. We call this the “U.S. listing gap” and investigate possible explanations for it....

The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its level of development and the quality of its institutions. We call this the “U.S. listing gap” and investigate possible explanations for it....

We show that firms ‘in danger' of being delisted from a stock market (NASDAQ) report higher performance-adjusted discretionary accruals and the inflated accruals are associated with an increased likelihood of maintained listing. Accruals of firms ‘in danger' are less positive in fiscal...

This paper examines the premiums paid by U.S.-listed Chinese companies in going-private transactions over the period from 2010 to 2012 and tests several incentive hypotheses for taking public companies private. Apart from the factors representing perceived difficulties and potential litigation...

The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its level of development and the quality of its institutions. We call this the "U.S. listing gap" and investigate possible explanations for it. We...