Disclosure in going private transactions has become a topic of increasing interest for regulators and policymakers. Going private transactions are subject to special SEC rules that mandate management to provide detailed disclosure to all shareholders before a general vote. We examine the role of...

This paper aims to measure the effects of delisting on stock returns for the Vietnam stock market. This study employs a sample of 118 stocks that were compulsorily delisted from the market between January 2011 and December 2021. Using an event study methodology, the empirical findings confirm...

Die gesetzliche Regelung des 39 Abs. 2 bis 6 BörsG normiert die Voraussetzungen für den freiwilligen Rückzug börsennotierter Aktiengesellschaften von der Börse ('reguläres Delisting'). Der Autor befasst sich mit der Frage, inwieweit die gesetzliche Regelung dem gesetzgeberischen Ziel eines...

This study quantifies performance measure distortions in a cryptocurrency sample truncated by survivorship and delisting bias. Previous research shows that the attrition rate in cryptocurrency markets is high. However, the survivorship and delisting bias in cryptocurrencies lacks empirical...

In the typical “going private” corporate merger a controlling shareholder converts the company to closely held status by acquiring the publicly traded shares of minority stockholders. Meade v. Christie et al., a shareholder class action challenging just such a transaction, is currently...

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 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...

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...

This study analyzes which firms leave multi-stakeholder initiatives for corporate social responsibility. Based on an analysis of all active and delisted business participants from the United Nations Global Compact between 2000 and 2015 (n=15,853), we find that small and medium-sized enterprises...

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...

This study examines whether delistings due to mergers and acquisitions (i.e., M&A delistings) result in negative information externalities for industry peer firms. Prior research shows that firms' disclosures provide useful information spillovers to other firms in the same industry; importantly,...

This paper examines whether shareholder litigation contributes to the decline in U.S. stock market listings. We find that higher litigation risk induces firms to delist. We establish causality by exploiting a 1999 decision by the Ninth Circuit Court that reduced litigation risk. The effect is at...

This study investigates the listing of IPOs and the delisting from the Prime Standard, the highest regulated stock exchange segment in Germany. The German Stock Exchange instituted this market segment subsequent to the high-technology new economy period in 2003. For a sample of 531 firms, we...

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...

This book focuses on the U.S. presidential election spectacle, from the primaries through to the November 2020 election and the subsequent events leading up to the inauguration of Joe Biden as the 46th president. A follow-up to Political Marketing in the 2016 U.S. Presidential Election, it...

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...

The global financial crisis significantly affected the viability of the financial system and the structure of equity markets. In this study, we investigate the phenomenon of family and non-family firms' delisting decisions from the Prime Standard, the highest regulated stock market segment in...

This is a review of a new book by Michael Vandenbergh and Jonathan Gilligan, Beyond Politics: The Private Governance Response to Climate Change. They make a persuasive case that private initiatives in this area have been underestimated. The review seeks to build on their analysis in two ways....