The timing of voluntary delisting

• 成果类型: Article
• 署名作者: Azevedo, Alcino; Colak, Gonul; El Kalak, Izidin; Tunaru, Radu
• 署名单位: Aston University; University of Sussex; Hanken School of Economics; Cardiff University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2024.103832
• 发表日期: 2024
• 关键词: Voluntary delisting; political uncertainty; Regulatory uncertainty; Competing risk

摘要

For many firms, voluntarily delisting from a stock exchange can be optimal. We model an entrepreneur's incentives to voluntarily delist the firm as a trade-off between consumption of private benefits when listed and expected improvements in the firm's performance after delisting. Our model allows for heterogeneity across firms and countries, and various micro and macro shocks affect the delisting decision. Such a model makes novel predictions regarding the delisting patterns around the world. We empirically confirm these predictions using manually collected delisting data from 26 countries. Increasing policy and regulatory uncertainties can partially explain the greater popularity of voluntary delistings.