Research output per year
Research output per year
Alcino Azevedo, Gonul Colak*, Izidin El Kalak, Radu Tunaru
Research output: Contribution to journal › Article › peer-review
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.
Original language | English |
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Article number | 103832 |
Number of pages | 21 |
Journal | Journal of Financial Economics |
Volume | 155 |
Early online date | 3 Apr 2024 |
DOIs | |
Publication status | Published - May 2024 |
Research output: Preprint or Working paper › Working paper