Download or read book The Decision to Delist from the Stock Market written by Barbara Fidanza and published by Springer. This book was released on 2018-09-29 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss of the incentives that drove the firm to the public market in the past. However, the book presents unique motivations not directly related to the IPO decision. This book covers what the existing literature has not in focusing on specific aspects such as market liquidity and microstructure, listing costs, market for corporate control, corporate governance issues and so on. Of interest to academics and students, this contribution puts all pieces in order and finds a thread that can link each theory to the others.
Download or read book The Real Effects of NASDAQ Delistings written by Karen Liu and published by . This book was released on 2017 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 empirically examines the causal effect of involuntary delisting from a stock exchange on stock liquidity, access to capital, corporate investment and profitability. Focusing on firms in violation of NASDAQ continued-listing rules between 2000 and 2009, I compare firms that eventually delisted and moved trading of their stock to OTC markets with those that regained compliance and remained on NASDAQ. Market volatility during the delisting grace period is used as an instrumental variable (IV) for the delisting outcome. My findings suggest the following: First, delisting causes stocks to experience reduced daily trading volume, but only if the stock was actively traded prior to delisting; for thinly-traded stocks, there is no effect. Second, surprisingly, the number of investors, institutional ownership or analyst coverage are not affected by delisting. Third, delisting leads to less future equity issuance only if a stock was actively traded prior to delisting. Fourth, delisting has no statistically significant effect on a firm's long-term investments. Fifth, delisting improves long-term gross margin for firms which were thinly-traded prior to delisting. Sixth, delisting does not have statistically significant effect on firm value. Overall, my findings indicate that delisting from a stock exchange is not as costly as commonly believed. This implies that the OTC markets may provide small firms that have limited trading volume with a low-cost, effective market for their stock. My conclusions support the recent policy initiatives to provide alternative listing and trading venues for small public companies.
Download or read book Vedanta s Decision to Buyback and Delist written by M. Sriram and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: On 12 May 2020, Vedanta Ltd., one of the largest Indian mining and metals companies, announced its decision to delist from all the stock exchanges through a buyback of 49% of shares held by the public. The price was fixed at INR 87.50 per share for the buyback program. The decision caught both the market and minority shareholders by surprise, as the company share price was at a 52-week low at the time of the announcement. Whether the decision to buy back and delist its stock is a fair deal or an ordeal for stakeholders can be established only through determining the fair value of the stock through appropriate methods. Students will be asked to value the shares of Vedanta Ltd. by using relative valuation techniques. The relative multiples of comparable companies are also considered to arrive at the fair price of Vedanta Ltd.
Download or read book The Decision to Not Delist Nikko Cordial Shares written by Sadakazu Osaki and published by . This book was released on 2007 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Services Agency levied a huge fine on Nikko Cordial Group after uncovering accounting irregularities at the firm, one of Japan's leading securities houses. In response, the Tokyo Stock Exchange considered whether to delist the firm, ultimately deciding not to. This paper takes the position that the TSE basically made the right decision and offers recommendations regarding future self-regulation by exchanges.
Download or read book Decisions written by United States. Securities and Exchange Commission and published by . This book was released on 1934 with total page 1114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 1995 with total page 952 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Transplants written by Katja Langenbucher and published by Cambridge University Press. This book was released on 2017-10-19 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why and in what ways have lawyers been importing economic theories into a legal environment, and how has this shaped scholarly research, judicial and legislative work? Since the financial crisis, corporate or capital markets law has been the focus of attention by academia and media. Formal modelling has been used to describe how capital markets work and, later, has been criticised for its abstract assumptions. Empirical legal studies and regulatory impact assessments offered different ways forward. This book presents a new approach to the risks and benefits of interdisciplinary policy work. The benefits economic theory brings for reliable and tested lawmaking are contrasted with important challenges including the significant differences of research methodology, leading to misunderstandings and problems of efficient implementation of economic theory's findings into the legal world. Katja Langenbucher's innovative research scrutinises the potential of economic theory to European legislators faced with a lack of democratic accountability.
Download or read book Mergers Acquisitions and Corporate Restructuring 2nd Edition written by Godbole, Prasad G. and published by Vikas Publishing House. This book was released on 2013 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: • For non-finance executives to employ financial tools and techniques in their day-to-day work
Download or read book Advances in Pacific Basin Business Economics and Finance written by Cheng-Few Lee and published by Emerald Group Publishing. This book was released on 2019-08-21 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Pacific Basin Business, Economics and Finance is an annual publication designed to focus on interdisciplinary research in finance, economics, and management among Pacific Rim countries.
Download or read book Decisions and Reports written by United States. Securities and Exchange Commission and published by . This book was released on 1998 with total page 1360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Market 2000 written by United States. Securities and Exchange Commission. Division of Market Regulation and published by . This book was released on 1994 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Trading company shares at multiple stock exchanges Costs and Benefits of U S cross listings written by Laura Kalinska and published by GRIN Verlag. This book was released on 2016-05-10 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 96/110, , course: Principles of International Finance, language: English, abstract: This thesis project aims to test the hypothesis whether or not there exists enough empirical evidence to prove that companies from developed countries with well-functioning capital markets have seen deteriorating benefits from cross-listing in the United States. We find evidence that support our hypothesis in light of the significant number of European companies terminat-ing their U.S. cross-listings after requirements for deregistering listings from the U.S. became less stringent in the year 2007. The trend also continued with the number of cross-listings by companies from the developed world steadily declining during the subsequent five years. The most cited reasons for cross-listing in the United States, such as greater access to investors, liquidity, a higher valuation and thus a lower cost of capital seems not to hold as strongly anymore. At least not for companies that come from countries where its capital markets have experienced a steady development in corporate governance standards so as to match that of the United States. Evidence point to the fact that the benefits that held for all non U.S. firms still hold strongly only for those companies coming from emerging economies and whose equity market standards are still well below that of stock exchanges in the United States.
Download or read book Federal Register written by and published by . This book was released on 2013 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Annual Report of the Securities and Exchange Commission written by United States. Securities and Exchange Commission and published by . This book was released on 1975 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securities Exchange Act of 1934 Release s written by United States. Securities and Exchange Commission and published by . This book was released on 1968 with total page 1096 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Comparative Company Law written by Andreas Cahn and published by Cambridge University Press. This book was released on 2010-07-29 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: It can be difficult for students of comparative company law both to understand the internationally relative nature of a legal system and grasp it in practical detail. This book is designed to address that problem. Each chapter begins with a discursive analysis of the laws in Germany, the UK and the USA, framed by a comparative presentation. Chapters also contain edited judicial decisions from at least two of the jurisdictions, which allow readers to perform their own comparisons in more detail and leave room for original analysis and discussion.
Download or read book The Anatomy of Corporate Law written by Reinier H. Kraakman and published by Oxford University Press. This book was released on 2017 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the long-awaited third edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively revised and updated to reflect the profound changes in corporate law and governance practices that have taken place since the previous edition. These include numerous regulatory changes following the financial crisis of 2007-09 and the changing landscape of governance, especially in the US, with the ever more central role of institutional investors as (active) owners of corporations. The geographic scope of the coverage has been broadened to include an important emerging economy, Brazil. In addition, the book now incorporates analysis of the burgeoning use of corporate law to protect the interests of "external constituencies" without any contractual relationship to a company, in an attempt to tackle broader social and economic problems. The authors start from the premise that corporations (or companies) in all jurisdictions share the same key legal attributes: legal personality, limited liability, delegated management, transferable shares, and investor ownership. Businesses using the corporate form give rise to three basic types of agency problems: those between managers and shareholders as a class; controlling shareholders and minority shareholders; and shareholders as a class and other corporate constituencies, such as corporate creditors and employees. After identifying the common set of legal strategies used to address these agency problems and discussing their interaction with enforcement institutions, The Anatomy of Corporate Law illustrates how a number of core jurisdictions around the world deploy such strategies. In so doing, the book highlights the many commonalities across jurisdictions and reflects on the reasons why they may differ on specific issues. The analysis covers the basic governance structure of the corporation, including the powers of the board of directors and the shareholder meeting, both when management and when a dominant shareholder is in control. It then analyses the role of corporate law in shaping labor relationships, protection of external stakeholders, relationships with creditors, related-party transactions, fundamental corporate actions such as mergers and charter amendments, takeovers, and the regulation of capital markets. The Anatomy of Corporate Law has established itself as the leading book in the field of comparative corporate law. Across the world, students and scholars at various stages in their careers, from undergraduate law students to well-established authorities in the field, routinely consult this book as a starting point for their inquiries.
