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Erschienen in:
2008 | OriginalPaper | Buchkapitel
Foreign Delisting and Domestic Stock Value: Multiple Frameworks, Different Views?
verfasst von : Loredana Ureche-Rangau, Andrea Carugati
Erschienen in: Enterprise Applications and Services in the Finance Industry
Verlag: Springer Berlin Heidelberg
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The aim of our paper is to understand the foreign delisting phenomenon using a multi-method approach based on both information content analysis and event study analysis of foreign companies withdrawing their stocks from the Tokyo Stock Exchange. Our objective is to measure the impact of the delisting decision on the domestic stock price by observing the link between the pure value impact and the reasons for delisting. Our results show that, contrary to previous results, firms delisting from Tokyo can gain value depending on the reaction of the market operators to the content of the information provided in the delisting announcements. i.e. delisting can be presented either as the result of the not fulfilment of the benefits of cross-listing or as a part of a more general strategy of the company. Highlighting significant clusters, content analysis provides a valuable addition to traditional event study and useful guidance in understanding the delisting phenomena.