Empirical evidences on voluntary delisting phenomenon

Detalhes bibliográficos
Autor(a) principal: Salzillo, Francesco
Data de Publicação: 2014
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/14932
Resumo: The paper studies what drives firms to voluntary delist from capital markets and what differs in firms’ behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders’ hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.
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spelling Empirical evidences on voluntary delisting phenomenonDelistingPublic-to-privateGoing privateControlling shareholdersThe paper studies what drives firms to voluntary delist from capital markets and what differs in firms’ behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders’ hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.NSBE - UNLCunha, IgorRUNSalzillo, Francesco2015-05-13T09:31:20Z2014-052014-05-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/14932TID:201475499enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:50:24Zoai:run.unl.pt:10362/14932Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:22:11.364448Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Empirical evidences on voluntary delisting phenomenon
title Empirical evidences on voluntary delisting phenomenon
spellingShingle Empirical evidences on voluntary delisting phenomenon
Salzillo, Francesco
Delisting
Public-to-private
Going private
Controlling shareholders
title_short Empirical evidences on voluntary delisting phenomenon
title_full Empirical evidences on voluntary delisting phenomenon
title_fullStr Empirical evidences on voluntary delisting phenomenon
title_full_unstemmed Empirical evidences on voluntary delisting phenomenon
title_sort Empirical evidences on voluntary delisting phenomenon
author Salzillo, Francesco
author_facet Salzillo, Francesco
author_role author
dc.contributor.none.fl_str_mv Cunha, Igor
RUN
dc.contributor.author.fl_str_mv Salzillo, Francesco
dc.subject.por.fl_str_mv Delisting
Public-to-private
Going private
Controlling shareholders
topic Delisting
Public-to-private
Going private
Controlling shareholders
description The paper studies what drives firms to voluntary delist from capital markets and what differs in firms’ behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders’ hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.
publishDate 2014
dc.date.none.fl_str_mv 2014-05
2014-05-01T00:00:00Z
2015-05-13T09:31:20Z
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/14932
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