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Delistings, Controlling Shareholders, and Firm Performance in Europe
Croci, Ettore - 2012
1997–2005 but continued operating as standalone companies, we investigate the role of controlling shareholders in delisting … delisting announcement when the controlling shareholder takes the company private, but this lower premium disappears once we … controlling shareholders, we find no evidence of performance improvement after the delisting …
Persistent link: https://www.econbiz.de/10013116410
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The Sources of Shareholder Wealth Gains from Going Private Transactions : The Role of Controlling Shareholders
Boubaker, Sabri - 2014
The present study investigates the sources of shareholder wealth gains – as measured by cumulative abnormal returns and premiums – from going private transactions (GPTs). Using data for 314 GPTs from 18 Western European countries, we find that the announcements of GPTs generate a cumulative...
Persistent link: https://www.econbiz.de/10013056022
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CEO contract design : how do strong principals do it?
Cronqvist, Henrik; Fahlenbrach, Rüdiger - 2011
We study changes in the design of CEO contracts when firms transition from being public with dispersed ownership to being private with strong principals in the form of private equity sponsors. These principals redesign many, but far from all, contract features. There is no evidence that they...
Persistent link: https://www.econbiz.de/10009009486
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Going public - going private : the case of VC-backed firms
Gill, Andrej; Walz, Uwe - 2012
We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We...
Persistent link: https://www.econbiz.de/10009488848
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Earnings management to avoid delisting from a stock market
Čornanič, Aleš; Novák, Jiri - 2015
We show that firms 'in danger' of being delisted from a stock market (NASDAQ) report higher performance-adjusted discretionary accruals and the inflated accruals are associated with an increased likelihood of maintained listing. Accruals of firms 'in danger' are less positive in fiscal quarters...
Persistent link: https://www.econbiz.de/10011344396
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Does Capital Market Myopia Affect Plant Productivity? Evidence from Going Private Transactions
Bharath, Sreedhar T. - 2011
One influential criticism of the stock market oriented U.S. financial system is that its excessive focus on short term quarterly earnings forces public firms to behave in a myopic manner. We hypothesize that if capital markets pressure listed firms to be myopic in a way that impacts efficiency,...
Persistent link: https://www.econbiz.de/10013131799
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REIT Going Private Decisions
Brau, James C. - 2010
Over the recent decade there was a wave of REITs going private, from an average of about three per year to forty between 2005 and 2007. Standard corporate finance theory posits that firms go private when there is no longer a positive tradeoff between the expected benefits and costs of being...
Persistent link: https://www.econbiz.de/10013137325
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The Delisting Decision : The Case of Buyout Offers with Squeeze-Out (BOSO)
Serve, Stephanie - 2012
driving factors of delisting. The passage of the FSL has strengthened the impact of these characteristics on the decision to … factors of delisting differ according to the nature of the controlling shareholder; specifically, the level of idiosyncratic …
Persistent link: https://www.econbiz.de/10013115456
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The Delisting Decision : The Case of Buyout Offers with Squeeze-Out (BOSO)
Martinez, Isabelle - 2011
driving factors of delisting. The passage of the FSL has strengthened the impact of these characteristics on the decision to … factors of delisting differ according to the nature of the controlling shareholder; specifically, the level of idiosyncratic …
Persistent link: https://www.econbiz.de/10013125514
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Excess Control, Agency Costs and the Probability of Going Private in France
Belkhir, Mohamed - 2013
The current study investigates the determinants of going private (GP) in France. It contrasts a sample of 161 firms that went private between 1997 and 2009 with a propensity-score-matched sample of firms that remained public during the same period. The results indicate that, unlike for firms...
Persistent link: https://www.econbiz.de/10013073686