We investigate possible reasons for voluntary delistings by U.S. firms from the Tokyo Stock Exchange from 1982 to 2005. We find that the small shareholder base, as measured by low turnover, for U.S. stocks in Japan helps to explain the voluntary foreign delistings. This finding is consistent,...

This study investigates the shareholder wealth effects of voluntary foreign delistings for the first time using a sample of U.S. firms delisted voluntarily from Japan. Using conventional event study methodology, we find no significant price changes following the delisting events, consistent with...

This study investigates the shareholder wealth effects of voluntary foreign delistings for the first time using a sample of US firms delisted voluntarily from Japan. Using conventional event study methodology, no significant price changes are found following the delisting events, consistent with...

When stocks are added to (deleted from) an index, more (less) information should be generated and incorporated into their prices, leading to higher (lower) pricing efficiency and lower (higher) return predictability for them. We test this hypothesis for the first time using membership changes in...

Theories predict that launching index futures could affect the price informativeness for the underlying stocks. We test this hypothesis by taking advantage of the introduction of the Nikkei 225 futures contracts in Singapore on September 3, 1986. Employing two alternative statistical methods...

Existing theories predict lower trading volume, but ambiguous changes in price, bid-ask spread, and volatility for the underlying stocks following the advent of index derivatives. We further test these predictions around the introduction of the Samp;P 100 options in March 1983. Controlling for...

International cross-listing should subject stocks involved to ameliorated information environment in the host market, resulting in more information being revealed, fed back, and impounded into their prices at home and, thus, higher home-market pricing efficiency. Employing a simple nonparametric...