Since 1995, more than 9,000 firms have delisted from U.S. stock markets, with almost half of these being involuntary. This paper examines the law and economics of the delisting process. We examine economic rationales for delisting, the legal rules that define it, and the causes of delisting....

Since 1995 more than 7300 firms have delisted from U.S. stock markets, with almost half of these being involuntary. This paper examines the law and finance of the delisting process. We examine economic rationales for delisting, the legal rules that define it, and the causes of delisting. Using a...