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,...

The main purpose of this paper is to investigate empirically whether corporate diversification reduces the risk of the diversifying firm. We investigate this issue using a sample of diversifying acquisitions and various risk measures. We find that corporate diversification tends to decrease the...

This paper presents option-pricing solutions to the inventory-stocking problem when demand is distributed discretely or continuously. The model readily incorporates inventory salvage values and stockout costs, and shows that option-pricing models can be used to determine the optimal stocking...

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...