We examine 1,098 Nasdaq firms delisted in 1999-2002 that subsequently traded in the OTC Bulletin Board and/or the Pink Sheets. Market quality deteriorates significantly after delisting: share volume declines by two-thirds; quoted spreads almost triple from 12.1 to 33.9 percent; and effective...

We examine the impact of geographical proximity on the acquisition decisions of US public firms over the period 1990-2003. Transactions where the acquirer and target firms are located within 100km of each other are classified as local transactions. We find that acquirer returns in local...

Stocks may be delisted from Nasdaq for violating one of the market's maintained listing requirements. These include non-core requirements such as a minimum bid price; core requirements such as a minimum market capitalization; and governance requirements such as SEC disclosure. In addition, firms...

Real estate markets in emerging economies are beset with price opacity, low transaction volumes and perverse incentives on tax evasion, leading to acute shortage of reliable price information. In this paper, we overcome the paucity of reliable price information in emerging markets through a...

The manager of an Indian business group (BG) fund can have access to private information on its own BG firms and their industries. However, since the fund belongs to a BG, the fund manager may also have incentives to undertake investments that benefit the BG firm managers and not its fund...