The U.S. Chapter 11 bankruptcy has traditionally been viewed as equity friendly, with frequent absolute priority deviations (APDs) in favor of equity. By contrast, based on a more recent sample we find that both APDs and time spent in bankruptcy have declined dramatically. We hypothesize and...

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...

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...

Every year only a small fraction of Nasdaq firms that are eligible to move to the NYSE actually choose to move. This is surprising as prior literature documents significant gains to listing on NYSE. Gains in visibility and liquidity associated with a move to NYSE reduce the firm's cost of...

Purpose: The purpose of this paper is to examine whether internet search intensity, as captured by Google’s search volume index (SVI), predicts house price changes in an emerging market like India. Design/methodology/approach: Using data on Google’s SVI for four Indian cities and their...

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...

Opening mechanisms play a crucial role in information aggregation following the overnight nontrading period. This article examines the process of price discovery at the New York Stock Exchange single-price opening auction. We develop a theoretical model to explain the determinants of the opening...