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...

There has been very limited evidence about the impact of index derivatives on the informativeness of the underlying stocks' prices, despite its empirical nature. We explore this issue in this study, employing the introduction of the S&P 100 options. We find that, net of the market, the...