This paper analyzes the wealth effect of involuntary delisting and opportunistic behavior of large shareholders using the sample of involuntarily delisted firms in the Japanese stock market between 2002 and 2012. The loss of value is almost complete for delisted stocks and the wealth effect of involuntary delisting announcement is approximately -70%, indicating that delisting is a highly disruptive event in Japan. We document evidence of opportunistic behavior of large shareholders of delisted firms; large shareholders reduce their shareholdings prior to delisting whereas retail individual investors increase their shareholdings. We also report on determinants of delisting probability as well as determinants of opportunistic behaviors of large shareholders.
Keywords: involuntary delisting, information asymmetry, opportunistic behavior of large shareholders, retail individual investors, investor protection
JEL Classification: G14
자료실
자료실
[2014년 제 4차] Involuntary Delisting and Opportunistic Behavior of
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2014-12-12