The Decision to Delist from the Stock Market Theory and Empirical Ev
In an organized and organic way, this book covers all the possible theoretical and empirical facets of delisting, adding to the well-developed literature on IPOs. IPO and delisting are strictly related; the reasons for delisting may be found in the loss o
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Decision to Delist from the
Stock Market
Theory and Empirical Evidence of Going Private Barbara Fidanza, Ottorino Morresi and Alberto Pezzi By
The Decision to Delist from the Stock Market
Barbara Fidanza • Ottorino Morresi Alberto Pezzi
The Decision to Delist from the Stock Market Theory and Empirical Evidence of Going Private
Barbara Fidanza Department of Law University of Macerata Macerata, Italy
Ottorino Morresi Department of Economics Roma Tre University Rome, Italy
Alberto Pezzi Department of Business Studies Roma Tre University Rome, Italy
ISBN 978-3-319-95048-8 ISBN 978-3-319-95049-5 (eBook) https://doi.org/10.1007/978-3-319-95049-5 Library of Congress Control Number: 2018950915 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover credit: Brain light / Alamy Stock Photo Cover design by AKIHIRO NAKAYAMA This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
Most books link a firm’s decision to leave the stock market to the concept of buyout and analyze the causes and consequences of this corporate choice from the perspective of the buyer, the target firm, the combined entity that could result from the deal, and their shareholders. It is hardly surprising that books on buyouts are included in the merger and acquisition (M&A) literature. Delisting due to buyout is therefore merely considered an outcome of the deal and not the direct choice of the firm with its reasons and effects. Delisting can be divided into involuntary and voluntary delisting. In the first case, the company is involuntarily forced to remove itself from the stock exchange due to non-compliance with regulatory requirements or because the company has gone into bank
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