TITLE

Why U.S. firms delist from the Tokyo stock exchange: An empirical analysis

AUTHOR(S)
Liu, Shinhua; Stowe, John D.; Hung, Ken
PUB. DATE
October 2012
SOURCE
International Review of Economics & Finance;Oct2012, Vol. 24, p62
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Abstract: 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, from the converse, with the foreign listing literature, which cites enhanced shareholder base and liquidity as two of the reasons for foreign listing. Further investigations rule out the sample firms'' financial and operating performances, including the percentage of export sales, as a likely reason for the low turnover and, thus, the voluntary foreign delistings.
ACCESSION #
76917425

 

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