The real effects of delisting: Evidence from a regression discontinuity design

被引：9
|
作者：
Bakke, Tor-Erik [2 ]
Jens, Candace E. [1 ]
Whited, Toni M. [1 ]
机构：
[1] Univ Rochester, William E Simon Grad Sch Business Adm, Rochester, NY 14627 USA
[2] Univ Oklahoma, Price Coll Business, Norman, OK 73019 USA
来源：
FINANCE RESEARCH LETTERS | 2012年 / 9卷 / 04期
关键词：
Regression discontinuitiy design; Delisting; Investment; Employment; STOCK-MARKET; LIQUIDITY; MANIPULATION; GROWTH;
D O I：
10.1016/j.frl.2012.08.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study how the delisting of a firm's stock, and the accompanying drop in liquidity, causally affects a firm's real economic decisions. Although delisting is endogenous, we identify a causal effect by using regression discontinuity design (RDD). This technique suits the delisting problem because the probability of delisting rises discontinuously when observable variables pass known thresholds. We find that delisting results in a modest decline in investment and cash saving and an important and robust decline in employment. (C) 2012 Elsevier Inc. All rights reserved.
引用
收藏
页码：183 / 193
页数：11
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