Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208686 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
PhD Series No. 1.2008
Verlag: 
Copenhagen Business School (CBS), Frederiksberg
Zusammenfassung: 
We study the impact of stock market valuations on delistings from European stock exchanges 1996-2004. Previous research has found that mergers and acquisitions (M&A) occur more often when market valuations are high. This is paradoxical since it implies that companies are more likely to engage in M&A when it is most expensive. In accordance with prior research we find that delistings by mergers and acquisitions are more likely when industry market-to-book values (q) are high. In contrast, we find no effect of industry q on going private transactions. The data also suggest that M&A are more likely to take place in bull years while going private transactions are relatively more likely in bear years. Our study is the first comprehensive study of delistings in Europe and the first study to demonstrate that going private transactions appear to be driven by different causal mechanisms than M&A.
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
9788759383469
Creative-Commons-Lizenz: 
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Dokumentart: 
Doctoral Thesis

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