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dc.contributor.authorWitmer, Jonathanen
dc.date.accessioned2011-12-15T12:57:57Z-
dc.date.available2011-12-15T12:57:57Z-
dc.date.issued2008-
dc.identifier.pidoi:10.34989/swp-2008-11en
dc.identifier.urihttp://hdl.handle.net/10419/53903-
dc.description.abstractThis paper examines Canadian and other foreign firms that have been involuntarily delisted from major U.S. exchanges. I find that, for most countries, less than 10% of firms get delisted from a U.S. exchange during my sample period. For Canada, more than 25% of firms listed in the United States get involuntarily delisted. This effect is more pronounced in Nasdaq-listed firms, where more than 40% of Canadian firms eventually get delisted, compared to about 15% of other foreign firms. After controlling for firm characteristics that have an impact on involuntary delistings, such as size, exchange listing, previous year's return, volatility, and leverage, Canadian firms still have a higher propensity to get delisted than other foreign cross-listed firms. However, in a comparison to a U.S. matched sample, there is no statistically significant difference in the likelihood of Canadian firms being delisted, relative to these U.S. firms. These results suggest that Canadian firms may have been treated more similarly to U.S. firms under the U.S. exchanges' rules and enforcement of their continued listing criteria, and that the bonding provided by U.S. exchanges may be stronger for Canadian and U.S. firms. Also, Canadian firms may have fewer impediments to listing in the United States such that small, high-growth Canadian firms have been more able to access U.S. markets compared to foreign firms.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2008-11en
dc.subject.jelG30en
dc.subject.jelG38en
dc.subject.ddc330en
dc.subject.keywordFinancial marketsen
dc.subject.keywordInternational topicsen
dc.subject.stwMultinationales Unternehmenen
dc.subject.stwAuslandsniederlassungen
dc.subject.stwBörsennotierungen
dc.subject.stwGoing Privateen
dc.subject.stwKanadaen
dc.subject.stwUSAen
dc.titleAn examination of Canadian firms delisting from US exchanges-
dc.typeWorking Paperen
dc.identifier.ppn568419901en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:08-11en

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