Wealth and liquidity effects of stock delistings: empirical evidence from the stock exchanges of Singapore and Malaysia

Ahamed Kameel Meera, Niranjan Tripathy and Michael Redfearn
Authors registered in the RePEc Author Service: Siew Chok Wai

Applied Financial Economics, 2000, vol. 10, issue 2, 199-206

Abstract: This paper examines the wealth effects of stock delistings by specifying a return-generating model with GARCH errors. Using dual listed stocks between the stock exchanges of Malaysia and Singapore, we found delistings to decrease firm value. The above wealth effect seems to be related to how actively the stocks are traded on the foreign exchange. In addition, however, this paper examines if delistings can bring about net benefit for an economy as a whole. Consistent with national interests hypothesis, we found delistings to bring about mixed effects that could well be positive.

Date: 2000
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DOI: 10.1080/096031000331842

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