I.P.O. determinants of delisting risk: Lessons from the Athens Stock Exchange
Year: 2021
Type: article
Abstract: Using data from the Athens Stock Exchange, we investigate early warning signs of delisting risk. We find that the probability of delisting and time to delist are positively associated with relative offer size and earnings’ manipulation, and negatively associated with hot-issuance periods and the joint effects of audit quality, amount of information in the I.P.O. prospectus, and the percentage of non-voluntary information. Our results are more strongly in line with asymmetric information explanations and more prevalent for voluntary delisted firms. Documenting I.P.O. survival factors for a new and different class of stocks extends the range of explanations for delisting risk.
Source: Accounting Forum
Authors: Michalis Makrominas, Yiannis Yiannoulis
Institutions: Frederick University, Hellenic Mediterranean University
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W3134843098