当前位置: X-MOL 学术Accounting Forum › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
I.P.O. determinants of delisting risk: Lessons from the Athens Stock Exchange
Accounting Forum ( IF 4.000 ) Pub Date : 2021-03-04 , DOI: 10.1080/01559982.2021.1885253
Michalis Makrominas 1 , Yiannis Yiannoulis 2
Affiliation  

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.



中文翻译:

IPO 退市风险的决定因素:雅典证券交易所的教训

摘要

我们使用雅典证券交易所的数据调查退市风险的早期预警信号。我们发现退市概率和退市时间与相对发行规模和盈利操纵呈正相关,与热发期以及审计质量、招股说明书信息量和百分比的联合效应呈负相关。非自愿信息。我们的结果更符合信息不对称解释,并且在自愿退市公司中更为普遍。记录新的和不同类别股票的 IPO 生存因素扩大了退市风险的解释范围。

更新日期:2021-03-04
down
wechat
bug