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

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  • Ahamed Kameel Meera
  • Niranjan Tripathy
  • Michael Redfearn

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.

Suggested Citation

  • Ahamed Kameel Meera & Niranjan Tripathy & Michael Redfearn, 2000. "Wealth and liquidity effects of stock delistings: empirical evidence from the stock exchanges of Singapore and Malaysia," Applied Financial Economics, Taylor & Francis Journals, vol. 10(2), pages 199-206.
    • Handle: RePEc:taf:apfiec:v:10:y:2000:i:2:p:199-206
    DOI: 10.1080/096031000331842
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