Seminario académico de Finanzas y Contabilidad

30 de noviembre, 13:00 horas, sala P 307, Facultad de Economía y Negocios

Título: Deregulation, Listing and Delisting

Expositor:
Harold Mulherin,  académico de la University of Georgia

Abstract

We study patterns of new lists, delisting and mergers in deregulated industries in the 1973 to 2017 period. Consistent with prior research, we find that merger activity tends to cluster in deregulated industries. But we provide new evidence that new lists and overall delisting also cluster in deregulated industries, with new lists preceding delisting. The results are consistent with the linkage of deregulation and industries undergoing significant change. Moreover, the results provide a specific mechanism by which industries undergo event waves. We also relate our findings on the clustering of new lists and delisting in deregulated industries to recent evidence of a U.S. listing gap.