09/01: Flying the nest - an analysis of Kiwi firms delisting from the NZX
[ Last Updated 28 July 2009 ]
Short Description
An investigation of delistings from the NZX over the past 15 years suggests that delistings have not increased dramatically and that they are not predominantly the result of offshore takeovers.
July 2009
- ISBN: 978-0-478-33654-2 (HTML)
- ISBN: 978-0-478-33653-5 (PDF)
Author: Gillian Lawrence, Amelia Sharman, Bryan Chapple.
Abstract
Recent commentary has suggested an increasing trend in delistings from the NZX, driven by offshore takeovers. However, some of that commentary has been driven by anecdotal evidence. In order to shed light on this discussion, we examine the extent and nature of delisting activity over the past 15 years. Our results indicate no increase in offshore takeovers, with well under half of the delistings in the sample period the result of foreign takeovers.
JEL Classification: G32; G30
Keywords: NZX; New Zealand stock market; delistings; listings
Contact: Occasionalpapers@med.govt.nz
Document Table of Contents
Disclaimer
The views, opinions, findings, and conclusions or recommendations expressed in this Occasional Paper are strictly those of the author(s). They do not necessarily reflect the views of the Ministry of Economic Development. The Ministry takes no responsibility for any errors or omissions in, or for the correctness of, the information contained in these occasional papers. The paper is presented not as policy, but with a view to inform and stimulate wider debate.
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