The Real Effects of Delisting: Evidence from a Regression Discontinuity Design
The Real Effects of Delisting: Evidence from a Regression Discontinuity Design
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退市的真实影响：来自不连续性回归设计的证据
DOI：
10.2139/ssrn.1729947
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发表时间：
2010
期刊：
影响因子：
--
通讯作者：
Toni M. Whited
中科院分区：
文献类型：
--
作者：
Tor;Candace Jens;Toni M. Whited
我们研究公司股票退市以及随之而来的流动性下降如何影响公司的实际经济决策。尽管退市是内生的，但我们通过使用断点回归设计（RDD）来确定因果效应。该技术适合除名问题，因为当可观察变量超过已知阈值时，除名概率会不连续上升。我们发现，退市导致投资和现金储蓄小幅下降，以及就业大幅大幅下降。
We study how the delisting of a firm’s stock, and the accompanying drop in liquidity, causally affects a firm’s real economic decisions. Although delisting is endogenous, we identify a causal effect by using regression discontinuity design (RDD). This technique suits the delisting problem because the probability of delisting rises discontinuously when observable variables pass known thresholds. We find that delisting results in a modest decline in investment and cash saving and an important and robust decline in employment.