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Post-Delisting Performance of Voluntary Privatized Companies

Balog, Aron; Garneng, Anders Birkeland
Master thesis
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URI
https://hdl.handle.net/11250/2825273
Date
2021
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  • Master of Science [1116]
Abstract
We analyze active owners’ ability to realize incentives that motivate voluntary delisting

of firms. Reduced agency and regulatory costs and an increased tax shield are primary

motivational factors that should improve a firm’s post-delisting performance. The

transparency within the Norwegian market allowed us to analyze historic time trends

for firms from their public to private state.We explore and test the treatment effects on

the treated using an inverse probability of treatment weighted model. Our sample

showed significant financial improvement after going private. ROCE, ROA, and ROE

all increase as firms concentrated their ownership. Therefore, we believe that there is

substantial support for delisting a firm if it cannot capture the benefits of being publicly

traded.
Description
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2021
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Handelshøyskolen BI

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