The impact of cross-delisting from the U.S. On firms’ financial constraints
研究发现从美国交易所交叉退市的企业比仍在交叉上市的企业面临更强的融资约束，表现为投资对现金流敏感度上升、现金持有增加，尤其在投资者保护弱的国家和2007年规则12h-6通过后更明显。
We investigate the impact of cross-delisting on firms’ financial constraints. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow and cash-to-cash flow sensitivities. Following a delisting, the sensitivity of investment to cash flow increases significantly, and firms also tend to save more cash out of cash flows. These effects are mainly driven by cross-delisted firms from countries with weaker investor protection and are more predominant after the passage of Rule 12 h-6 (of 2007), which made it easier for foreign firms to leave U.S. markets.