Why Do Firms Go Dark?
研究企业为何在拥有大量外部股东的情况下仍选择从交易所退市并注销注册，发现增长机会少、内部人持股高、机构持股低、杠杆高、市场动量低的企业更可能退市，且合规成本是重要驱动因素。
Abstract In recent years, a number of firms and banks have decided to “go dark,” i.e., deregister with the Securities and Exchange Commission and delist from the major exchanges despite having a large number of outside shareholders. This paper seeks to answer two important questions: Why do firms choose to go dark? What are the consequences for shareholders? We find that firms with fewer valuable growth opportunities, greater insider ownership, lower institutional ownership, higher leverage, and lower market momentum are more likely to go dark. Furthermore, the cost of regulatory compliance is a driving force behind the going dark phenomenon.