Authors: Dimitris Balios, Nikolaos Eriotis, Spyros Missiakoulis, Evangelos Poutos, Dimitris Vasiliou

Title: Delisted vs. Voluntary delisted vs. Remain listed - Revisited

Abstract

Public companies listed on the Athens Exchange were classified into three categories based on whether they remain listed or have been delisted, voluntary or not. In an earlier paper (Balios et. al. 2015), we investigated both accounting and market variables, employing annual data with the end-of-the-year values of the market variables. In our present paper we revisit our previous formulation under the assumption that investors use market information when accounting data were published, i.e. by the end of March. Our present model improves the estimated probability of default and also confirms our previous findings that companies with poor liquidity, high leverage, big stock price decline and lack of interest from investors’ point of view (low trading activity) have higher probability to be delisted, voluntarily or not.