Delisting Event Array - delist
Every security on the CRSP file is assigned one delist record. The Delisting Event Array contains information on the status of a security after it is no longer listed on an exchange in a CRSP file. Each delisting history event contains a code describing the reason for delisting, the value after delisting (when available), forward links to acquiring issue and company traded on NYSE, Amex, NASDAQ, or NYSE Arca, and delisting return. Active issues have a delisting history event where Delisting Date is set to the last date of available price data. The Distribution History Array includes itemized data on the payments made to shareholders after the delisting, and includes announcement information related to the delisting when available.
Delist Information
- Amount After Delisting
- Delisting Code
- Delisting Price
- Delisting Return
- Delisting Return without Dividends
Dates Associated with Delist
Securities/Companies Associated with Delist
1 CRSPAccess C and FORTRAN only.
In current CRSP files only the most recent delisting event is coded in the Delisting Event Array. If an issue leaves an exchange in the CRSP data files and later returns, the gap is marked in the Name History Array with an Exchange Code of 0. During this time, event data are not tracked and time series data are filled in with missing values.
Delisting information is determined by several factors: the exchange of shares at the earliest possible opportunity, trade on a secondary market, payments from the company, or outstanding tender offer. The information is coded as it becomes available. An issue is considered closed to further research if any of the following conditions apply:
- Research has verified that a final distribution has been paid to stockholders.
- A price is found on another exchange.
- Research has verified that no distributions were ever paid to stockholders.
- Some distributions have been paid to stockholders, but no final distribution information can be found and 10 years have passed since the date of the most recent delisting information.
- No information concerning the delisting can be found and 10 years have passed since the delist date.
If none of these conditions applies to a delisted issue, the issue is pending, which means that further research is required until one of the above conditions has been met. If no information is found or the information found is incomplete, no delisting return will be calculated by CRSP.
Monthly: If no delisting information exists, and daily data exist after the last month-end trading date, CRSP generates partial-month delisting amounts and returns by using the price on the last daily trading date. Although the partial month returns are stored in the Delisting Return field, they are not delisting returns.