Stock Exchange Delistings in Spain and Venture Capital (Las exclusiones de negociación bursátil en el mercado español y el capital riesgo)

Abstract

In 2005, some of the biggest delistings from the Spanish electronic market were prompted by venture capital investors. This kind of transaction has experienced something of a boom in recent times, driving down the number of listed companies. One explanation is that venture capitalists are pursuing attractive medium-term returns in today's setting via the leveraged buy-out of listed companies that they see as undervalued.