Voting With Their Feet

Early last year there was much press on the globalization of the stock exchanges and how the New York exchanges would decline in importance. The revolution has faltered and some of it is attributable to the inability of companies to achieve the valuations that can be obtained in NY. We hear this complaint constantly from owners listed on smaller regional exchanges.

So it came as no surprise to us that Premuda and now Navigazione Montanari are preparing to de-list their shares leaving d’Amico International as the sole publicly listed company in Milan. Was it solely valuation? Who knows for

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