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The U.S. listing gap

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Listed:
  • Doidge, Craig
  • Karolyi, G. Andrew
  • Stulz, René M.

Abstract

Relative to other countries, the U.S. now has abnormally few listed firms. This “U.S. listing gap” is consistent with a decrease in the net benefit of a listing for U.S. firms. Since the listing peak in 1996, the propensity to be listed is lower for all firm size categories and industries, the new list rate is low, and the delist rate is high. The high delist rate accounts for 46% of the listing gap and the low new list rate for 54%. The high delist rate is explained by an unusually high rate of acquisitions of publicly listed firms.

Suggested Citation

  • Doidge, Craig & Karolyi, G. Andrew & Stulz, René M., 2017. "The U.S. listing gap," Journal of Financial Economics, Elsevier, vol. 123(3), pages 464-487.
    • Handle: RePEc:eee:jfinec:v:123:y:2017:i:3:p:464-487
    DOI: 10.1016/j.jfineco.2016.12.002
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    More about this item

    Keywords

    Stock market listing; New list; Delist;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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