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Are there too Few Publicly Listed Firms in the US?

Author

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

Abstract

Doidge, Karolyi, and Stulz (2017) show that from 1999 to 2012 the US develops a listing gap relative to other countries, meaning that it has abnormally few publicly listed firms. In this paper, we update their evidence to 2023 and find that the listing gap increases, but at a low rate. By 2023, the US has about half as many listed firms per capita as other developed countries. We discuss some of the important questions raised by the existence and increase of the listing gap to which we hope researchers will find answers.

Suggested Citation

  • Craig Doidge & G. Andrew Karolyi & Kris Shen & René M. Stulz, 2025. "Are there too Few Publicly Listed Firms in the US?," NBER Working Papers 33556, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33556
    Note: CF
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    More about this item

    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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