The U.S. listing gap

Craig Doidge, G. Andrew Karolyi and René Stulz

Journal of Financial Economics, 2017, vol. 123, issue 3, 464-487

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.

Keywords: Stock market listing; New list; Delist (search for similar items in EconPapers)
JEL-codes: G10 G15 G34 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (50)

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Related works:
Working Paper: The U.S. Listing Gap (2015)
Working Paper: The U.S. listing gap (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinec:v:123:y:2017:i:3:p:464-487

DOI: 10.1016/j.jfineco.2016.12.002

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