Have Exchange-Listed Firms Become Less Important for the Economy?

Frederik Schlingemann () and René M. Stulz

No 27942, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this development is the decline of manufacturing and the growth of the service economy as firms providing services are less likely to be listed on exchanges. A firm’s stock market capitalization is much less instructive about its employment now than in earlier years. Listed stock market superstars account for less employment than they did in the 1970s. Market capitalizations have not become systematically less informative about firms’ contribution to GDP.

JEL-codes: E44 G23 G32 K22 L16 (search for similar items in EconPapers)
Date: 2020-10
New Economics Papers: this item is included in nep-fdg, nep-fmk and nep-mac
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Published as Frederik P. Schlingemann & René M. Stulz, 2021. "Have exchange-listed firms become less important for the economy?," Journal of Financial Economics, .

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