Are there too Few Publicly Listed Firms in the US?

Craig Doidge, G. Karolyi, Kris Shen and René M. Stulz

No 33556, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: G10 G15 G34 (search for similar items in EconPapers)
Date: 2025-03
Note: CF
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Published as Craig Doidge & George Andrew Karolyi & Kris Shen & René M. Stulz, 2025. "Are there too few publicly listed firms in the US?," Financial Review, vol 60(2), pages 317-329.

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