The US listing gap

• 成果类型: Article
• 署名作者: Doidge, Craig; Karolyi, G. Andrew; Stulz, Rene M.
• 署名单位: University of Toronto; Cornell University; University System of Ohio; Ohio State University; National Bureau of Economic Research; European Corporate Governance Institute
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2016.12.002
• 发表日期: 2017
• 页码: 464-487
• 关键词: Stock market listing; New list; Delist

摘要

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. (C) 2016 Elsevier B.V. All rights reserved.