Merger-Driven Listing Dynamics

B. Espen Eckbo

doi:10.1017/S0022109023001394

Merger-Driven Listing Dynamics

2023-12-11

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AI

DOI：10.1017/S0022109023001394

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Stock-market effectiveness in attracting and retaining firms under public ownership depends not only on stand-alone firms' net listing benefits but also on gains from merging with a public acquirer. Using a novel merger-adjusted listing count, we show that the dramatic (approximate to 50%) post-1996 U.S. listing decline-often attributed to declining listing benefits-is reversed as the missing firms de facto continue existing inside their public acquirers. Our merger adjustment also eliminates the U.S. listing gap, pointing instead to a distinct U.S. listing advantage: providing access to a well-functioning market for complex merger transactions.

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Merger-Driven Listing Dynamics

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