The US listing gap

Craig Doidge

doi:10.1016/j.jfineco.2016.12.002

The US listing gap

2017-03-01

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AI

C

Craig Doidge

G

George Andrew Karolyi

S

Stulz, Rene M. *

DOI：10.1016/j.jfineco.2016.12.002

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Abstract

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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.

Keywords:

Stock market listing

New list

Delist

The US listing gap

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