.png){kind=icon}
.png){kind=icon}
Return
Merger-Driven Listing Dynamics
.png){kind=icon}
PRE
AI
DOI：10.1017/S0022109023001394.png)
.png){kind=icon}
Original request for help.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
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.
Keywords:
MARKET
FIRMS
IPOS
LAW
Journal
IF:
2.8
Papers:
2.3K
Citations:
1.0W