The U.S. Listing Gap
By Craig Doidge, G. Karolyi, René M. Stulz. 2016
203 citations recorded by the source corpus.
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.
View Paper: https://www.semanticscholar.org/paper/d893bf9eb24df7819aa3caa572aa6f59996def50
Citations in the corpus
- Working Remotely and the Supply-Side Impact of COVID-19 (2020, unknown): “There are wellunderstood patterns of which types of firms find it most valuable to list publicly (Doidge, Karolyi, and Stulz 2017), and publicly listed firms now comprise a smaller share of aggregate employment relative to the past Figure plots the Fama-MacBeth slope coefficients of a regression of…”
- The Rise of Market Power and the Macroeconomic Implications* (2020, unknown): “In something of a reversal, there has been a huge net decline in the number of U.S. listed firms since the early 2000s (see Gao, Ritter, and Zhu 2013; Doidge, Karolyi, and Stulz 2017).”
- Corporate Governance and Pollution Externalities of Public and Private Firms* (2020, unknown): “Doidge, Karolyi, and Stulz (2017) find that there are fewer public firms today than there were 40 years ago while the total number of firms has held steady, implying a larger and growing proportion of private firms in the U.S. economy.1 1An active recent literature investigates other differences…”
- Is the U.S. public corporation in trouble (2017, unknown): “However, the number of listed firms peaked in 1997 and has since fallen by half, such that there are fewer public corporations today than 40 years ago (Doidge, Karolyi, and Stulz, 2017).”