Why does the U.S. have so few listed firms?
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资源简介
Why does the U.S. have so few listed firms?
Craig Doidge; University of Toronto
Andrew Karolyi; Cornell University
Rene Stulz; Ohio State University
February 2015
ABSTRACT
The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Since the number of U.S. listings peaked in 1996, the probability that a firm is listed has dropped in half. Relative to other countries, the U.S. has abnormally few listed firms given its level of development and the quality of its institutions. We call this the “U.S. listing gap” and investigate possible explanations for it. The probability that a firm is listed has dropped across all firm-size groups, though the drop is smaller for the largest firms, so that the listing gap is not due missing listings of small firms alone. From 1997 to the end of our sample period in 2012, the new list rate is low and the delist rate is high compared to U.S. history and to other countries. High delists account for roughly 46% of the listing gap and low new lists for 54%. The high delist rate is not explained by firms becoming private or going dark or by firms being delisted because of poor performance. Instead, it is explained by an unusually high rate of acquisitions of publicly-listed firms compared to previous U.S. history and to other countries.
