Merger-Driven Listing Dynamics

作者：B. Espen Eckbo, Markus Lithell · 发表于：Journal of Financial and Quantitative Analysis · 年份：2023 · DOI：10.1017/s0022109023001394 · 被引用次数：26 · 研究领域：Auction Theory and Applications、Merger and Competition Analysis、Consumer Market Behavior and Pricing

Abstract 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 (≈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.