Dissecting the listing gap: Mergers, private equity, or regulation?
Lattanzio G. Megginson W.L. Sanati A.
September 2023Elsevier B.V.
Journal of Financial Markets
2023#65
The abnormal decline in the number of U.S. public firms is often blamed on merger activity, private equity investments, and stock market regulations. We compare the effects of these channels in a unified framework. In the U.S., an extra 100 mergers is associated with 22.01 additional missing public firms, whereas an extra 100 PE deals is associated with 3.62 fewer missing public firms. Regulatory changes contribute to the decline of U.S. listings too. We also specify the types of deals that most strongly affect listings. Finally, we document that similar listing gaps emerge in other developed economies.
Compliance cost , International financial markets , Mergers and acquisitions , Private equity , Sarbanes–Oxley Act , Securities regulation , Stock listings
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Nazarbayev University, Kazakhstan
University of Oklahoma, United States
American University, United States
Nazarbayev University
University of Oklahoma
American University
10 лет помогаем публиковать статьи Международный издатель
Книга Публикация научной статьи Волощук 2026 Book Publication of a scientific article 2026