Merger-Driven Listing Dynamics

Merger-Driven Listing Dynamics

B. Espen Eckbo, Markus Lithell

Series number :

Serial Number: 

Date posted :

April 19 2021

Last revised :

April 22 2021
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  • M&A • 
  • merger • 
  • public listing • 
  • listing peak • 
  • listing gap

To accurately gauge the flow of firms into and retained by stock exchanges, we add targets of public acquirers to the listing count. For the U.S., this merger-adjustment rivals IPOs in its impact on listing dynamics, and it eliminates the dramatic post-1996 listing decline and subsequent international listing gap.

We also show that listing peaks are surprisingly common internationally, but with a different impact of our merger-adjustment. While the U.S. post-peak decline reflects mergers between public firms, declines elsewhere tend to move assets out of public markets - pointing to a relative U.S. listing advantage.


Real name:
Markus Lithell