Merger-Driven Listing Dynamics
通过构建并购调整后的上市计数，发现美国1996年后上市数量约50%的下降实际上被并购所逆转，因为“消失”的公司实际上继续存在于收购方内部，这揭示了美国上市优势在于提供复杂并购交易的市场。
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.