Are there too few publicly listed firms in the US?
更新了Doidge等人关于美国上市企业数量缺口的研究至2023年，发现缺口仍在扩大但速度放缓，美国人均上市公司数量约为其他发达国家的一半。
Abstract Doidge, Karolyi, and Stulz (2017) show that from 1999 to 2012, the US develops a listing gap relative to other countries, meaning that it has abnormally few publicly listed firms. In this paper, we update their evidence to 2023 and find that the listing gap increases, but at a low rate. By 2023, the US has about half as many listed firms per capita as other developed countries. We discuss some of the important questions raised by the existence and increase of the listing gap to which we hope researchers will find answers.