Merger-Driven Listing Dynamics

Tuck School of Business at Dartmouth, Research Paper Series, No. 354758

European Corporate Governance Institute – Finance Working Paper No. 752/2021

75 Pages Posted: 3 Mar 2020 Last revised: 13 Dec 2022

See all articles by B. Espen Eckbo

B. Espen Eckbo

Tuck School of Business at Dartmouth; European Corporate Governance Institute (ECGI)

Markus Lithell

Norwegian School of Economics (NHH) - Department of Finance

Date Written: December 12, 2022

Abstract

We challenge the widespread interpretation of the post-1996 U.S. listing decline as evidence of lower net listing benefits. Our accounting for targets of public acquirers, who enjoy listing benefits under their parents' ownership, eliminates the post-1996 listing decline as well as U.S. listing-gap estimates. Moreover, after discovering that four-fifths of countries experience listing peaks followed by a `U.S.-style' decline, we find that the merger-channel plays a much weaker role internationally than in the U.S. This points to a unique ability of U.S. markets to attract and retain firms under public ownership.

Keywords: M&A, merger, public listing, listing peak, listing gap

JEL Classification: G15, G34

Suggested Citation

Eckbo, B. Espen and Lithell, Markus, Merger-Driven Listing Dynamics (December 12, 2022). Tuck School of Business at Dartmouth, Research Paper Series, No. 354758, European Corporate Governance Institute – Finance Working Paper No. 752/2021, Available at SSRN: https://ssrn.com/abstract=3547581 or http://dx.doi.org/10.2139/ssrn.3547581

B. Espen Eckbo (Contact Author)

Tuck School of Business at Dartmouth ( email )

Hanover, NH 03755
United States
603-646-3953 (Phone)
603-646-3805 (Fax)

HOME PAGE: http://tuck.dartmouth.edu/faculty/faculty-directory/b-espen-eckbo

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Markus Lithell

Norwegian School of Economics (NHH) - Department of Finance ( email )

Helleveien 30
N-5045 Bergen
Norway

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
516
Abstract Views
2,675
Rank
83,793
PlumX Metrics