Online Appendix for: 'Listing Gaps, Merger Waves, and the Privatization of American Equity Finance'

Abstract

This appendix contains supplementary material to the analyses reported in the paper. Section 1 presents tests for the hypothesis that shifts in technology and industry composition might have played a key role at causing the U.S. listing gap. By replicating our core analysis at the industry level we find no evidence that the dynamics of the number of listing is driven by industry specific shocks. Section 2 replicates our “U.S. capitalization premium” analyses after explicitly controlling for an aggregate measure of corporate profitability. Furthermore, it reports formal tests to assess whether intangible capital formation might explain the estimated U.S. capitalization premium. Section 3 compares in a uni-variate setting the historical M&A activity in the U.S. and in non-U.S. countries using different sub-samples of M&A transactions. Finally, section 4 tests the stability of the vector auto-regression model reported in Section 4.1. of the paper.

Keywords: Stock Listings; Equity FInancing; Mergers and Acquisitions; Private Equity; International FInancial Markets; Government Policy and Regulation; Business and Securities Law

JEL Classification: G15; G24; G34; G28; K22