Online Appendix for: 'Dissecting the Listing Gap: Mergers, Private Equity, or Regulation?'

9 Pages Posted: 30 Mar 2020 Last revised: 10 Nov 2020

See all articles by Gabriele Lattanzio

Gabriele Lattanzio

Nazarbayev University

William L. Megginson

University of Oklahoma

Ali Sanati

American University

Date Written: November 10, 2020


Section 1 presents tests for the hypothesis that shifts in technology and industry composition might have played a key role in causing the U.S. listing gap. We replicate our core analysis at the industry level and find no evidence that the dynamics of the number of listing is driven by industry specific shocks. Section 2 compares in a univariate setting the historical M&A activity in the U.S. and in non-U.S. countries using different subsamples of M&A transactions. Finally, section 3 tests the stability of the vector autoregression model reported in Appendix F 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

Suggested Citation

Lattanzio, Gabriele and Megginson, William L. and Sanati, Ali, Online Appendix for: 'Dissecting the Listing Gap: Mergers, Private Equity, or Regulation?' (November 10, 2020). Available at SSRN: or

Gabriele Lattanzio

Nazarbayev University ( email )


William L. Megginson (Contact Author)

University of Oklahoma ( email )

307 W Brooks, 205A Adams Hall
Norman, OK 73019
United States
(405) 325-2058 (Phone)
(405) 325-1957 (Fax)


Ali Sanati

American University ( email )

4400 Massachusetts Avenue NW
Washington, DC 20816-8044
United States

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