合并驱动的上市动态

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2023-12-11 DOI:10.1017/s0022109023001394

B. Eckbo, Markus Lithell

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引用次数: 0

摘要

股票市场在吸引和保留公有制企业方面的有效性不仅取决于独立企业的净上市收益，还取决于与上市收购方合并所带来的收益。通过使用新颖的合并调整后上市数量，我们发现，1996 年后美国上市数量的大幅下降（≈50%）--通常归因于上市收益的下降--被逆转了，因为 "失踪 "的公司事实上继续存在于其上市收购方内部。我们的兼并调整也消除了美国上市的差距，从而指出了美国上市的独特优势：为复杂的兼并交易提供了一个运作良好的市场。JEL 分类：G15, G34

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Merger-Driven Listing Dynamics

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. JEL classification: G15, G34

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来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.