Abstract
To accurately gauge the flow of firms into and retained by stock exchanges, we add targets of public acquirers to the listing count. For the U.S., this merger-adjustment rivals IPOs in its impact on listing dynamics, and it eliminates the dramatic post-1996 listing decline and subsequent international listing gap. We also show that listing peaks are surprisingly common internationally, but with a different impact of our merger-adjustment. While the U.S. post-peak decline reflects mergers between public firms, declines elsewhere tend to move assets out of public markets -pointing to a relative U.S. listing advantage.
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