Work

Antitrust deregulation and the U.S. listing gap

Year: 2025

Type: article

Abstract: Following recent empirical evidence that industry concentration in the U.S. in recent decades is substantially explained by the weakened enforcement of antitrust laws, we examine the effects of lax antitrust enforcement on the U.S. listing gap. We construct a counterfactual scenario that simulates listing counts as if antitrust deregulation had not occurred. We find that the magnitude of the listing gap from 2002 on is considerably attenuated. We estimate that antitrust deregulation explains an average of 27 % of the annual missing listings from 2003 to 2013, or 1,265 missing listing firms per year.

Source: Finance research letters

DOI: 10.1016/j.frl.2025.107425

Authors: Robert Loveland, Kevin Okoeguale

Institutions: California State University, East Bay, Saint Mary's College of California

Language: English

Topic: Corporate Finance and Governance

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Peace, justice, and strong institutions

Open Access status: hybrid

Estimated APC paid: $3,730