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

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