Have Exchange-Listed Firms Become Less Important for the Economy? / Frederik P. Schlingemann, René M. Stulz.

Format:

Book

Author/Creator:

Schlingemann, Frederik P.

Contributor:

National Bureau of Economic Research.

Stulz, René M.

Series:

Working Paper Series (National Bureau of Economic Research) no. w27942.

NBER working paper series no. w27942

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2020.

Summary:

The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this development is the decline of manufacturing and the growth of the service economy as firms providing services are less likely to be listed on exchanges. A firm's stock market capitalization is much less instructive about its employment now than in earlier years. Listed stock market superstars account for less employment than they did in the 1970s. Market capitalizations have not become systematically less informative about firms' contribution to GDP.

Notes:

Print version record

October 2020.