| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21909 |
| 来源ID | Working Paper 21909 |
| Private Equity's Unintended Dark Side: On the Economic Consequences of Excessive Delistings | |
| Alexander Ljungqvist; Lars Persson; Joacim Tåg | |
| 发表日期 | 2016-01-25 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Over the past two decades, the U.S. stock market has been shrinking as the public firm model has begun to fall out of favor. We develop a political economy model of delistings to study the wider economic consequences of this trend. We show that the private and social incentives to delist firms from the stock market need not be aligned. Delistings can inadvertently impose an externality on the economy by reducing citizen-investors’ exposure to corporate profits and thereby undermining popular support for business-friendly policies. By facilitating companies’ departures from the stock market, private equity firms can trigger a chain of events that may lead to long-term reductions in aggregate investment, productivity, and employment. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w21909 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579584 |
| 推荐引用方式 GB/T 7714 | Alexander Ljungqvist,Lars Persson,Joacim Tåg. Private Equity's Unintended Dark Side: On the Economic Consequences of Excessive Delistings. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w21909.pdf（371KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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