| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24265 |
| 来源ID | Working Paper 24265 |
| Eclipse of the Public Corporation or Eclipse of the Public Markets? | |
| Craig Doidge; Kathleen M. Kahle; G. Andrew Karolyi; René M. Stulz | |
| 发表日期 | 2018-01-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Since reaching a peak in 1997, the number of listed firms in the U.S. has fallen in every year but one. During this same period, public firms have been net purchasers of $3.6 trillion of equity (in 2015 dollars) rather than net issuers. The propensity to be listed is lower across all firm size groups, but more so among firms with less than 5,000 employees. Relative to other countries, the U.S. now has abnormally few listed firms. Because markets have become unattractive to small firms, existing listed firms are larger and older. We argue that the importance of intangible investment has grown but that public markets are not well-suited for young, R&D-intensive companies. Since there is abundant capital available to such firms without going public, they have little incentive to do so until they reach the point in their lifecycle where they focus more on payouts than on raising capital. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Other ; Law and Economics ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w24265 |
| 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/581939 |
| 推荐引用方式 GB/T 7714 | Craig Doidge,Kathleen M. Kahle,G. Andrew Karolyi,et al. Eclipse of the Public Corporation or Eclipse of the Public Markets?. 2018. |
| 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 | ||
| w24265.pdf（159KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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