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The deregulation of the private equity markets and the decline in IPOs
- Author / Creator
- Available as
- Online
- Summary
-
The deregulation of securities laws -- in particular the National Securities Markets Improvement Act (NSMIA) of 1996 -- has increased the supply of private capital to late-stage private startups, w...
The deregulation of securities laws -- in particular the National Securities Markets Improvement Act (NSMIA) of 1996 -- has increased the supply of private capital to late-stage private startups, which are now able to grow to a size that few private firms used to reach. NSMIA is one of a number of factors that have changed the going-public versus staying-private trade-off, helping bring about a new equilibrium where fewer startups go public, and those that do are older. This new equilibrium does not reflect an IPO market failure. Rather, founders are using their increased bargaining power vis-a-vis investors to stay private longer.
Details
- Creator
- Michael Ewens, Joan Farre-Mensa
- Format
- Books
- Language
- English
- Publication
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- Cambridge, Mass. : National Bureau of Economic Research, 2019
- Physical Details
-
- 1 online resource (59 pages) : illustrations
- OCLC
- on1122791172
- "September 2019"
- Includes online appendix (26 pages).
- Includes bibliographical references (pages 35-40).
Subjects
- Private equity -- Law and legislation -- United States -- Econometric models.
- Going public (Securities) -- Law and legislation -- United States -- Econometric models.
- New business enterprises -- United States -- Finance -- Econometric models.
- Capital investments -- United States -- Decision making -- Econometric models.
- United States.