Public versus private equity
构建了一个框架解释企业上市倾向随时间变化的原因，通过比较公开上市与私募股权融资的利弊，指出私募资金供给增加和企业性质变化（如无形资产重要性上升）导致公开股权减少。
Abstract The last 20 years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of firms to change over time. This framework highlights the benefits and costs of a public listing compared to the benefits and costs of financing with private equity. With this framework, the decline in public equity is explained by the increased supply of funds for private equity and changes in the nature of firms. The increase in the importance of intangible assets makes it costlier for young firms to be public when the alternative is funding through private equity from investors who have specialized knowledge that enables them to better understand the business model of young firms and contribute to the development of that business model in contrast to passive public equity investors.