Where Have All the IPOs Gone?
研究了美国IPO数量从1980-2000年平均每年310家骤降至2000年后仅99家的原因，发现萨班斯-奥克斯利法案等传统解释证据不足，提出范围经济假说：大企业收购小公司能更快将产品推向市场并实现范围经济，这比独立运营更有优势。
Abstract During 1980–2000, an average of 310 companies per year went public in the United States. Since 2000, the average has been only 99 initial public offerings (IPOs) per year, with the drop especially precipitous among small firms. Many have blamed the Sarbanes-Oxley Act of 2002 and the 2003 Global Settlement’s effects on analyst coverage for the decline in IPO activity. We find very little support for the conventional wisdom, and we offer an alternative explanation. Our economies of scope hypothesis posits that the advantages of selling out to a larger organization, which can speed a product to market and realize economies of scope, have increased relative to the benefits of operating as an independent firm.