The Deregulation of the Private Equity Markets and the Decline in IPOs
研究了1996年《国家证券市场改进法案》放松证券法管制如何增加私募资本供给，使初创企业更晚上市，并改变上市与私有化的权衡。
Abstract 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 initial public offering (IPO) market failure. Rather, founders are using their increased bargaining power vis-à-vis investors to stay private longer.