The impact of changing disclosure requirements, competition, and private capital on firm exit methods and premiums
研究了21世纪美国市场信息披露要求变化如何影响私营企业退出策略和溢价，发现并购成为主流，但风投支持的企业仍偏好IPO，且近年出售企业的风险调整溢价已超过IPO。
Abstract Changing disclosure requirements and the evolution of US markets in the 21st century have created historic shifts in the exit strategies and payoffs for private firms. The propensity to sell to an acquirer has dominated firm exits in recent decades, especially for smaller private firms in highly concentrated industries. Exceptions to the merger exit preference are venture capital‐backed firms, which exhibit an enduring preference for IPOs, likely due to the reputation effects associated with this strategy. While the premium for IPO exits has exceeded that for M&A exits in the past, we document a reversal in this pricing trend: in more recent years firms that sell out earn higher risk‐adjusted premiums than firms that conduct IPOs. Our empirical tests examine potential drivers of this effect. We believe we are the first to document this reversal in the economics of the exit decision.