Call For Papers for Fall 2023, deadline 8/25
The vast majority of firms in the U.S. and across the world—including virtually all startups—are privately held. This presentation will begin by comparing the regulatory and information environments surrounding private firms and their more commonly-studied publicly listed counterparts. We will then discuss the differences between the financing, investment, and innovation policies of public and private firms, and we will try to connect these differences to their choice of listing status.
Acharya, Viral, and Zhaoxia Xu, 2017, Financial dependence and innovation: The case of public versus private firms, Journal of Financial Economics 124, 223-243.
Agarwal, Vikas, Rahul Vashishtha, and Mohan Venkatachalam, 2018, Mutual Fund Transparency and Corporate Myopia, Review of Financial Studies 31, 1966-2003.
Almeida, Heitor, Vyacheslav Fos, and Mathias Kronlund, 2016, The real effects of share repurchases, Journal of Financial Economics 119, 168-185.
Asker, John, Joan Farre-Mensa, and Alexander Ljungqvist, 2015, Corporate Investment and Stock Market Listing: A Puzzle? Review of Financial Studies 28, 342-390.
Bernstein, Shai, 2015, Does Going Public Affect Innovation? Journal of Finance 70, 1365-1403.
Bernstein, Shai, Abhishek Dev, and Josh Lerner, 2020, The Creation and Evolution of Entrepreneurial Public Markets, Journal of Financial Economics 136, 307-329.
Bernstein, Shai, and Albert Sheen, 2016, The operational consequences of private equity buyouts: Evidence from the restaurant industry, Review of Financial Studies 29, 2387-2418.
Bhattacharya, Sudipto, and Jay R. Ritter, 1983, Innovation and Communication: Signalling with Partial Disclosure, Review of Economic Studies 50, 331-346.
Brav, Omer, 2009, Access to Capital, Capital Structure, and the Funding of the Firm, Journal of Finance 64, 263-308.
Brüggemann, Ulf, Aditya Kaul, Christian Leuz, and Ingrid M.Werner, 2018, The Twilight Zone: OTC Regulatory Regimes and Market Quality, Review of Financial Studies 31, 898-942.
Caskurlu, Tolga, 2020, An IPO Pitfall: Patent Lawsuits, Working Paper, University of Amsterdam.
Celikyurt, Ugur, Merih Sevilir, and Anil Shivdasani, 2010, Going public to acquire? The acquisition motive in IPOs, Journal of Financial Economics 96, 345-363.
Chemmanur, Thomas, Jie He, Xiao Ren, Tao Shu, 2020, The Disappearing IPO Puzzle: New Insights from Proprietary U.S. Census Data on Private Firms, Working Paper, Boston College.
Cohn, Jonathan B., Nicole Nestoriak, and Malcolm Wardlaw, 2020, Private Equity Buyouts and Workplace Safety, Review of Financial Studies, Forthcoming.
Davis, Steven J., John C. Haltiwanger, Kyle Handley, Ben Lipsius, Josh Lerner, and Javier Miranda, 2014, Private equity, jobs, and productivity, American Economic Review 104, 3956-3990.
Doidge, Craig, Kathleen M. Kahle, Andrew Karolyi, and Rene M. Stulz, 2018, Eclipse of the public corporation or eclipse of the public markets? Journal of Applied Corporate Finance 30, 8-16.
Doidge, Craig, Andrew Karolyi, and Rene M. Stulz, 2013, The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S., Journal of Financial Economics 110, 546-573.
Doidge, Craig, Andrew Karolyi, and Rene M. Stulz, 2017, The U.S. listing gap, Journal of Financial Economics 123, 464-487.
Dougal, Casey, and Daniel A. Rettl, 2020, Firm Listing Status and the Investment Home Bias, Working Paper, Florida State University.
Eaton, Charlie, Sabrina Howell, and Constantine Yannelis, 2020, When investor incentives and consumer interests diverge: Private equity in higher education, Review of Financial Studies 33, 4024-4060.
Eckbo, B. Espen, and Markus Lithell, 2020, The merger-adjusted US listing gap, Working Paper, Dartmouth College.
Ewens, Michael, and Joan Farre-Mensa, 2020, The Deregulation of the Private Equity Markets and the Decline in IPOs, Review of Financial Studies, Forthcoming.
Farre-Mensa, Joan, 2017, The Benefits of Selective Disclosure: Evidence from Private Firms, Working Paper, University of Illinois at Chicago.
Gao, Huasheng, Jarrad Harford, and Kai Li, 2013, Determinants of corporate cash policy: Insights from private firms, Journal of Financial Economics 109, 623-639.
Gao, Huasheng, Jarrad Harford, and Kai Li, 2017, CEO Turnover-Performance Sensitivity in Private Firms, Journal of Financial and Quantitative Analysis 52, 583-611.
Gao, Huasheng, Po-Hsuan Hsu, and Kai Li, 2018, Innovation Strategy of Private Firms, Journal of Financial and Quantitative Analysis 53, 1-32.
Gao, Xiaohui, Jay R. Ritter, and Zhongyan Zhu, 2013, Where have all the IPOs gone? Journal of Financial and Quantitative Analysis 48, 1663-1692.
Gilje, Erik P., and Jerome P. Taillard, 2016, Do Private Firms Invest Differently than Public Firms? Taking Cues from the Natural Gas Industry, Journal of Finance 71, 1733-1777.
Graham, John R., Campbell R. Harvey, and Shiva Rajgopal, 2005, The economic implications of corporate financial reporting, Journal of Accounting and Economics 40, 3-73.
Gupta, Atul, Sabrina T. Howell, Constantine Yannelis, and Abhinav Gupta, 2020, Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes, Working Paper, University of Pennsylvania.
Kempf, Elisabeth, and Oliver Spalt, 2020, Attracting the Sharks: Corporate Innovation and Securities Class Action Lawsuits, Working Paper, University of Chicago.
Kovner, Anna, and Chenyang Wei, 2014, The Private Premium in Public Bonds, Working Paper, Federal Reserve Bank of New York.
Kwon, Sungjoung, Michelle Lowry, and Yiming Qian, 2020, Mutual fund investments in private firms, Journal of Financial Economics 136, 407-443.
Maksimovic, Vojislav, Gordon Phillips, and Liu Yang, 2013, Private and Public Merger Waves, Journal of Finance 68, 2177-2217.
Maksimovic, Vojislav, Gordon Phillips, and Liu Yang, 2020, Are Public Firms Really Myopic? Evidence from Matching IPO Firms at Birth, Working Paper, University of Maryland.
Metrick, Andrew, and Ayako Yasuda, 2010, Venture Capital and the Finance of Innovation, Second Edition, Wiley.
Michaely, Roni, and Michael R. Roberts, 2012, Corporate Dividend Policies: Lessons from Private Firms, Review of Financial Studies 25, 711-746.
Mortal, Sandra, and Natalia Reisel, 2013, Capital Allocation by Public and Private Firms, Journal of Financial and Quantitative Analysis 48, 77-103.
Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, Why do companies go public? An empirical analysis, Journal of Finance 53, 27-64.
Phillips, Gordon M., and Giorgo Sertsios, 2017, Financing and New Product Decisions of Private and Publicly Traded Firms, Review of Financial Studies 30, 1744-1789.
Rajan, Raghuram G., 1992, Insiders and Outsiders: The Choice between Informed and Arm’s Length Debt, Journal of Finance 47, 1367-1400.
Ritter, Jay, 2018, Initial public offerings: Updated statistics, Working paper, University of Florida.
Saunders, Anthony, and Sascha Steffen, 2011, The Costs of Being Private: Evidence from the Loan Market, Review of Financial Studies 24, 4091-4122.
Sheen, Albert, 2020, Do Public and Private Firms Behave Differently? An Examination of Investment in the Chemical Industry, Journal of Financial and Quantitative Analysis, Forthcoming.
Stein, Jeremy C., 1989, Efficient capital markets, inefficient firms: A model of myopic corporate behavior, Quarterly Journal of Economics 104, 655-669.