The Curious Case of Patent Balance Sheet Invisibility

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The Deregulation of the Private Equity Markets and the Decline in IPOs

Ewens, Michael; Joan Farre-Mensa
The Review of Financial Studies, May 2020

This article reviews the seeming decrease of start-ups by volume and suggests not a market failure but a new equilibrium point – start-ups are staying private longer and are more mature when they do go public not because of any IPO market failure, but because founders are able to use increased capital availability and their resulting bargaining power to exert more control over exit decisions and stay private longer.

Recommended by Prof. Joshua Lerner,
Harvard Business School

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Prof. Joshua Lerner

Prof. Joshua Lerner

Jacob H. Schiff Professor,
Entrepreneurial Management,
Harvard Business School

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