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Annual Review of Financial Economics

Volume 14, 2022

Private or Public Equity? The Evolving Entrepreneurial Finance Landscape

Abstract

The US entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs who raise their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage start-ups are raising larger amounts of capital in the private markets from a growing pool of traditional and new investors. These private market changes have coincided with a sharp decline in the number of firms going public—and when firms do go public, they are older and have raised more private capital. To understand these facts, we provide a systematic description of the differences between private and public firms. Next, we review several regulatory, technological, and competitive changes affecting both start-ups and investors that help explain how the trade-offs between going public and staying private have changed. We conclude by listing several open research questions.

Keyword(s): entrepreneurial finance, financial intermediation, initial public offerings, IPOs, JEL G23, JEL G24, JEL G28, JEL G34, JEL G38, private equity, private firm, venture capital
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2022-11-01
2025-01-26
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/content/journals/10.1146/annurev-financial-101821-121115
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Private or Public Equity? The Evolving Entrepreneurial Finance Landscape
Annual Review of Financial Economics 14, 271 (2022); https://doi.org/10.1146/annurev-financial-101821-121115
/content/journals/10.1146/annurev-financial-101821-121115
/content/journals/10.1146/annurev-financial-101821-121115
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