From:
The Dallas Morning News business columnist Mark Curriden cited research and commentary from Columbia Business School Professor Kairong Xiao in an article examining the long-term decline in the number of public companies and initial public offerings. Xiao explained that while the shrinking public market raises concerns about transparency and access for everyday investors, regulatory costs alone do not explain the trend. Drawing on findings from Regulatory Costs of Being Public: Evidence from Bunching Estimation, he noted that changes in technology, data monetization, private capital availability, and firm incentives have reshaped how companies finance growth—often making private markets more attractive than going public.
