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Azzet reporter Chloe Jaenicke highlighted new research from Columbia Business School’s Professor Kairong Xiao in an explainer examining why the number of public companies has declined in recent decades. Drawing on Xiao’s work—including Fewer Companies Are Going Public. Are Regulations Driving the Drop?—the article outlines how increased regulatory burdens, rising compliance costs, and evolving market dynamics have made private ownership more attractive for many firms. Xiao’s findings show that these regulatory pressures disproportionately affect younger, smaller companies, contributing to a long-term shift toward staying private.
