Anmerkungen:
In: AEA Papers & Proceedings, Vol. 113, May 2023
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 11, 2023 erstellt
Beschreibung:
We document a secular shift from IPOs to acquisitions of venture capital-backed startups and show that this trend is accompanied by an increase in the opportunity cost of going public over the last quarter century. Dominant companies that are disproportionately active in the corporate control market for startups have become more insulated from the pressures of product market competition over the same period. These facts are consistent with the hypothesis that startup acquisitions have contributed to rising oligopoly power