I believe zirp results in higher secondary (and as you pointed out primary) markets. The stock market in the US is shrinking because of the shift in focus towar

I believe zirp results in higher secondary (and as you pointed out primary) markets. The stock market in the US is shrinking because of the shift in focus toward foreign markets. Namely those with higher returns (and risks) which again is partly due to low interest rates. From investor’s perspective, however, the secondary market really doesn’t give you much now. Shareholder rights/influence have diminished over the years especially among technology companies. Facebook is a primary example of this.