Note[1]: The decrease in the number of listed firms is a recent phenomenon. Figure 1 shows the evolution of the number of listed firms since 1975.1

Note[1]: The decrease in the number of listed firms is a recent phenomenon. Figure 1 shows the evolution of the number of listed firms since 1975.1 The number of listed firms follows an inverted U-shape: It increased by 54 percent from 1975 to the listing peak in 1997 and decreased strongly since then. Somehow, both the NYT piece and this paper manage not to mention at all the increase in regulations since the late 90s. [1]: https://www.nber.org/reporter/2018number2/stulz.html https://www.nber.org/reporter/2018number2/stulz.html