ppt课件-deretailization is going private hereto stay（deretailization私人本呆）.pptVIP

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2017-01-25 发布于四川
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ppt课件-deretailization is going private hereto stay（deretailization私人本呆）.ppt

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Deretailization: “Going Private” or “Staying Public”? “Going Private” Conference Brooklyn Law School Feb. 29, 2008 “Going private” phenomenon[Thanks to Prof. Robert Bartlett, U Ga] What is “going private”? Why go private? Attractions twofold: money and freedom. Money CEO pay can be “outrageously good” CEOs have freer hand to do tough but necessary things for long term / less focus on quarterly results, placating public Shs Freedom / flexibility Less annoyance from the Sarbanes-Oxley Act avoid SEC “excruciating detail” of pay to highest-paid executives at public companies dodges another nuisance: activist hedge funds. ? US markets going private… US markets going private… Source of funds Pendulum? Trading / disclosure Going (staying) private “Eclipse of public corporation” Ownership Institutional investors “Deretailization” Source: Federal Reserve Flow of Funds Accounts Source: Federal Reserve Flow of Funds Accounts Requiemfor the retail investor? Sources: SEC Office of Economic AnalysisUS Census Bureau Sources: Federal Reserve Flow of Funds Accounts Bureau of Economic Analysis Vanishing public markets? Sources: Federal Reserve Bulletin, NYSE Sources: Federal Reserve Bulletin, NYSE Source: Thomson Financial (excludes best-efforts deals) Source: Thomson Financial (excludes best-efforts deals) Source: Thomson Financial (excludes best-efforts deals) “Dark matter”? Source: Thomson Financial Source: Thomson Financial Institutionalization(and future of private markets) Source: Federal Reserve Flow of Funds Accounts Reports of my death … The end * Prof. Alan Palmiter Wake Forest School of Law Public Private Public Private DISCLOSURE OWNERSHIP Feb 27, 2006 Enactment of SOX Enactment of SOX Sources of Funds - U.S. NonFarm, NonFinancial Corporate Businesses -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Year % of Total Sources Net Equity Issues Debt Instrume