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TO DO LIST-What are the returns of every stock in the data set over time? How do the returns of the merged/acquired stocks differ from others? AUM of PE over time alongside market cap of NYSE, NASDAQ, AMEX with a breakdown of operating companies and financial companies. Breakdown of why companies are delisting using SDC data Breakdown of where companies are going using SDC data (Financial acquirers vs. integration) PE as a subset of financial acquirers Do we want to look at another element by using VenturExpert to determine where are the startups going? IPO? Buyout? Failure? the story of a company bought and sold 7 times by PE co. for the report. Hypothesis: It is more efficient to have PE than public markets, but this comes with flaws, how does your average investor access the market, what does a PE bubble look like, does this stifle or improve innovation? == '''Done List''' == Use permno as a key for CRSP Use every month to create delist codes redo graphs Pull Compustat data on Sales, TA, ... for merge with CRSP based on GVKEY Create Graph of trusts, REITs, and other investment vehicles over time IPOs per year
EconomistIPO data from Compustat is poor. Not every company has an IPO date and there could be selection bias if compustat removes companies. The money flowing into PE continues to go up https://www.preqin.com/docs/reports/2016-Preqin-Global-Private-Equity-and-Venture-Capital-Report-Sample_Pages.pdf Delisting in the NASDAQ was terrible in 1998 a lot of small businesses went down. Validates CRSP data http://articles.latimes.com/1998/nov/02/business/fi-38584 Delisting Codes here http://www.crsp.com/products/documentation/delisting-codes == '''Lit Review''' == '''lit review from economist article-'''
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016
Next find delisting rate- M&A Rate is the cause Cool map of it all but other interesting questions remain-global market cap httpshttp://www.bloombergmarketwatch.com/view/articlesstory/2015heres-06the-24/wheremap-have-allof-the-publicly-traded-companies-gone- https://www.bloomberg.com/view/articles/2015-03-17/world-hasif-asize-deficitwas-ofdetermined-highby-qualitymarket-debt Exchange Codeshttp://finabase.blogspot.com/2014/09/interantionalcap-stock2015-exchange08-codes-for.html IPO Datahttps://site.warrington.ufl.edu/ritter/ipo-data/12
Stock and Flows of Publicly Traded Companies (Report) (view source)
Revision as of 13:34, 21 September 2020
, 13:34, 21 September 2020no edit summary
{{Project|Has project output=|Has sponsor=McNair ProjectsCenter|Project TitleHas title=Stock and Flows of Publicly Traded Companies (Report),|OwnerHas owner=Will Cleland,|StatusHas project status=ActiveTabled
}}
== '''To Do List''' ==
Add stock ownership code to data
Rework data so that it has groups for regional, ANN, and OTC
Re-do the previous work in the listing gap- Thus, in a given year, we exclude: records that are not U.S. common stocks (Share Codes 10 and 11); stocks not listed on the AMEX, NASDAQ, or NYSE (Exchange Codes 1, 2, and 3); and, investment funds and trusts (SIC Codes 6722, 6726, 6798, and 6799)- graph with and without SIC codes
Link to "The U.S. Listing Gap" PDF - http://www.nber.org/papers/w21181.pdf
DROP the shares outstanding graph Foreign headquarters add to data == '''Notes-''' ==
http://www.economist.com/news/briefing/21709007-private-equity-has-prospered-while-almost-every-other-approach-business-has-stumbled
The standard explanation for why private equity might be expected to outperform the market is that it can ignore the dictates of “quarterly capitalism”—meaning impatient investors. This is not particularly convincing. The people who work for private-equity firms are a caffeinated bunch. During volatile times they often require constant updates on their portfolio companies’ results, and can intervene to quash even the most trivial use of cash.
'''Bloomberg View'''
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-
Also references a paper that was what I wanted to cover.
According to figures published in The Economist, one in four mid-sized firms and one in ten large firms in the U.S. are under PE ownership as of 2016, with one PE firm (Carlyle) employing 725,000 people, second only to Walmart.6
http://nvca.org/pressreleases/58-8-billion-in-venture-capital-invested-across-u-s-in-2015-according-to-the-moneytree-report-2/
M&A Rate is the cause of it all but other interesting questions remain-
https://www.bloomberg.com/view/articles/2015-06-24/where-have-all-the-publicly-traded-companies-gone-
https://www.bloomberg.com/view/articles/2015-03-17/world-has-a-deficit-of-high-quality-debt
Private Equity’s Unintended Dark Side: On the Economic Consequences of Excessive Delistings∗ Alexander Ljungqvist New York University, NBER, CEPR, and IFN Lars Persson Research Institute of Industrial Economics (IFN) and CEPR Joacim Tag˚ Research Institute of Industrial Economics (IFN) November 23, 2016
'''Exchange Codes'''
http://finabase.blogspot.com/2014/09/interantional-stock-exchange-codes-for.html
'''IPO Data'''
https://site.warrington.ufl.edu/ritter/ipo-data/
IPO historic underpricing
http://www.renaissancecapital.com/ipohome/press/ipopricings.aspx
