Perspective
Sep. 21, 2012
Equity markets: aim higher than a quick exit
If the goal in public markets is merely to get as many "exits" as possible as quickly as possible, then confidence in public markets themselves will be destroyed. By Martin Kenney of UC Davis
For the last three decades, there has been an ever louder crescendo of pundits, politicians and editorialists arguing that markets must be liberalized to allow quicker and more profitable public exits from private investments in firms. A large capital gain and liquidation of both the private investors (in the 1930s, they were termed "promoters") and entrepreneurs at a sale to the public is touted as the societal goal for which our equit...
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