The Burden of Being Public
Author | : Andrew Bird |
Publisher | : |
Total Pages | : 65 |
Release | : 2019 |
ISBN-10 | : OCLC:1304293275 |
ISBN-13 | : |
Rating | : 4/5 ( Downloads) |
Download or read book The Burden of Being Public written by Andrew Bird and published by . This book was released on 2019 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We exploit rich, cross-occupation employment data and quasi-experimental variation in IPO completion to quantify the direct labor compliance costs of being a public company. We precisely estimate a small, positive effect of public listings on local employment for compliance occupations that translates to average annual firm-level compliance costs of no higher than $1.3M. Using dynamic cross-sectional variation in the regulatory burden for public companies, we find that labor costs are highly sensitive to capital markets regulation. However, our estimates are substantially lower than self-reported compliance costs and suggest that labor costs are likely not an important determinant of listing status.