Nevertheless, various participants suggested a number of research avenues that could be productive and useful:

  • Efforts to quantify and rank policies—securities regulation, legal liability, etc.—that almost certainly raise the financial and opportunity costs of undertaking IPOs and sustaining new public companies;

  • International comparisons of IPO markets;

  • Comparison of exit strategies across technologies;

  • Research on what types of innovation are associated with different firm organizational structures and investment sources;

  • Research on whether IPOs are occurring later and acquisitions earlier than previously in the life of entrepreneurial companies and what the consequences are of more mature public offerings and of “premature” sell-outs; and

  • Efforts to understand how investors’ expectations regarding their eventual exit affect the development of entrepreneurial firms in different sectors.



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