NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Is the U.S. public corporation in trouble?

Kathleen Kahle, René M. Stulz

NBER Working Paper No. 22857
Issued in November 2016, Revised in May 2017

---- Acknowledgments ----

Previously circulated as "Is the American Public Corporation in Trouble?" René Stulz serves on the board of a bank and consults and provides expert testimony for financial institutions. Kathleen Kahle is the Thomas C. Moses Professor in Finance, Eller College of Management, University of Arizona. René Stulz is the Everett D. Reese Chair of Banking and Monetary Economics, Fisher College of Business, Ohio State University, and is a Research Associate at the NBER. Their email addresses are kkahle@eller.arizona.edu and stulz@fisher.osu.edu. We are grateful for discussions with Harry DeAngelo and comments from the Editors, Andrei Gonçalves, Andrew Karolyi, Steve Kaplan, and Jay Ritter. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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