Access to Capital and the IPO Decision: An Analysis of US Private Firms

We thank Jason Abrevaya, Daniel Bias, Tom Chemmanur, Emanuele Colonnelli, Adolfo de Motta, Mike Ewens, Slava Fos, Paolo Fulghieri, Charlie Hadlock, Helyoth Hessou, Kilian Huber, Ivan Ivanov, Kose John, Steve Kaplan, Anil Kashyap, Philipp Krueger, Borja Larrain, Zack Liu, Michelle Lowry, Yueran Ma, Andrey Malenko, Nadya Malenko, Simon Mayer, Amrita Nain, Scott Nelson, Aaron Pancost, Lubos Pastor, Gordon Phillips, Raghu Rajan, Jay Ritter, Phil Strahan, Amir Sufi and conference and seminar participants at Boston College, Chicago Booth, Fed Board, FRA Early Ideas Session, GREFA, University of Houston, ITAM Finance Conference, McGill, MFA, NBER Fall Corporate Finance Meeting, Oregon Summer Finance Conference, Private Equity Research Symposium, PUC Chile, Texas A&M Young Scholars Consortium, University of Texas at Austin, University of Toronto, and the Virtual Corporate Finance Friday for helpful comments and discussions. We thank Siddhartha Lewis-Hayre, Pierre-Alexandre Larouche and Lin Yang for excellent research assistance. The views expressed in this paper are solely those of the authors. They do not necessarily reflect the views of the Federal Reserve Board, the Federal Reserve System, or the National Bureau of Economic Research.