Publication Type

Blog Post

Version

acceptedVersion

Publication Date

9-2025

Abstract

Global capital markets are undergoing profound transformation. Over the past decade, there has been a marked decline in Initial Public Offerings (IPOs) in most advanced economies, including those with highly developed capital markets such as the United Kingdom and the United States. Interestingly, during the same period, countries like Indonesia, Malaysia, Thailand, and particularly China have witnessed a significant increase in the number of listed companies, contributing to making Asia home to approximately 55 percent of all listed companies worldwide (OECD, 2025). Much of the decline in IPO activity in many advanced economies can be attributed to the expansion of private markets. Venture capital, private equity, and private credit have grown exponentially in recent years. These markets offer the flexibility of patient capital without the regulatory burdens imposed by public markets. As a result, many companies now remain private longer – or indefinitely – reducing the role of IPOs as the typical way to raise capital. Institutional investors have also embraced private markets as a core component of their portfolios, reinforcing this trend.

Discipline

Banking and Finance Law | Business Organizations Law

Research Areas

Corporate, Finance and Securities Law

Publisher

SAGE Publications

Copyright Owner and License

Authors

Additional URL

https://clsbluesky.law.columbia.edu/2025/09/29/how-to-strengthen-the-international-competitiveness-of-capital-markets/

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