What's behind the falling number of public companies?

December 19, 2017


Since 1996, the number of publicly listed U.S. companies has declined by a little more than 3,000. In fact, there's nearly half as many today as 20 years ago. But that headline number might be misleading.

This research note examines the forces influencing the reduction and why, despite what the downward trend might suggest, it hasn't significantly affected the investable U.S. market's concentration and diversification.

Use this paper to:

  • Review the market and regulatory trends influencing the reduction of public companies.
  • Understand how the increasing benefits of remaining private (from the companies' perspective) play a part in the shrinking number of public companies.
  • See why the shrinking number of public companies has not materially changed the concentration and diversification of the investable U.S. market.


  • All investing is subject to risk, including possible loss of principal.


Our insights straight
to your inbox

Our insights straight to your inbox

Receive our latest Advisor's Digest
and commentary sent the
first business
morning every week.

A weekly digest of our latest research and commentary. Topics include the economy and markets, portfolio strategy, ETFs, and practice management.

Fund openings/closings, fund manager changes, dividend distributions, webinars, and other events you might want to know about.

Already registered? Log on to
manage your
email subscriptions.