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What if... the stock market disappears? (2016)

On the 23rd of November, the Knut Wicksell Center for Financial Studies, which IFN is a part of, hosted an open seminar on venture capital, IPOs, and the future of the public firm. The Keynote speaker was Alexander Ljungqvist, a professor of finance and entrepreneurship at New York University, Stern School of Business, affiliated with IFN. Stock markets fulfil two functions: they enable firms to raise capital by issuing shares to the public. They serve as a trading venue for the shares, thereby providing liquidity to shareholders. But in many countries, stock market listings are falling out of favor, partly as a result of an ever-increasing regulatory burden and pressure from activist shareholders. What are the consequences of these trends for corporate investment and economic growth? The keynote speech is followed by a panel debate with Peter Zerhouni (CEO, InDex Pharmaceuticals), John Abrahamson (Managing Director, Investment Banking, SEB), and Frédéric Delmar (Professor, Lund University School of Economics and Management).