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Democratizing Private Markets: Equilibrium Predictions

Opening private markets to retail investors modestly improves their welfare while reducing firms' cost of capital and shrinking private equity alpha.

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Featured in No. 135 on 16 Oct 2026 · 7 days after release

Retail participation conditions and participation rates in private markets by firm capital share.
Figure 6. Participation by retail investors in the private market. The horizontal axis in both panels is the private firm’s share of total public and private capital, K0
Released
9 Oct 2026
First featured
No. 135 · 16 Oct 2026
Published in
Not yet, as far as Semantic Scholar knows
Fanfare
2 of 5
Identifier
RePEc:nbr:nberwo:35665
Authors
Lubos Pastor et al.

Citations and venue from Semantic Scholar (ODC-BY), refreshed weekly. Summary: Quant Letter (CC BY 4.0).

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