incentivizes them to engage in more deals. We also explore the effects of country-level merger competition laws and also pro-takeover … competition laws and find that VC activity intensifies after enactment of country-level takeover-friendly legislation …

firm's likelihood of an IPO relative to an acquisition. Firms in industries with less information asymmetry and higher … stock liquidity are more likely to choose an IPO instead of an acquisition. While TFP peaks around either form of exit, the …