Looking at Figure 4.6, describe the trend in gross public equity issues and IPOs in the U.S. during the last 30 years. How do you explain this trend given what we observe in Figure 4.5?
FIGURE 4.6
Gross New Stock Issues by Corporations and Initial Public Offerings, 1980–2010
FIGURE 4.5
Net New Equity Issues, 1975–2010
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