3c hapter - Index of

25. John K. Paglia, “2011 Economic Forecast,” Private Capital Markets
Project, Pepperdine University, Jan. 12, 2011.
26. Stacy Mitchell, “Taking Financial Reform into Our Own Hands,”
Huffington Post, July 14, 2010. www.huffintonpost.com/stacy-mitchell/
talking- financial-reform-1_b_645587.html.
27. Institute for Local Self Reliance Community Banking Initiative www.
newrules.org/news/ charts- small- banks- small-business-lending.
28. Steven G. Craig and Pauline Hardee, University of Houston, “The
Impact of Bank Consolidation on Small Business Credit Availability,”
Journal of Banking and Finance, April 2007, Volume 31, Issue 4.
29. IPOs counts vary, depending on who is doing the counting. This
stat comes from David Weild and Edward Kim, “Market Structure Is
Causing the IPO Crisis—and More,” Grant Thornton Capital Market
Series, June 2010. www.grantthornton.com/portal/site/gtcom/
menuitem.91c078ed5c0ef4ca80cd8710033841ca/?vgnextoid=5bbe
3429935bd110VgnVCM1000003a8314acRCRD. Other sources put the
number of 2009 IPOs at 69.
30. Another cost is regulatory compliance, notably with Sarbanes- Oxley
and its Section 404 requiring extensive internal company audits. The
Dodd- Frank bill exempts companies with a market capitalization of
less than $75 million from that requirement, but there are calls to
raise the threshold further.
31. David Weild and Edward Kim, “Market Structure Is Causing the IPO
Crisis—and More,” Capital Market Series, Grant Thornton LLP, June 2010.
32. Ibid.
33. Calculated with data supplied by the NASDAQ OMX Group, Inc.
34. Report of the Advisory Committee on the Capital Formation and
Regulatory Process, U.S. Securities and Exchange Commission, July
24, 1996. www.sec.gov/news/studies/capform.htm.
35. “B2B Finance: Credit Crunch Creates Opportunities for Large
Corporations, Poses Policy Challenges,” March 2010, Morgan Stanley.
36. Shuman arrives at $26 trillion by adding up the assets and liabilities
held by households and nonprofits in 2009, including corporate
equities, corporate bonds, mutual funds, pension fund reserves,
and life insurance reserves, as detailed in the Fed’s Flow of Funds
data. By definition, these asset classes consist of publicly traded
corporate equity and corporate bonds. See www.federalreserve
.gov/RELEASES/z1/Current/z1.pdf.
Chapter 2
Notes 229
1. “Social networks of investors, mill managers, and mechanics raised the
likelihood that new forms of textile production for the mass market
would emerge in New England,” explains David R. Meyer in his book The
Roots of American Industrialization, John Hopkins University Press, 2003.