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Excerpt from CFO Magazine -- "'Almost everything we know about corporate investment at the micro level is based on evidence from public firms, which number only a few thousand, yet private firms form a substantial part of the U.S. economy,' wrote study co-authors Farre-Mensa; John Asker, associate professor of economics at New York University’s Stern School of Business; and Alexander Ljungqvist, NYU professor of finance and entrepreneurship. The study also found that, on average, stock market–listed companies are 'significantly and substantially less responsive to changes in their investment opportunities, despite their relatively easier access to capital.'"

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