1161:, a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times the price per share. For example, a company with two million shares outstanding and a price per share of US$ 40 has a market capitalization of US$ 80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded. Low trading volume can cause artificially low prices for securities, due to investors being apprehensive of investing in a company they perceive as possibly lacking liquidity.
131:
1137:—this often happens in the financial sector. Subsidiaries and joint ventures of publicly traded companies are not generally considered to be privately held companies (even though they themselves are not publicly traded) and are generally subject to the same reporting requirements as publicly traded companies. Finally, shares in subsidiaries and joint ventures can be (re)-offered to the public at any time—firms that are sold in this manner are called
32:
1165:
So, sellers would have to either reduce their price or choose not to sell. Thus, the number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization.
1185:
163:
968:. This is the reason publicly traded corporations are important; prior to their existence, it was very difficult to obtain large amounts of capital for private enterprises, as significant capital could only come from a smaller set of wealthy investors or banks willing to risk typically large investments. The profit on stock is gained in form of
1007:) will be remitted. As an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired (thus they become shareholders). Therefore, the engineers have a vested interest in the company succeeding financially, and are incentivized to work harder and more diligently to ensure that success.
1082:), "public corporations have become less concentrated, less integrated, less interconnected at the top, shorter lived, less remunerative for average investors, and less prevalent since the turn of the 21st century". Davis argues that technological changes such as the decline in price and increasing power, quality and flexibility of
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For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand.
1144:
Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly traded corporation. This often entails the would-be buyer(s) making a formal offer for each share of the company to
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and occurs when the buyers believe the securities have been undervalued by investors. In some cases, public companies that are in severe financial distress may also approach a private company or companies to take over ownership and management of the company. One way of doing this would be to make a
1168:
Another example of the impact of volume on the accuracy of market capitalization is when a company has little or no trading activity and the market price is simply the price at which the most recent trade took place, which could be days or weeks ago. This occurs when there are no buyers willing to
938:
are owned by relatively few shareholders. A company with many shareholders is not necessarily a publicly traded company. Conversely, a publicly traded company typically (but not necessarily) has many shareholders. In the United States, in some instances, companies with over 500 shareholders may be
990:
The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, they would have to pay all of the business's debt; however, if an individual were to hold a 50% share, they would only need to pay 50% of the debt. This
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of the purchaser(s), or ceasing to exist as a separate entity, its former shareholders receiving compensation in the form of either cash, shares in the purchasing company or a combination of both. When the compensation is primarily shares then the deal is often considered a
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purchase the securities at the price being offered by the sellers and there are no sellers willing to sell at the price the buyers are willing to pay. While this is rare when the company is traded on a major stock exchange, it is not uncommon when shares are traded
995:
owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing
Facebook to raise capital from, and distribute risk to, the remaining shareholders. Facebook was a privately held company prior to its
1032:
imposes additional requirements. The requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control. The
1027:
by outside auditors, and then publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are also required by law. In the United States, the
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each year. The reports identify all institutional shareholders (primarily, firms owning stock in other companies), all company officials who own shares in their firm, and any individual or institution owning more than 5% of the firm's stock.
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The financial media, analysts, and the public are able to access additional information about the business, since the business is commonly legally bound, and naturally motivated (so as to secure further capital), to
1173:(OTC). Since individual buyers and sellers need to incorporate news about the company into their purchasing decisions, a security with an imbalance of buyers or sellers may not feel the full effect of recent news.
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to become publicly traded company or to be acquired by another company if they became larger and more profitable or had promising prospects. More infrequently, some companies—such as investment banking firm
1102:", a group of private investors or another company that is privately held can buy out the shareholders of a public company, taking the company off the public markets. This is typically done through a
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1037:, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is especially prevalent in such countries as the UK and the US.
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of particular states, and therefore have associations and formal designations which are distinct and separate in the polity in which they reside. In the
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Alternatively, a publicly traded company may be purchased by one or more other publicly traded companies, with the target company becoming either a
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If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders (an instance of
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Because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company.
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However, from 1997 to 2012, the number of corporations publicly traded on
American stock exchanges dropped 45%. According to one observer (
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1512:
875:). In some jurisdictions, public companies over a certain size must be listed on an exchange. In most cases, public companies are
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increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder
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922:(AG). While the general idea of a public company may be similar, differences are meaningful, and are at the core of
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This article is about publicly traded companies. For enterprises owned by the state or a state entity, see
1075:(UPS)—chose to remain privately held for a long period of time after maturity into a profitable company.
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Usually, the securities of a publicly traded company are owned by many investors while the shares of a
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1313:"Zuckerberg Now Owns 29.3 Percent Of Facebook's Class A Shares And This Stake Is Worth $ 13.6 billion"
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Many stock exchanges require that publicly traded companies have their accounts regularly
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sector, and "public" emphasizes their reporting and trading on the public markets.
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1427:"Theory of the firm: Managerial behavior, agency costs and ownership structure"
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markets. A public (publicly traded) company can be listed on a stock exchange (
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1115:. With a super-majority, the company could then be relisted, i.e. privatized.
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A public company possess some advantages over privately held businesses.
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requires that firms whose stock is traded publicly report their major
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For many years, newly created companies were privately held but held
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1503:"Myth #5. The Federal Reserve is owned and controlled by foreigners"
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through the sale (in the primary or secondary market) of shares of
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Company that offers its securities for sale to the general public
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will lead to smaller and more local organization of production.
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The shares of a publicly traded company are often traded on a
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Charitable incorporated organisation (England and Wales)
1370:"The Over-The-Counter Market: An Introduction To Pink Sheets"
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898:(though a corporation need not be a public company), in the
1343:"If You Had Invested Right After Facebook's IPO (FB, TWTR)"
162:
1456:
Berle Jr., Adolf
Augustus; Means, Gardiner Coit (2017) .
1425:
Jensen, Michael C.; Meckling, William H. (October 1976).
1131:. Subsidiaries and joint ventures can also be created
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Publicly traded companies are able to raise funds and
894:, for example, a public company is usually a type of
1180:
1570:. Ross School of Business, University of Michigan.
1086:machines and newer digitally enabled tools such as
56:. Unsourced material may be challenged and removed.
1537:. Minnesota Public Radio News. November 14, 2012.
871:), which facilitates the trade of shares, or not (
1157:. The value or "size" of a company is called its
1111:designed to enable the new investor to acquire a
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1098:In corporate privatization, more often called "
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429:Scottish charitable incorporated organisation
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1535:"Is it time to rethink public corporations?"
984:to its many shareholders and the government.
926:disputes with regard to industry and trade.
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859:which are intended to be freely traded on a
1459:The Modern Corporation and Private Property
855:whose ownership is organized via shares of
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116:Learn how and when to remove this message
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1217:plc, public company under UK legislation
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886:Public companies are formed within the
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1406:from the original on February 11, 2017
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530:Limited liability limited partnership
445:Industrial and provident society
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1515:from the original on December 3, 2008
627:Gesellschaft mit beschränkter Haftung
1311:Dillet, Romain (February 15, 2013).
54:adding citations to reliable sources
25:
1563:Davis, Gerald F. (April 24, 2012).
1368:Devcic, John (September 21, 2014).
1349:from the original on April 16, 2018
1323:from the original on April 16, 2018
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1577:from the original on April 5, 2016
1376:from the original on April 7, 2017
1047:Securities and Exchange Commission
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1345:. Investopedia. August 14, 2015.
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1541:from the original on May 1, 2013
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672:Société à responsabilité limitée
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1565:"Re-imagining the corporation"
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1212:Non-departmental public body
947:Advantages and disadvantages
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741:Piercing the corporate veil
437:Community interest company
412:UK / Ireland / Commonwealth
400:Economic interest grouping
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1257:United Kingdom company law
1222:Stock exchange cooperative
1084:computer numerical control
1045:In the United States, the
510:Limited liability company
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1603:Publicly traded companies
1232:Publicly unlisted company
721:Internal affairs doctrine
716:and estoppel corporations
1608:Types of business entity
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914:(SA), and in Germany an
145:This article is part of
1396:"Pink: The Open Market"
1285:publicly listed company
1277:publicly traded company
1064:initial public offering
1035:principal–agent problem
1005:principal–agent problem
998:initial public offering
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391:Societas unius personae
253:General corporate forms
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1149:Trading and valuation
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647:Naamloze vennootschap
637:Kabushiki gaisha
454:Limited company
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1476:Taylor & Francis
771:Beneficial ownership
708:Corporate governance
544:Delaware corporation
371:Societas cooperativa
50:improve this article
1242:Statutory authority
906:(plc), in France a
879:enterprises in the
786:Corporate registers
746:Rochdale Principles
500:Benefit corporation
326:Sole proprietorship
1030:Sarbanes–Oxley Act
918:Aktiengesellschaft
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559:Nevada corporation
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1485:978-0-88738-887-3
1237:Regulatory agency
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924:international law
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