private firms and public firms

private firms and public firms

firms	private	public
market cap	smaller	larger
risk	higher	lower
risk premium	higher	lower
required returns	higher	lower
access to liquid public equity markets?	No	Yes
as many qualified applicants for top positions as public firms?	No	Yes
depth of management	reduced
growth	slow
investors' time horizon	long-term	short-term
managers' time horizon	long-term	short-term
substantial equity ownership by management?	Yes	No