Fewer Firms

In 1980, there were 4,500 public corporations in the US. That number steadily increased, peaking at 7,355 in 11/97. Since then it has steadily declined, and today there are slightly more than 3,500. Most of the decline can be traced to the precipitous fall in number of microcap firms as they have difficulty competing with huge corporations and enjoy early backing by private equity and venture-capital. The losers, small investors.