Looking at Figure 4.6, describe the trend in gross public equity is-sues and IPOs in the United States during the last 30 years. How do you explain this trend given what we observe in Figure 4.5? Explain.
Figure 4.5

Figure 4.6

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100 598051995202052010215 1985 2000 2005 100 -200 300 -400 500 -600 700 800 3500 300 250 200 Gross public equity issues 150 l0o 100 --、 IPOs 50 1980 1990 1995 2000 2005 2010 2015