One of the most significant capital market developments over the last two decades has been the growth of private capital markets—markets that raise capital outside of publicly traded venues and can face substantially less mandated public financial reporting. Understanding the causes and consequences of the relative growth of private capital markets is a first order research question. As private capital markets have grown, interest in regulating and researching private markets has increased. Research that is informative about the costs and benefits of regulating private capital markets should be in high demand. Kim and Olbert (2022, KO hereafter) dive into this arena to ask whether additional private firm disclosure affects public capital markets. KO find that as private firms disclose more financial statement information, the public equity holdings of mutual funds and ETFs decline. KO infer from their findings that increased private company disclosure results in negative pecuniary externalities for public companies. In this paper, I discuss KO's intriguing findings and suggest areas where research can build off and sharpen the inferences of this paper. In particular, future work can validate KO's measure of private company disclosure and consider the causal mechanism for investment in private firms.

过去二十年中最重要的资本市场发展之一是私人资本市场的增长——在公开交易场所之外筹集资金的市场，并且可能面临大大减少的强制性公共财务报告。了解私人资本市场相对增长的原因和后果是首要研究问题。随着私人资本市场的发展，对监管和研究私人市场的兴趣也在增加。关于监管私人资本市场的成本和收益的研究应该有很高的需求。Kim 和 Olbert（2022 年，以下简称 KO）深入这一领域，探讨额外的私营公司披露是否会影响公共资本市场。KO 发现，随着私营企业披露更多的财务报表信息，共同基金和 ETF 的公共股权持有量下降。KO 从他们的调查结果中推断，增加私营公司的披露会导致上市公司的负金钱外部性。在这篇论文中，我讨论了 KO 的有趣发现，并提出了研究可以建立和完善本文推论的领域。特别是，未来的工作可以验证 KO 的私营公司披露措施，并考虑投资私营公司的因果机制。