Why the stockmarket is disappearing

Non-paywall link: https://archive.ph/yKuyK

This was an interesting angle to the growth of private equity that I hadn't thought about before:

Stocks also still tend to be the cornerstone of portfolios for less sophisticated retail investors. Alexander Ljungqvist, Lars Persson and Joacim Tag, three economists, suggest that the disappearance of markets may reduce public support for business-friendly government policies, as voters benefit less from corporate profits.