Rates of return on private and public businesses

Jesse Bricker, Alice Henriques Volz and Kevin B. Moore
Additional contact information
Jesse Bricker: https://www.federalreserve.gov/econres/jesse-bricker.htm
Alice Henriques Volz: https://www.federalreserve.gov/econres/alice-henriques-volz.htm
Kevin B. Moore: https://www.federalreserve.gov/econres/kevin-b-moore.htm

No 2025-107, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Privately owned business assets are an important source of wealth for families across the world, but measurement issues are believed to hamper our understanding of these firms. We use income and valuations of private firms in the Survey of Consumer Finances (SCF), first validating the data against external aggregates and then using these data to find rates of return for private firms. With the exception of the years leading up to the Global Financial Crisis, overall rates of return on public firms have generally outpaced rates of return on private firms during the past 30 years.

Keywords: Assets; Private firms; Public firms; Rates of return; Wealth (search for similar items in EconPapers)
JEL-codes: D31 G11 G50 (search for similar items in EconPapers)
Pages: 42 p.
Date: 2025-12-15
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2025-107

DOI: 10.17016/FEDS.2025.107

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