The process of de-equitisation - the decline in the amount of equity in issue across western stock markets - has accelerated since the financial crisis. Many have warned that the big losers in this are the retail investors, but a story is being told that it is public companies themselves that are a problem, rather than a key part of the solution both to this and other challenges.

In this article, Baker McKenzie partner Nick O'Donnell considers who or what is to blame for the fall in publicly-listed stocks worldwide - and why it's unfair to say it's the companies themselves.

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