The EU prospectus regulation and its impact on SME listings

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-04 DOI:10.1016/j.intfin.2024.101983

Christoph Kaserer, Victoria Treßel

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引用次数: 0

Abstract

This study analyses the “regulatory overreach hypothesis”, which asserts regulatory complexity as the cause for the IPO decline in Western countries, by focusing on the novel EU growth prospectus for SMEs introduced by the Prospectus Regulation. Using a hand-collected database of initial offerings at EU exchanges (2016–2022), we find the EU growth prospectus successfully streamlined SME IPOs without jeopardising investor protection. Despite being less complex in terms of word counts, it remains informative. SMEs are more likely to use it unless the offering becomes relatively large. We do not substantiate that fixed listing costs were reduced. Using a triple difference analysis, we do not find robust evidence of an increase in IPO activity. While questioning the regulatory overreach hypothesis, our findings show that IPO regulation can be simplified and made less burdensome without curtailing investor protection.

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欧盟招股说明书法规及其对中小企业上市的影响

本研究分析了 "监管过度假说"，该假说认为监管的复杂性是西方国家首次公开募股（IPO）下降的原因，研究重点是《招股说明书条例》引入的新颖的欧盟中小企业成长招股说明书。利用手工收集的欧盟交易所首次发行数据库（2016-2022 年），我们发现欧盟成长型招股说明书成功简化了中小企业首次公开发行的程序，同时又不损害投资者保护。尽管在字数上没有那么复杂，但信息量仍然很大。除非发行规模相对较大，否则中小企业更有可能使用它。我们没有证实固定上市成本降低了。通过三重差异分析，我们没有发现 IPO 活动增加的有力证据。在质疑监管过度假说的同时，我们的研究结果表明，IPO 监管可以简化并减轻负担，而不会削弱对投资者的保护。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.