{"title":"The JOBS Act and IPO issuance rate","authors":"Mengyao Cheng","doi":"10.1016/j.jaccpubpol.2023.107120","DOIUrl":null,"url":null,"abstract":"<div><p>This study extends prior studies by examining both issued and publicly withdrawn IPOs to assess the effect of the Jumpstart Our Business Startups Act (JOBS Act) of 2012. Results indicate that the JOBS Act increases IPO issuance rate during the public filing stage, and confidential filings, “Testing-the-Waters”, and reduced disclosures provisions all contribute to this effect. The JOBS Act weakens the sensitivity of IPO issuance to stock market fluctuations, and the effect is due to reduced disclosure provisions. As proprietary costs increase, the adverse effect of the JOBS Act on post-IPO delisting risk becomes greater, and this interactive effect is mainly due to the reduced disclosure provisions. Overall, the findings provide additional evidence for evaluating the effect of the JOBS Act on IPO outcomes.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.3000,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting and Public Policy","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0278425423000698","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study extends prior studies by examining both issued and publicly withdrawn IPOs to assess the effect of the Jumpstart Our Business Startups Act (JOBS Act) of 2012. Results indicate that the JOBS Act increases IPO issuance rate during the public filing stage, and confidential filings, “Testing-the-Waters”, and reduced disclosures provisions all contribute to this effect. The JOBS Act weakens the sensitivity of IPO issuance to stock market fluctuations, and the effect is due to reduced disclosure provisions. As proprietary costs increase, the adverse effect of the JOBS Act on post-IPO delisting risk becomes greater, and this interactive effect is mainly due to the reduced disclosure provisions. Overall, the findings provide additional evidence for evaluating the effect of the JOBS Act on IPO outcomes.
期刊介绍：
The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.
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