JOBS法案与IPO发行率

IF 3.3 3区 管理学 Q1 BUSINESS, FINANCE
Mengyao Cheng
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引用次数: 0

摘要

本研究扩展了之前的研究,考察了已发行和公开撤回的ipo,以评估2012年《启动创业法案》(JOBS Act)的效果。结果表明,《JOBS法案》提高了公开提交阶段的IPO发行率,保密提交、“试水”和减少披露条款都对这一效应有贡献。JOBS法案削弱了IPO发行对股市波动的敏感性,其影响是由于减少了披露规定。随着专有成本的增加,JOBS法案对ipo后退市风险的不利影响越来越大,这种相互作用主要是由于披露条款的减少。总体而言,研究结果为评估JOBS法案对IPO结果的影响提供了额外的证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The JOBS Act and IPO issuance rate

This study extends prior studies by examining both issued and publicly withdrawn IPOs to assess the effect of the Jumpstart Our Business Startups Act (JOBS Act) of 2012.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.

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来源期刊
CiteScore
4.80
自引率
2.80%
发文量
75
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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