野村資本市場研究所|JOBS法の成立と米国IPO市場の今後の動向(PDF)

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1 JOBS IPO 1. IPO the Jumpstart Our Business Startups Act, JOBS JOBS IPO 2. Regulation 144A Emerging Growth CompaniesEGC 404(b) 3. EGC JOBS IPO JOBS 4. JOBS NASDAQ IPO JOBS JOBS IPO 125

2 2012 Autumn IPO IPO IPO IPO 1 1 IPO IPO 90 IPO IT IPO NASDAQ 2000 IPO IT IPO IT IPO IPO IPO IPONASDAQ IPONYSE SIFMARitter 1 2 World Federation of ExchangesNYSE NASDAQ % % Fama and French (2004), New Lists: Fundamentals and Survival Rates Journal of Financial Economics, Vol.73, Zingales (2007), Is the U.S. Capital Market Losing its Competitive Edge? ECGI Finance Working Paper, No.192/2007, Doidge, Karolyi, and Stulz (2011), The U.S. Left Behind: The Rise of IPO Activity Around the World ECGI Finance Working Paper, 303/2011, Gao, Ritter, and Zhu (2012), Where Have All the IPOs Gone?, April 2012, Kenney, Patton, and Ritter (2012), Post-IPO Employment and Revenue Growth for U.S. IPOs, June Kauffman Foundation Report, May

3 IT IPO IT IPO IT IPO 404(b) IPO IPO IPO IPO IPO IPO IPO IPO 3 IPO IPO IPO IPO 4 IPO 5 high frequency trading IPO IPO IPO IPO 10 IPO 5 IPO IPO Task Force Access to Capital Conference IPO Rebuilding the IPO On-Ramp: Putting Emerging Companies and the Job Market Back on the Road to Growth IPO CEO

4 2012 Autumn IPO IPO IPO IPO IPO IPO 4 5 the Jumpstart Our Business Startups Act JOBS JOBS JOBS Startup America Legislative Agenda IPO Agenda IPO IPO 4 5 JOBS JOBS emerging growth companies JOBS JOBS JOBS IPO JOBS 2 128

5 2 JOBS JOBS Regulation144ARegulation D A*506 ** TV IPOEGC EGCIPOSEC 21SEC EGC IPO 335EGC EGC EGCIPOJOBS EGC EGCIPO2 EGC EGC SOX404(b) SOX 404(b)EGC EGC EGCRegulation S KItem 402 Say on pay EGC EGC SEC EGC * qualified institutional buyer ** accredited investor JOBS

6 2012 Autumn Regulation 144A Regulation D 506 TV crowd funding JOBS 1933 SEC SEC SEC JOBS 1 2 personsec SEC SEC JOBS 10 Emerging Growth Companies EGCEGC IPO IPO IPO EGC IPO 5 IPO IPO SEC confidential filing EGC EGC IPO EGC EGC EGC EGC 130

7 EGC IPO 3 2 EGC IPO 404(b) JOBS EGC 404(b) IPO IPO IPO JOBS EGC IPO JOBS JOBS IPO 3 IPO JOBS EGC IPO IPO EGC IPO EGC JOBS IPO JOBS JOBS JOBS IPO JOBS IPO 6 JOBS IPO 6 Meet the JOBS Act s Jobs-Free Companies, The Wall Street Journal, June 4, 2012 IPO Pioneer Proposes Exchange for Small-Caps, Financial Times, October 8,

8 2012 Autumn 3 IPO IPO10 IPO< Ritter JOBS JOBS SEC SEC EGC IPO IPO IPO JOBS 5 18 NASDAQ IPO NASDAQ IT IPO IPO IPO 4 132

9 IPO IPO IPO IPO 4 IPO 2/1/ M Allen & Co M Bank of America Merrill Lynch M Barclays Capital 5/ Citi 5/ Credit Suisse Securities Dutsche Bank Securiteis M&A Goldman Schs 8/16/2012 JP Morgan M RBC Capital, Wells Fargo Securities, Blaylock Robert, BMO Capital M 5 S&P500 Bloomberg

10 2012 Autumn 8 IPO IPO IPO 6 IPO 90 IPO IPO IPO IPO IPO 9 IPO Ritter ,054 3, , NASDAQ NASDAQ 40 Facebook IPO Facts, Fiction and Flops, The Wall Street Journal, May 10, 2012 IPO 6 IPO 134

11 6 20 IPO IPO IPO IPO IPO IPO IPO JOBS 2 IPO IPO JOBS IPO 10 JOBS IPO JOBS Coffee (2002), Racing Towards the Top? The Impact of Cross-Listing and Stock Market Competition on International Corporate Governance Columbia Law and Economics Working Paper, No.205., Doidge, Karolyi, and Stulz (2009), Has New York Become Less Competitive than London in Global Markets? Evaluating Foreign Listing Choice over Time Journal of Financial Economics, Vol SEC 8 29 Carl Levin: JOBS Act Rule Inexplicably Ignores Such Common Sense Practices, Reuters, October 5, 2012 Groups pan SEC Plan to Lift Advertising Ban on Private Offerings, Reuters, October 10,

12 2012 Autumn JOBS IPO JOBS IPO IPO 11 IPO 136

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