JOBS IPO 1. IPO the Jumpstart Our Business Startups Act, JOBS 2012 4 5 JOBS IPO 2. Regulation 144A Emerging Growth CompaniesEGC 404(b) 3. EGC JOBS IPO JOBS 4. JOBS NASDAQ IPO JOBS JOBS IPO 125
2012 Autumn IPO IPO IPO IPO 1 1 IPO IPO 90 IPO IT IPO 90 400 2000 2008 100 NASDAQ 2000 IPO IT IPO IT 10 2 1 IPO 10 80 800 700 70 60 50 40 30 IPO IPO 700 600 500 400 300 600 500 400 300 IPONASDAQ IPONYSE 20 200 200 10 100 100 0 90 92 94 96 98 00 02 04 06 08 10 12 0 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 2012 5 SIFMARitter http://bear.warrington.utfl.edu/ritter 1 2 World Federation of ExchangesNYSE NASDAQ 2000 18.4%2011 10.6% 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 1996-2010 Kauffman Foundation Report, May 2012 126
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 3 4 5 IPO Task Force 2011 3 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 250 150 127
2012 Autumn IPO IPO IPO IPO IPO IPO 4 5 the Jumpstart Our Business Startups Act JOBS JOBS JOBS 2012 1 Startup America Legislative Agenda IPO Agenda IPO IPO 4 5 JOBS JOBS emerging growth companies JOBS 1933 1934 JOBS JOBS IPO JOBS 2 128
2 JOBS JOBS Regulation144ARegulation D506 144A*506 ** 12 100 335 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 2000500 SEC EGC * qualified institutional buyer ** accredited investor JOBS 1933 129
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
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, 2012 131
2012 Autumn 3 IPO 800 700 600 IPO10 IPO<10 500 400 300 200 100 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 Ritter JOBS JOBS SEC SEC EGC IPO IPO IPO JOBS 5 18 NASDAQ IPO NASDAQ IT IPO IPO IPO 4 132
IPO 38 45 38.2318 0.61 7 10 20 5 IPO IPO IPO 4 IPO 2/1/2012 180M Allen & Co 241.234M Bank of America Merrill Lynch 633.492M Barclays Capital 5/15 28.0035.00 Citi 5/16 34.0038.00 Credit Suisse Securities Dutsche Bank Securiteis M&A Goldman Schs 8/16/2012 JP Morgan 271.124M RBC Capital, Wells Fargo Securities, Blaylock Robert, BMO Capital M 5 S&P500 Bloomberg 7 1 133
2012 Autumn 8 IPO IPO IPO 6 IPO 90 IPO 80 3 80 90 IPO 3 2001 10 5 IPO IPO IPO 9 IPO 6 80 80 70 60 50 60 40 40 30 20 10 0 40 90919293949596979899000102030405060708091011 Ritter 20 0 20 80 89 90 98 99 00 01 10 2,054 3,609 856 1,012 3 8 9 NASDAQ NASDAQ 40 Facebook IPO Facts, Fiction and Flops, The Wall Street Journal, May 10, 2012 IPO 6 IPO 134
6 20 IPO IPO IPO IPO IPO IPO IPO JOBS 2 IPO IPO JOBS 2 2000 IPO 10 JOBS IPO JOBS 11 10 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.91 11 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, 2012 135
2012 Autumn JOBS IPO JOBS IPO IPO 11 IPO 136