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This study extends prior studies by examining both issued and publicly withdrawn IPOs to assess the effect of the Jumpstart Our Business Startups Act (JOBS Act) of 2012.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