How the JOBS Act is Reshaping IPOs: Implications for Entrepreneurial Firms
讨论了2012年美国《JOBS法案》对创业企业IPO的影响，指出该法案可能产生溢出效应，带来不确定后果，并呼吁更多学术研究。
The Jumpstart Our Business Startups (JOBS) Act was signed into law on April 5, 2012. A key objective of the JOBS Act was to allow new ventures in the United States to go public and raise growth capital more easily and cost-effectively than before. The aim of this paper is to discuss the implications of the JOBS Act for initial public offerings (IPOs). We argue that the JOBS Act gives rise to important spillover effects that may create ambiguous consequences for firms’ IPOs. The central question is whether the JOBS Act’s mandate of facilitating fund raising can come to fruition and, if so, which features of it may lead to shifts in capital markets in entrepreneurship. Our paper begins to address these questions and aims to serve as a catalyst for future academic work in this area.