Deregulating Innovation Capital: The Effects of the JOBS Act on Biotech Startups
研究了JOBS法案如何通过降低合规成本促进生物科技初创企业的创新资本形成，表现为IPO数量和融资额增加、产品更早进入FDA审批流程、更多针对罕见病和癌症，以及研发投入和项目进展的提升。
Abstract We examine real outcomes for biotech startups going public around the Jumpstart Our Business Startups (JOBS) Act. Reduced compliance costs associate with greater innovation capital formation as biotech IPO volume and proceeds increase after the JOBS Act. Biotechs, which conduct over 30% of IPOs since 2012, go public with products earlier in the FDA approval process and more frequently target rare diseases and cancer. Consistent with our survey evidence that managers use compliance savings to invest in R&D, we link the JOBS Act to post-IPO increases in project-level development, such as new patents, clinical trials, and staffing of laboratories. Post-JOBS Act product candidates are more likely to reach key milestones in the FDA approval process and these startups fail at lower rates. Benefits accrue to shareholders without sacrificing financial reporting quality. Our results demonstrate how tailoring regulations for startups can provide economic and societal benefits. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.