Does General Solicitation Improve Access to Equity Capital for Small Businesses? Evidence from the JOBS Act
研究了JOBS法案下公开征集与非公开私募发行的效果差异，发现公开征集发行的企业风险更高，融资成功率、获得风投及退出可能性更低，但有助于新进入者和使用注册经纪商的发行。
Abstract Under Title II of the Jumpstart Our Business Startups Act, firms can sell private placement securities to the public via general solicitation (GS) or privately (non-GS). We find that equity offerings under GS tend to be riskier than under non-GS. After accounting for selection, GS issuers are less likely to succeed in i) raising capital, ii) getting venture capital (VC) funding, and iii) exiting via IPO or mergers and acquisitions, and incur substantial brokerage costs for advertising and verifying investor accreditation. However, GS appears to help new entrants and offerings that use registered brokers. The success of Form D financing improves future VC financing and exit outcomes.