事实公众公司制度研究

美国事实公众公司制度用公司规模作为标准衡量公司的公众性,具备一定合理性,但是这一合理性是以公司存在活跃的场外市场、公司股份流动性较强为前提的。在公司股票不存在活跃二级市场的情景下,事实公众公司制度反而成为公司资本形成的障碍。JOBS法案改革了事实公众公司制度,在一定程度上缓解了事实公众公司制度对公司资本形成的不利影响。我国已经建立了以股东数量为门槛的事实公众公司制度,但是制度设计上的缺陷使其一定程度上阻碍了企业资本筹集,这就需要我们吸取美国的立法经验对我国事实公众公司制度进行改革。     

打通民间资本参与中小企业融资渠道

清科研究中心认为,JOBS法案将对＂新兴成长型企业＂的融资现状产生巨大影响。请看＂美国JOBS法案＂的五大看点2012年4月5日,美国总统奥巴马签署了全名为Jumpstart Our Business Startups Act的创业企业融资法案     

JOBS可能是阳光

夏天已经到了,中国企业观望已久的美国IPO市场却依旧没有破冰。尽管如此,我们还是等来了一些利好消息,其中最让人心动的,莫过于美国《促进创业企业融资法案》(以下简称"JOBS法案")的通过。业     

美国《索克斯法案》及其启示

美国爆发的一连串大公司的财务欺诈案件,沉重打击了投资者信心和美国经济的复苏势头,使得美国资本市场爆发了严重的信用危机。本文分析了美国《索克斯法案》出台背景及美国上市公司财务欺诈所造成的影响,介绍美国《索克斯法案》的基本内容,探讨该法案对我国商业银行实施股份制改造、完善公司治理结构的借鉴意义。     

《JOBS法案》在中国的适用性讨论

2008年．美国爆发大萧条以来最严重的金融危机,2012年年初美国经济显示出缓慢复苏的迹象,国会通过了《创业企业融资法案》（Jumpstart Our Business Startups Act,以下简称《JOBS法案》）．法案大幅修订了美国现行《证券法》、     

萨班斯法案的立法理念及影响刍议

萨班斯法案突出“以刑治市”的基本理念，标志着美国资本市场全面进入“依法治市”时代，使“依法治市”无论在理念上还是在实践上都得到了全面的贯彻和落实。本文从法律角度分析了该法案的影响及其揭示的资本市场发展和法制建设的一般规律，为我国资本市场发展及其法制建设提出相关建议．     

萨斑斯法案的启示

自2001年底开始，安然公司、世界通信公司等上市公司相继发生财务丑闻，美国资本市场遭遇了前所未有的信任危机。为恢复投资的信心，拯救美国资本市场，2002年7月，美国国会颁布了《2002年公众公司会计改革与投资保护法》，由于此项法案是由参议院民主党议员萨班斯和众议院共和党议员奥克斯利联合提出的，又称《萨班斯-奥克斯利法案》，（以下简称萨班斯法案）。     

萨班斯法案的启示

自2001年底开始,安然公司、世界通信公司等上市公司相继发生财务丑闻,美国资本市场遭遇了前所未有的信任危机。为恢复投资者的信心,拯救美国资本市场,2002年7月,美国国会颁布了《2002年公众公司会计改革与投资者保护法》,由于此项法案是由参议院民主党议员萨班斯和众议院共和党议员奥克斯利联合提出的,又称《萨班斯-奥克斯利法案》,(以下简称萨班斯法案)。海外上市是国有银行改革的必经阶段,遵守上市地证券监管法律是国际资本市场的通行惯例,国际资本市场之间互相借鉴先进监管理念和监管措施也是大势所趋。因此,无论国有银行是否选择在美上…     

从美国萨班斯法案看IT控制

安然、世通等大公司欺诈事件的发生,使美国公司财务会计丑闻不断升级,彻底打击了投资者对美国资本市场的信心。正是在此背景下,2002年7月30日,美国国会通过了《萨班斯一奥克斯利法案》(以下简称萨班斯法案)。该法案被称为美国自颁布《证券法》(1933年)、《证券交易法》(1934年)以来,对美国商业界影响最为深远的改革法案,标志着美国证券法律根本思想从信息披露转向实质性管制。     

萨班斯法案404条款的执行和启示

一、问题的提出美国总统布什2002年7月30日签发的《2002年公众公司会计改革和投资者保护法案》,即萨班斯·奥克斯利法案(以下简称SOX法案),是继《1933年证券法》和《1934年证券交易法》颁布后给美国资本市场带来最深     

创寻制度“乔布斯”(JOBS)红利——美国证券监管再平衡探析

JOBS法是继萨班斯-奥克斯利法、多德-弗兰克法之后,美国资本市场和公司证券领域又一部里程碑式的法律。其大幅修订了美国现行《证券法》、《证券交易法》等的相关规定:通过减轻各项法定义务、允许对注册表草稿秘密审议、放松对分析师参与的限制等为"新兴成长公司"重启美国资本市场;拓展或创设了三类发行注册豁免机制,包括"A+条例"、"汇群集资",大幅放松了对私募中广告或公开劝诱的禁止,从而便利中小型企业融资;分类调整了公众公司门槛,增强企业的灵活自主性。这些变化显示美国金融监管正在尝试寻求"抓大活小"的再平衡,促进创业与就业,并对我国实践带来启示。     

Raising capital after IPO withdrawal

We document outcomes for withdrawn U.S. IPOs (1206) from 1998 to 2017. While prior literature has studied post-withdrawal IPO re-filings and M&A, we consider private capital raising as an alternative to these outcomes as well as a potential complement. We identify factors driving private capital raising post withdrawal. We also examine the impact of key regulatory changes enacted over our sample period intended to ease capital formation. We find no significant impact of the adoption of SEC Rule 155 but a positive effect of the JOBS Act. Private capital raising post withdrawal supports second time IPO plans but not M&A.     

The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act

The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from this increased bias, as optimism is more positively associated with proxies for firm visibility and investment banking revenues when analysts are involved in the IPO process.     

The waiting period of initial public offerings

The length of time it takes an IPO firm to go public (called ‘waiting period’) reflects multiple layers of scrutiny from underwriters, auditors, venture capitalists, institutional investors, and regulators. Accordingly, we show that the waiting period is a good barometer of ex ante uncertainty about future cash flows and that it has predictive power after the firm goes public. We find that firms marked by short waiting periods experience lower underpricing and less uncertainty and superior stock/operating performance in the aftermarket. We also report that smaller firms are taking longer to go public after SOX Act, thus providing justification for the 2012 JOBS Act.     

美国证券法域外管辖的最新发展及其启示

2010年,美国联邦最高法院在Morrison案中颠覆了由第二巡回法院创立的域外适用证券法的传统,转而采用交易标准。此后不久,国会在《华尔街改革和消费者保护法》中又重新引入了效果标准和行为标准,期望以此强化对境内投资者和资本市场的保护。为建立国际金融中心,中国应汲取美国的经验和教训,有限度地推行本国证券法的域外管辖,特别是应模糊证券法的域外管辖问题,将自主权赋予法院。同时,法院应充分考虑和尊重证监会的相关决定。     

Risk management within the cannabis industry: Building a framework for the cannabis industry

Thirty states and the District of Columbia have legalized the use of cannabis for medicinal and/or recreational use by either formally or informally de‐criminalizing its use. However, cannabis remains a Schedule 1 drug under the Federal Controlled Substances Act (21 U.S.C. Sections 801 through 812), leaving federal law in conflict with the laws of over half of the states. As a result, market participants in legal cannabis businesses face risks due to the industry's unique legal status within the United States. We examine the risks and challenges deemed by the cannabis industry as the top risks facing the industry's continued future growth and its sustainability. In addition to general risks inherent in a nascent industry, a legal cannabis business faces additional risks, such as risks in its banking and finance activity, placement of insurance, payment of taxes, and managing its supply chain. These legal businesses also face true legal risk from the possibility of being shut down by the federal government and seizure of assets and product under the CSA. This paper also examines whether the cannabis industry would benefit from a futures market to mitigate price risk.     

Mandatory disclosure and learning from external market participants: Evidence from the JOBS act

This paper examines whether mandatory disclosure affects the extent to which firms learn from external market participants. Conventional wisdom suggests that mandatory disclosure should increase the total amount of information in financial markets. However, disclosure can also reduce investors' incentives to acquire and produce information. Using the JOBS Act to identify variations in disclosure requirements, this paper finds that firms with reduced disclosure requirements attract more informed investors and learn more from financial markets than those with stricter disclosure requirements. This learning is concentrated among firms that attract sophisticated investors, particularly those with industry expertise, and weakens once firms are forced to disclose more information. Overall, the results suggest that one benefit from regulators’ recent efforts to reduce U.S. firm disclosure requirements is an increase in firm learning.     

THE DIFFERENTIAL EFFECTS OF DEREGULATION ON SAVINGS AND LOAN ASSOCIATIONS AND BANKS

The passage of the Garn-St Germain Depository Institutions Act of 1982 was a legislative response to the plight of the thrift industry. The Act broadened the asset/liability powers of thrifts and granted regulators emergency authority to aid failing institutions. In this paper we analyze the effect of the Act on the market returns of large S&Ls and banks using a two-factor estimating procedure. Single-factor models of depository institutions' returns produce biased estimates and confound the Act's interpretation. Explicit treatment of the event/risk interaction is necessary to avoid ambiguities in the interpretation of the Act's effect on the returns of depository institutions. It is difficult to use capital market data to pinpoint the effect of information flows on complex regulatory changes.     

On the economics of the longevity risk transfer market

We present a model of a longevity risk transfer market with different market players (primary insurers, reinsurers, and capital market investors) and investigate how market dynamics and the market players' roles evolve with progressing market saturation. We find that reinsurers' appetite for longevity risk is the key driver in the early stage of market development. Since diversification benefits with other businesses decrease with every transaction, the reinsurance market is intrinsically antimonopolistic. With the increasing saturation of the reinsurance sector as a whole, its competitiveness shrinks leading to rising expected risk-adjusted returns for capital market investors. We show that in a saturated market, reinsurers should assume the entire longevity risk from primary insurers, diversify it within their business mix, and subsequently pass on only specific (nondiversifiable) components of the longevity risk to the capital markets. Our findings provide valuable suggestions on how to make the best use of the market's limited risk absorption capacity.