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Market Structure and IPO Crisis - Grant Thornton Jun 2010

Market Structure and IPO Crisis - Grant Thornton Jun 2010

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Published by: TradersNarrative on Jan 26, 2011
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03/04/2011

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By David Weild and Edward Kim
June 2010
Capital Markets Series
Market structure is causingthe IPO crisis — and more
 
Contents
1 Preface3 Introduction5 History of the IPO market9 Decline of the IPO market15 Effect on capital markets19 Conclusion21 The Perfect Storm25 About the authors27 About Grant Thornton LLP
 
Market structure is causing the IPO crisis — and more
1
Market structure is causing the IPO crisis — and more
bringscurrent two previously published studies,
Why are IPOs inthe ICU?
and
Market structure is causing the IPO crisis
.Grant Thornton LLP has studied the decimation of the U.S.capital markets structure, the demise of the IPO market and,with the release of 
 A wake-up call for America
, the systemicdecline in the number of publicly listed companies. We haveprovided analysis and insights and offered ideas for a new,opt-in stock market capable of reinvigorating the U.S. IPOmarket and stimulating job creation.Grant Thornton has discussed our findings with a wide rangeof key market participants, including current and former SECsenior staffers, investment bank executives and the venture capitalcommunity. In fact, our IPO study was cited in the “NVCA
1
 4-Pillar Plan to Restore Liquidity in the U.S. Venture CapitalIndustry,” which was released on April 29, 2009. As our studiesgained visibility, the topic and our conclusions gained favor withthe financial news media and with members of Congress andtheir staffers. On December 16, 2009, Sen. Ted Kaufman,D-Del., entered
Market structure is causing the IPO crisis
and
 A wake-up call for America
into the public record during hisspeech: “Kaufman calls decline in IPOs ‘choke point’ to jobcreation, economic recovery.”
The economic climate is ever changing. To receive periodicreports on issues relevant and timely to today’s capitalmarkets, visit www.Grant Thornton.com/subscribe andselect the Capital Markets Series.
Special thanks go to:
David Coolidge, vice chairman ofWilliam Blair & CompanyDixon Doll, co-founder of DollCapital Management and formerchairman of the NVCAMike Halloran, former deputy chiefof staff and counselor to SECChairman Christopher Cox andcurrent partner at Haynes andBoone LLPHarry Kellogg, vice chairman,Silicon Valley BankPascal Levensohn, founder ofLevensohn Venture Partners andmember of the Counsel of ForeignRelationsChuck Newhall, one of thefounders of New EnterpriseAssociates (NEA) and “dean” ofthe venture capital businessDuncan Niederauer, chairman andCEO of NYSE EuronextKen Wilcox, president and CEO,SVB Financial Group
Preface
1
National Venture Capital Association

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