Topic: Reviving the U.S. IPO Market

May 10, 2017

Hosted jointly by the SEC and NYU’s Salomon Center for the Study of Financial Institutions

The Division of Economic and Risk Analysis (DERA) of the U.S. Securities and Exchange Commission and New York University’s Salomon Center are organizing a half-day Dialogue on “Reviving the U.S. IPO Market.”  Against the background of nearly 15 years of low levels of IPO activity, the Dialogue will explore the economic causes and consequences of the perceived weakness in the U.S. IPO market and discuss ways to encourage more capital-raising through IPOs.

The Dialogue is intended to bring together practitioners, regulators, and academics to learn, engage, and discuss the current state of the U.S. IPO market and exchange ideas on issues related to investor protection and capital formation.

Event Video

Highlights from the SEC-NYU Dialogue on Reviving the US IPO Market

The Dialogue will be held on May 10, 2017 at New York University’s Salomon Center for the Study of Financial Institutions and will be open to the public. Webcasting will also be available. The preliminary program will include:

8:30am       Coffee service

9:10am       Introduction – Dean Peter Henry, NYU Stern School of Business

9:15am       Welcome remarks – Commissioner Michael Piwowar

9:30am       Session 1: Review of the IPO Market

Moderator: Scott Bauguess - Acting Chief Economist, U.S. SEC

• Alexander Ljungqvist - New York University
• Roni Michaely - Cornell University
• Rene Stulz - Ohio State University

Review of the current state of the U.S. IPO market from an academic perspective and a discussion of the economic causes and consequences of the continued weak IPO market.

10:30am     Break

10:45am     Session 2: Panel on Regulatory and Other Market Influences

Moderator: Tom Braithwaite - Financial Times

• Steven Bochner - Partner, Wilson Sonsini
• Chris Cooper - Global CFO, Sequoia Capital
• Frank Hatheway - Senior Vice President and Chief Economist, NASDAQ
• Adam Smith - Head of Capital Markets, KKR

A discussion of what has led to the current state of the IPO market, including changes in technology and funding sources, the macroeconomic environment, regulatory and institutional influences, and the challenges these issues pose for firms seeking to raise capital.

11:45am     Break

12:00pm     Session 3: How to Revive the IPO Market

Moderator: Rick Fleming - Investor Advocate, U.S. SEC

• Thomas Farley - President, NYSE Group
• Robin Graham - Managing Director and Head of Technology for IB, Oppenheimer
• Conor Kehoe - Partner, McKinsey, Investor and Private Equity Practice

A discussion of what can be done to revive the IPO market, focusing on possible solutions driven by the needs of IPO market participants, as well as potential regulatory responses.

1:00pm       Concluding remarks