SEC-NYU Dialogue on Securities Market Regulation
April 11, 2017
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.
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.
10:45am 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.
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