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Thought Leadership
IssuWorks leadership provides advisory and consultation services regarding markets structure, function and activity to institutional investors, corporate issuers, regulators and policy makers.
Featured statements, studies and presentations:
• (January, 2014) Response to recommendations by the SEC Market Structure Subcommittee
• (November, 2013) TEDx presentation "Capital: The Fuel Behind World Transformation"
• (July, 2013) OECD Study "Making Stock Markets Work to Support Economic Growth"
• (June, 2013) Statement in Congress "Hearing on reducing barriers to capital formation"
• (February, 2013) SEC Roundtable on Decimalization
• (September, 2012) Study "The trouble with small tick sizes"
• (June, 2010) Study "Market structure is causing the IPO crisis -- and more"
• (November, 2009) Study "A wake up call for America"
• (October, 2009) Study "Market structure is causing the IPO crisis"
• (November, 2008) Study "Why are IPOs in the ICU?"
Featured citations in others works:
• (February, 2014) New York Venture Hub
• (November, 2013) Equity Capital Formation Task Force
• (October, 2012) Senator Ted Kaufman
• (October, 2011) White House Jobs Council's Interim Report
• (April 2011) Mary L. Shapiro, SEC Chairman
• (March, 2011) Darrell E. Issa, Chairman, House Committee on Oversight and Government Reform
• (November, 2009) The Economist
REPORTS & TESTIMONY
David Weild and Ed Kim co-authored the principal studies, published through Grant Thornton, that led to the JOBS Act and were broadly cited by the IPO Task Force Report to the U.S. Treasury that helped create the new designation of “Emerging Growth Company” in the US. These studies shaped other key provisions of the JOBS Act in both the public and private equities markets.
IssuWorks principals have authored numerous studies that have found an audience with trade associations and government and regulatory bodies. Some of these studies have been entered into the Congressional Record and Federal Register while IssuWorks’ principals have worked with, participated in or testified in front of:
• The U.S. House of Representatives Financial Services Subcommittee
on Capital Markets
• The U.S. Treasury’s Capital Formation Conference
• The New York Stock Exchange
• The NASDAQ Stock Market
• The National Venture Capital Association (NVCA)
• The NYSE-NVCA Blue Ribbon Panel
• The CFTC-SEC Joint Panel on Emerging Regulatory Issues
• The American Bar Association
• The Securities Regulation Institute
JOBs Act
David Weild and Ed Kim co-authored the principal studies that were cited by, and served as a basis for, the IPO Task Force Report to the U.S. Treasury that helped create the new designation of “Emerging Growth Company” in the US and shaped key provisions of the JOBS Act.
IssuWorks principals and senior executives frequently appear in leading business media, including The Wall Street Journal, The New York Times, The Economist, CNBC, Bloomberg and Fox News.
RESOURCES
The following are some of the pivotal works authored or contributed to by David Weild and team.
"Improving access to equity capital in the United States is one of the most important needs for our economy. Access to equity capital fuels job growth and innovation, which, in turn, enables free markets to solve problems from poverty and unemployment to finding cures to cancer, global warming and many of the other challenges that this generation, and every other generation, will face."
Read More | See all testimonies.
(7-11-2013) OECD Report: Making Stock Markets Work to Support Economic Growth
- By David Weild, Edward Kim and Lisa Newport, presented to the 35 member nations on April 16, 2013, by Mr. David Weild under the agenda item "Roundtable on Corporate Governance, Value Creation and Growth."
IPO Task Force Report / Rebuilding the IPO On-Ramp
David Weild co-authored the principal studies that were cited by, and served as a basis for, the IPO Task Force Report to the U.S. Treasury that helped create the new designation of “Emerging Growth Company” in the US and shaped key provisions of the JOBS Act. Read More
Written statement in Congress on Regulation A
Statement of David Weild before the U.S. House of Representatives Financial Services Committee Capital Markets and Government Sponsored Enterprises Subcommittee. Read More
Wall Street Equity Analyst Turnover Rates Are At Disruptively High Levels
Analyst turnover is highly disruptive to newly public and other modestly covered companies and their investors. Excessive analyst turnover is highly disruptive to newly public and other modestly covered companies and their investors. We believe that these disruptions are likely to lead to higher long-term costs of capital and that efforts by issuers to minimize these risks will be rewarded over the long run. Read More
- By David Weild and Edward Kim
A study of systemic failure in the U.S. stock markets and suggested solutions to drive economic growth. Read More
"U.S. capital markets have undergone a profound transformation in less than a generation, leaving both investors and the U.S. economy worse off. U.S. public markets have lost nearly half of all listed companies since their peak in 1997. While there were 8,823 exchange-listed companies in 1997, at the end of 2012 only 4,916 remained. Moreover, U.S. stock markets are now — on a gross domestic product (GDP) weighted basis — some of the worst in the world, particularly for small companies."
Market structure is causing the IPO crisis -- and more
- By David Weild and Edward Kim
"Market structure is causing the IPO crisis -- and more" brings together two previously published studies, "Why are IPOs in the ICU?" and "Market structure is causing the IPO crisis". Read More
Timeline for the Campaign to Fix U.S. Stock Markets
Timeline of Weild & Kim’s efforts and the response to those efforts in The Campaign to Fix U.S. Stock Markets to Support Job Growth & The US Economy. Read More
SEC Roundtable on Decimalization
David Weild participated in Panel 1 of the SEC's Roundtable on Decimalization that was held at the SEC's offices in Washington DC on February 5, 2013. Two of the panelists, Jeff Solomon (CEO of Cowen & Company) and Scott Kupor (COO of Andreesen Horowitz) subsequently co-chaired the "Equity Capital Formation Task Force".
Read More | www.equitycapitalformationtaskforce.com
The trouble with small tick sizes
David Weild and Edward Kim co-authored this study about how larger tick sizes will bring back capital formation, jobs and investor confidence. "In our view, decimalization — a euphemism for the collapse in trading spreads, tick sizes and commissions — decimated the U.S. IPO market when it began in earnest with the 1998 implementation of Regulation ATS (alternative trading systems)." Read More
"There has been a computer arms race unleashed on Wall Street by changes in regulation and technology and we all
need to catch up. This computer arms race is displacing fundamental investing with computer‐trading based
strategies and has created new forms of systemic risk, a loss of investor confidence, and a disastrous decline in
primary (IPO) capital formation and the number of publicly listed companies in the United States. " Read More