Less than one-third of investment bankers surveyed by accounting and financial consulting firm BDO USA think the JOBS Act has effectively increased the number of initial public offerings on U.S. exchanges, a decline in enthusiasm since this past summer when 55% thought it would be an important catalyst.

Forty-two percent of the bankers who took part in the survey said they “see no evidence” the law is positively influencing IPOs. Reviews are also mixed on the confidential filing process it allows.

According to the Securities and Exchange Commission, in 2012 more than 100 companies utilized the JOBS Act's confidential filing process to “test the waters” for a possible IPO. Eighty percent of the investment bankers surveyed said this lack of transparency has harmed their ability to advise clients on their offerings due to a lack of information on potential competitors for investment dollars.

Investor groups are also giving the confidential filing process mixed reviews,” BDO says. Nearly half (48%) of respondents said many are reluctant to meet with emerging businesses testing the waters for an IPO, preferring to wait until the company has made a public commitment to the offering.

The findings are from the 2013 BDO IPO Outlook, a national survey of executives at leading investment banks that was conducted by telephone in December.