The publishing server is not starting properly. The psstat returns "Connection initialization timeout expired. Please verify if the Publishing Server and JBoss jms service are up and running."

Scenario 1 : 
The pserver.trace contains following messages:

2018-11-21 09:10:34,760  WARN [main] (DirectPublishEnvLogMgr.java:208) - DirectPublishEnv invalid encoding: 1
....
2018-11-21 09:10:34,788  WARN [main] (DirectPublishEnvLogMgr.java:209) - DirectPublishEnv invalid encoding: [Ljava.lang.StackTraceElement;@2038ae61
....
2018-11-21 09:10:34,792 ERROR [main] (PS_ThreadExceptionHandler.java:12) - Thread - main terminated abruptly.
java.lang.NullPointerException
    at com.bmc.sms.ps.log.DirectPublishEnvLogMgr.getEnvs(DirectPublishEnvLogMgr.java:130)
    at com.bmc.sms.ps.log.DirectPublishEnvLogMgr.<init>(DirectPublishEnvLogMgr.java:44)
    at com.bmc.sms.ps.env.EnvMgr.initOriginDirectPublish(EnvMgr.java:310)
    at com.bmc.sms.ps.PublishingServer.<init>(PublishingServer.java:494)
    at com.bmc.sms.ps.PublishingServer.init(PublishingServer.java:535)
    at com.bmc.sms.ps.CliPServer.main(CliPServer.java:277)

Scenario 1:
Disable the direct publish environment by adding following line to the pserver.conf (default location pw\server\etc\pserver.conf) :
DirectPublishOrigin=F
then restart the pserver with command 'pw p r pserver'.

Scenario 2 : 
Sometime you notice that there are no error like it's mentioned in scenario 1, and when you try to stop pserver with command "pw p e pserver" it doesn't get stopped. 
In this case kill java_ps process manually from task manager. Confirm that pserver is stopped by running "pw p l" or "pw sys status" command.
Start pserver again with "pw p s pserver" and it should work fine.