منابع مشابه
The Sarbanes-Oxley Act and Corporate Investment: A Structural Assessment∗
We assess the impact of the Sarbanes-Oxley Act of 2002 on corporate investment in an investment Euler equation framework, where a dummy for the passage of the Act is allowed to affect the rate at which managers discount future investment payoffs. Using generalized method of moments estimators, we find that the rate U.S. firm managers apply to discount investment projects rises significantly aft...
متن کاملThe Sarbanes-Oxley Act and the Flow of International Listings
This paper examines cross-listing behavior onto U.S. and U.K. stock exchanges following the enactment of the Sarbanes-Oxley Act, and tests two propositions. First, has the rate of foreign cross-listings onto U.S. exchanges decreased in the period following the enactment of the Act? Second, are foreign exchanges in particular, the London Stock Exchange attracting foreign firms in the post-Act pe...
متن کاملWas the Sarbanes-Oxley Act good news for corporate bondholders?
This study examines the impact of the Sarbanes-Oxley Act (SOX) on bondholders, a significant investor group that has not been previously considered in the SOX literature. We find that bond values decline around the announcement of events leading up to the passage of SOX, consistent with market participants expecting SOX to impose net costs on bondholders. We further find that the decline in bon...
متن کاملRegulation and Sarbanes-Oxley
Many of the papers in this special issue are concerned with regulation and some with the Sarbanes-Oxley Act (SOX). In this commentary, I will begin by summarizing the arguments for regulation that have been made in the literature.1 I will then consider whether these arguments apply to SOX. I will suggest that, rather than being based on sound principles, regulation often seems to be a consequen...
متن کاملHolistic Compliance with Sarbanes-Oxley
The theory underlying US securities laws is that investors are helpless without reliable information [Zelizer, 2002]. When Enron's collapse and other corporate frauds made it clear that "practically every element of our system of safeguards failed until it was too late to repair the damage," Congress reinforced those laws by passing the Sarbanes-Oxley (SARBOX) Act [O'Malley, 2002]. This new law...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1404967