SOX Section 404 Twenty Years After: Reviewing Costs and Benefits

The Real Effects of SOX Section 404: Evidence from Corporate Innovation

This paper exploits a natural quasi-experiment to investigate the effects of the Sarbanes-Oxley Act (SOX) on corporate innovation: firms with a public float under $75 million can delay compliance with Section 404 of the Act. We find a significant decrease in the number of patents and patent citations for firms that are subject to Section 404 compliance relative to firms that are not. This effec...

Clinical Governance: Costs and Benefits

How Do Informational Frictions Affect the Firm’s Choice of Asset Liquidity? The Effect of SOX Section 404

Although existing theories predict a causal link between informational frictions in financial markets and a firm’s choice of asset liquidity, the lack of an exogenous and clean measure of informational frictions hinders the precise identification of this link. Using the discontinuous requirement of financial reporting introduced by Section 404 of the Sarbanes-Oxley Act, we identify a causal eff...

The CUSBEA program: twenty years after.

The CUSBEA (China–United States Biochemistry Examination and Application) program was implemented during the 8 years between 1982 and 1989, with a total of 422 Ph.D. students selected and placed in over more than 90 top universities in the United States (1–3). The original aim of this program was to train bright young Ph.D. scientists in the field of Biochemistry and molecular biology, with an ...

Zero-Knowledge twenty years after its invention

Zero-knowledge proofs are proofs that are both convincing and yet yield nothing beyond the validity of the assertion being proven. Since their introduction about twenty years ago, zero-knowledge proofs have attracted a lot of attention and have, in turn, contributed to the development of other areas of cryptography and complexity theory. We survey the main deenitions and results regarding zero-...