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An Examination of the Impact of the Sarbanes-Oxley Act on the Attractiveness of US Capital Markets for Foreign Firms
2009
Social Science Research Network
We document that the passage of the Sarbanes-Oxley Act (SOX) coincided with an increase in voluntary delistings and significant exits of foreign firms traded as American Depository Receipts (ADRs) from US stock exchanges. We examine the extent to which these delistings were motivated by firms' costs of complying with SOX or by managers' or controlling shareholders' (MCOs) loss of control rents that resulted from corporate governance mandates of SOX. We show that compared to foreign firms that
doi:10.2139/ssrn.956020
fatcat:x7n6fw4wxvb4pppq2fdmawwz4e