The Sarbanes-Oxley act and cross-listed foreign private issuers

• 成果类型: Article
• 署名作者: Li, Xi
• 署名单位: Hong Kong University of Science & Technology
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2014.05.001
• 发表日期: 2014
• 关键词: economic consequences; capital-markets; stock returns; disclosure; IMPACT

摘要

I examine the short- and long-term impact of the 2002 Sarbanes-Oxley Act (SOX) on cross-listed foreign private issuers. Both short- and long-term test results suggest that the costs of SOX compliance significantly exceed its benefits and reduce the net benefits of cross-listings. (C) 2014 Elsevier B.V. All rights reserved.