Discussion of The robustness of the Sabarnes Oxley effect on the US capital market
成果类型：
Editorial Material
署名作者：
Harris, Trevor S.
署名单位：
Columbia University
刊物名称：
REVIEW OF ACCOUNTING STUDIES
ISSN/ISSBN：
1380-6653
DOI：
10.1007/s11142-009-9099-2
发表日期：
2009
页码：
440-452
关键词：
摘要：
In this paper, I use anecdotal evidence and logical reasoning to suggest that, despite the use of an extensive database, it is not possible to conclude that passage of the Sarbanes Oxley Act did not have an impact on companies' delisting decisions. Moreover, the instrumental variables used to proxy for SOX effects are too weak and suffer from a significant endogeneity problem given that passage of SOX was driven by many of the economic and control problems that are used to control for market and company factors. I also discuss some broader issues about the trade-off between large sample statistical inference and anecdotal analysis for addressing practical questions.
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