Was the Sarbanes-Oxley Act of 2002 Really this Costly? A Discussion of Evidence from Event Returns and Going-Private Decisions

By Christian Leuz. 2007

221 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/bb7fc36c1b529ed8dcb5d999e68d692704d34743

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Citations in the corpus

Market Reaction to Mandatory Nonfinancial Disclosure (2019, unknown): “Finally, Leuz (2007) evaluates the studies examining the market reaction to events affecting passage of SOX, arguing it is difficult to attribute the event date market reactions solely or principally as investor response to passage of the studied regulation.”
Earnings Management within Multinational Corporations (2018, background): “earnings management in countries with weak institutional quality, as documented by Leuz et al. (2003). All proxies for the level of MNC-parent/subsidiary integration, as well as the measures intended to capture earnings management opportunities are positively correlated with subsidiary earnings mana”
Mandatory CSR and sustainability reporting: economic analysis and literature review (2019, background): “…identifying the dates on which investor expectations change and how anticipation of future regulation plays into the results (e.g., Binder 1985; Leuz 2007), as well as the fact that the typical regulatory event study uses a limited number of events that are common to all sample firms and,…”
Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement (2016, background): “However, even these studies face identification challenges because they often lack a convincing control group of firms that are unaffected by the new rules (see discussions in Collver 2007; Leuz 2007; Coates and Srinivasan 2014).”
Unintended Consequences of Granting Small Firms Exemptions from Securities Regulation: Evidence from the Sarbanes‐Oxley Act (2009, unknown): “Following Leuz et al. (2007), we measure corporate governance via block holdings, institutional holdings, and board governance.”
The U.S. Listing Gap (2016, unknown): “9 See Leuz (2007) for an extensive review of the empirical evidence on the impact of SOX.”
Europe's Second Markets for Small Companies (2012, unknown): “Leuz et al. (2008) investigate the performance of companies that voluntarily deregister their shares in the period 1998-2004 and thus cease to be subject to SEC reporting requirements.”
A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002 (2009, unknown): “…itself, lobbying by corporate insiders is not informative about the overall effect of SOX, since insiders would be expected to lobby against strict implementation of SOX both if SOX succeeded in improving disclosure and governance (thus reducing insiders’ ability to divert resources to…”
The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research (2015, background): “However, Leuz (2007) shows 49 Iliev (2010) also provides long-run, return-based evidence that Section 404 compliance was costly to firms that were just above the cutoff for compliance relative to smaller firms just below the cutoff.”
Implications of Power: When the CEO Can Pressure the CFO to Bias Reports (2014, unknown): “These predictions can be used to help explain mixed results from empirical studies of the e¤ects of SOX that did not control for variation in CEO power over the CFO (e.g., Engel et al., 2007; Leuz, 2007; Jain and Rezaee, 2006; Zhang, 2007).”