Firm value,the Sarbanes-Oxley Act and cross-listing in the U.S., Germany and Hong Kong destinations |
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| Affiliation: | 1. Department of Economics, Tufts University, USA;2. USAID, Washington, DC, USA;3. Department of Economics, FEA-USP, Brazil;1. School of Economic Mathematics, Southwestern University of Finance and Economics, 555 Liutai Boulevard, Wenjiang, Chengdu 611130, PR China;2. Department of Economics and Management, Sichuan Vocational and Technical College of Communications, Chengdu 611130, PR China;1. Department of Mathematics, University of Macau, Macau SAR, China;2. UMacau Zhuhai Research Institute, Zhuhai, China;1. Minzu University of China, Beijing Haidian district zhongguancun street 27#, 100081, China;2. National language resource monitoring &Research Center Minority Languages Branch;1. Chair of Econometrics and Statistics, esp. in Transportation Science, Technische Universität Dresden, Würzburger Str. 35, 01187 Dresden, Germany;2. School of Business and Economics, Humboldt-Universität zu Berlin, Spandauer Strasse 1, 10178 Berlin, Germany |
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| Abstract: | This paper presents empirical evidence on the effects of the Sarbanes-Oxley Act of 2002 on the value of firms and on the cross-listing choice of firms destined to three major markets in North America, Asia and Europe. We use dynamic panel data methods and treatment effects methods and find that Sarbanes-Oxley has had a negative impact on the value of firms worldwide. Our evidence indicates that Sox may have segmented markets, with many lower valued firms destined to Hong Kong, thus crowding out the market where regulation is more stringent. |
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