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| Author: | Litvak, K. |
| Title: | The long-term effect of the Sarbanes-Oxley Act on cross-listing premia |
| Journal: | European Financial Management
2008 : NOV, VOL. 14:5, p. 875-920 |
| Index terms: | USA securities regulations corporate governance regression analysis gross national product |
| Freeterms: | GDP |
| Language: | eng |
| Abstract: | In this paper, a triple difference approach is used to assess whether the adoption of the Sarbanes-Oxley Act (SOX) predicts long-term changes in cross-listing (here as: c-l.) premia (as: c-l-prm.) of affected foreign firms. C-l-prm. is measured as the difference btw. the Tobin's q of a c-l. company and a non-c-l. company from the same country matched on c-l. propensity. Among others, it is found that average premia for firms c-l. on levels 2 or 3 (as subject to SOX) declined in the year of SOX adoption (2002), remaining significantly below their pre-SOX level through year-end 2005. Firms listed on levels 2 or 3 (subject to SOX) experienced larger declines in premia than firms listed on levels 1 or 4 (not subject to SOX) etc. |
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