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| Tekijä: | Fernandes, N. Lel, U. Miller, D.P. |
| Otsikko: | Escape from New York: The market impact of loosening disclosure requirements |
| Lehti: | Journal of Financial Economics
2010 : FEB, VOL. 95:2, p. 129-147 |
| Asiasana: | financial markets disclosure securities regulations companies USA |
| Kieli: | eng |
| Tiivistelmä: | This study examines significant deregulation of U.S. disclosure requirements: the 2007 Securities and Exchange Commission (SEC) Rules. The market is shown to have reacted negatively to the announcement by the SEC that firms from countries with weak disclosure and governance regimes could more easily opt out of the U.S. reporting and legal environment. An unprecedented number of firms are also found to have deregistered. The findings also suggest the shareholders of non-U.S firms placing significant value on U.S. securities regulations. |
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