The sarbanes-Oxley act and firms' going-private decisions

被引：242

作者：

Engel, Ellen ^{[1
]}

Hayes, Rachel M.

Wang, Xue

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

[2] Univ Utah, David Eccles Sch Business, Salt Lake City, UT 84112 USA

[3] Emory Univ, Goizueta Business Sch, Atlanta, GA 30322 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2007年 / 44卷 / 1-2期

关键词：

Sarbanes-Oxley act; going private; corporate governance reform; compliance costs;

D O I：

10.1016/j.jacceco.2006.07.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate going-private decisions in response to the passage of the Sarbancs-Oxley Act of 2002 (SOX). We study firms that go private from 1998 to May 2005 and find: (1) the quarterly frequency of going-private transactions has increased after the passage of SOX,, and (2) abnormal returns surrounding both the passage of SOX and the going-private announcement are significantly related to proxies for the costs and benefits of SOX and the net benefits of being a public firm. Our empirical evidence is broadly consistent with the notion that SOX has affected firms' going-private decisions. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：116 / 145

页数：30

共 27 条

[1] Share repurchases and intangible assets [J].

Barth, ME ;

Kasznik, R .

JOURNAL OF ACCOUNTING & ECONOMICS, 1999, 28 (02) :211-241

[2]

BORDEN AM, 1982, GOING PRIVATE

[3] Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board [J].

Bushee, BJ ;

Leuz, C .

JOURNAL OF ACCOUNTING & ECONOMICS, 2005, 39 (02) :233-264

[4] GOING PRIVATE - MINORITY FREEZEOUTS AND STOCKHOLDER WEALTH [J].

DEANGELO, H ;

DEANGELO, L ;

RICE, EM .

JOURNAL OF LAW & ECONOMICS, 1984, 27 (02) :367-401

[5]

GRIFFIN JM, 2000, DOES BOOK MARKET EQU

[6] RESOLVING LIFO UNCERTAINTY - A THEORETICAL AND EMPIRICAL REEXAMINATION OF 1974-75 LIFO ADOPTIONS AND NONADOPTIONS [J].

HAND, JRM .

JOURNAL OF ACCOUNTING RESEARCH, 1993, 31 (01) :21-49

[7] Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature [J].

Healy, PM ;

Palepu, KG .

JOURNAL OF ACCOUNTING & ECONOMICS, 2001, 31 (1-3) :405-440

[8] SAMPLE SELECTION BIAS AS A SPECIFICATION ERROR [J].

HECKMAN, JJ .

ECONOMETRICA, 1979, 47 (01) :153-161

[9]

Holmstrom B., 2003, J APPL CORPORATE FIN, V15, P8

[10]

Hosmer W., 2000, Applied Logistic Regression, VSecond

← 1 2 3 →