George Karolyi, René Stulz, Craig Doidge, 23 September 2008

Foreign firms are increasingly delisting from US exchanges. Some blame the Sarbanes-Oxley Act for undermining US competitiveness. This column shows that there is little evidence that greater regulation hurt foreign listing in the US. The firms deregister after performing poorly.

Alexander Dyck, Adair Morse, Luigi Zingales, 19 February 2007

CEPR DP6126 studies all reported cases of corporate fraud in large companies from 1996 to 2004 and find 6% of the frauds are revealed by the SEC and 14% by the auditors. Other important sources include employees (19%), industry regulators (16%), and the media (14%). The Sarbanes Oxley Act changed the mix, but even then official investigators revealed only half the cases.

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