The Pricing of IPOs Post‐Sarbanes‐Oxley
研究发现萨班斯-奥克斯利法案实施后，美国IPO的首日回报下降，上市后市场表现提升，表明法案提高了透明度，降低了估值不确定性。
Abstract The Sarbanes‐Oxley Act (SOX) imposes new requirements for firms going public. Many provisions of SOX should improve the transparency of U.S. firms going public and therefore reduce the uncertainty surrounding their valuation. We find that initial returns of initial public offerings (IPOs) in the United States have declined since SOX. Furthermore, the aftermarket performance of IPOs since SOX is significantly higher. While the expense of public reporting has increased in the United States because of SOX, the valuations of newly public firms at the time of the IPO are subject to less uncertainty and smaller aftermarket corrections.