Why Do Foreign Firms Leave U.S. Equity Markets?
研究了萨班斯-奥克斯利法案后外国公司终止SEC注册的原因，发现它们因不再需要外部融资而退出，且代理问题严重的公司对放松退市规则的股价反应更差。
ABSTRACT Foreign firms terminate their Securities and Exchange Commission registration in the aftermath of the Sarbanes–Oxley Act (SOX) because they no longer require outside funds to finance growth opportunities. Deregistering firms’ insiders benefit from greater discretion to consume private benefits without having to raise higher cost funds. Foreign firms with more agency problems have worse stock‐price reactions to the adoption of Rule 12h‐6 in 2007, which made deregistration easier, than those firms more adversely affected by the compliance costs of SOX. Stock‐price reactions to deregistration announcements are negative, but less so under Rule 12h‐6, and more so for firms that raise fewer funds externally.