What Happens in Nevada? Self-Selecting into Lax Law
研究发现，选择在内华达州注册的公司，其财务报告需要重述的可能性比其他州（包括特拉华州）高出30-40%，表明这些公司倾向于保护内部人利益，且易发生财务报告失败。
We find that Nevada, the second most popular state for out-of-state incorporations and a state with lax corporate law, attracts firms that are 30–40% more likely to report financial results that later require restatement than firms incorporated in other states, including Delaware. Our results suggest that firms favoring protections for insiders select Nevada as a corporate home, and these firms are prone to financial reporting failures. We provide some evidence that Nevada law also has a causal impact by increasing a Nevada firm's propensity to misreport financials after the firm has incorporated in Nevada.