Discussion of 'The robustness of the Sabarnes Oxley effect on the U.S. capital market'

Autor:	Trevor S. Harris
Rok vydání:	2009
Předmět:	business.industry Logical reasoning Instrumental variable Accounting General Business Management and Accounting Corporate finance Economics Sarbanes–Oxley Act Endogeneity Robustness (economics) business Capital market Anecdotal evidence
Zdroj:	Review of Accounting Studies. 14:440-452
ISSN:	1573-7136 1380-6653
DOI:	10.1007/s11142-009-9099-2
Popis:	In this paper, I use anecdotal evidence and logical reasoning to suggest that, despite the use of an extensive database, it is not possible to conclude that passage of the Sarbanes Oxley Act did not have an impact on companies’ delisting decisions. Moreover, the instrumental variables used to proxy for SOX effects are too weak and suffer from a significant endogeneity problem given that passage of SOX was driven by many of the economic and control problems that are used to control for market and company factors. I also discuss some broader issues about the trade-off between large sample statistical inference and anecdotal analysis for addressing practical questions.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::e988e6a31e7878748ed526a2295f1ef9 https://doi.org/10.1007/s11142-009-9099-2 Zobrazit plný text záznamu Plný text ve formátu PDF