Nejadmalayeri, Ali; Nishikawa, Takeshi; Rao, Ramesh P. - In: Journal of Banking & Finance 37 (2013) 8, pp. 2991-3006
Stock market reaction suggests that despite improved disclosure and increased accountability, Sarbanes-Oxley Act (SOX) is too costly and not beneficial. Noting that bondholders are likely to reap the many potential benefits of SOX without bearing the brunt of costs, we examine how SOX affected...