DOIDGE, CRAIG; KAROLYI, G. ANDREW; STULZ, RENÉ M. - In: Journal of Finance 65 (2010) 4, pp. 1507-1553
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...