Fernandes, Nuno; Lel, Ugur; Miller, Darius P. - Federal Reserve Board (Board of Governors of the … - 2008
We examine the stock market impact of SEC Rule 12h-6 which eased the ability of foreign firms to deregister with the SEC and as a result terminate their U.S. disclosure obligations under the 1934 Securities Exchange Act. We document that the market reacted negatively to the ability of firms from...