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Counting Up the Effects of Sarbanes-Oxley
Widely deemed the most important piece of security legislation since formation of the Securities and Exchange Commission in 1934, the landmark...
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  • April 2018
  • Technical Note

Whistleblower Legislation in the Context of Financial Reporting
By: Aiyesha Dey, Jonas Heese and James Weber
This note provides an overview of U.S. federal legislation relating to whistleblowing, Sarbanes-Oxley, Dodd-Frank (including the Office of the Whistleblower), and the False Claims Act.  View Details
Keywords: Whistleblower; Sarbanes-oxley; Dodd-frank; False Claims Act; Securities And Exchange Commission; Government Legislation; Financial Reporting; United States
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  • 2017
  • Working Paper

Economic Uncertainty and Earnings Management
By: Luke C.D. Stein and Charles C.Y. Wang
In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings from uncertain to more certain times. We document empirically that when financial markets are less certain about a firm's...  View Details
Keywords: Earnings Management; Discretionary Accruals; Uncertainty; Implied Volatility; Earnings Response Coefficient; Risk And Uncertainty; Earnings Management; Financial Markets
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  • Article

SOX after Ten Years: A Multidisciplinary Review
By: Suraj Srinivasan and John C. Coates IV
We review and assess research findings from 120+ papers in accounting, finance, and law to evaluate the impact of the Sarbanes-Oxley Act. We describe significant developments in how the Act was implemented and find that despite severe criticism, the Act and...  View Details
Keywords: Financial Reporting; Laws And Statutes; United States
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  • 2014
  • Working Paper

SOX after Ten Years: A Multidisciplinary Review
By: John C. Coates and Suraj Srinivasan
We review and assess research findings from 120 papers in accounting, finance, and law to evaluate the impact of the Sarbanes-Oxley Act. We describe significant developments in how the Act was implemented and find that despite severe criticism, the Act and institutions...  View Details
Keywords: Laws And Statutes
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  • Winter 2013
  • Article

Corporate Governance Reform and Executive Incentives: Implications for Investments and Risk-Taking
By: Daniel Cohen, Aiyesha Dey and Thomas Lys
We investigate the mechanism through which the Sarbanes Oxley Act (SOX) was associated with changes in corporate investment strategies. We document that the passage of the governance regulations in SOX was followed by a significant decline in pay‐performance...  View Details
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  • 5 Feb 2013
  • Conference Presentation

Financing Entrepreneurial Growth
By: Tom Alberg, Andrew A. Bogan, Harold Bradley, Robert D. Cooter, Monika Gruter Cheney, Oliver R. Goodenough, William R. Hambrecht, Frank Hatheway, Thomas F. Hellmann, Marianne Hudson, Jared Konczal, Josh Lerner, Robert E. Litan, Diane Mulcahy, Ramana Nanda, Frank Partnoy, Joe Ratterman, Nava Ravikant, Jay R. Ritter, Alicia Robb, David T. Robinson, Allison Schrager, Barry Silbert, E. R. Sirri, Daniel Stangler and Sharon Vosmek

Despite recent innovations in entrepreneurial finance, particularly at the early stage of business creation, many new and young companies continue to face hurdles to acquire capital.

The Kauffman Foundation addressed current challenges and opportunities in...  View Details

Keywords: Finance; Entrepreneurial Finance; Venture Capital; Entrepreneurship; United States
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  • February 2010
  • Other Article

The Chilling Effect of Sarbanes Oxley: A Discussion of Sarbanes-Oxley and Corporate Risk-Taking
By: Aiyesha Dey
Bargeron, Lehn, and Zutter [2009. Sarbanes–Oxley and corporate risk-taking. Journal of Accounting and Economics, forthcoming] document that as compared with non-US firms, risk-taking by publicly traded companies in the US declined after the passage of the...  View Details
Keywords: Risk; Corporate Risk-taking; Risky Investments; Risk And Uncertainty
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  • May 2008
  • Article

Real and Accrual-Based Earnings Management in the Pre- and Post-Sarbanes Oxley Periods
By: Daniel Cohen, Aiyesha Dey and Thomas Lys
We document that accrual‐based earnings management increased steadily from 1987 until the passage of the Sarbanes‐Oxley Act (SOX) in 2002, followed by a significant decline after the passage of SOX. Conversely, the level of real earnings management activities declined...  View Details
Keywords: Earnings Management; Governing Rules, Regulations, And Reforms; Outcome Or Result
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  • May 2008
  • Article

Regulation and Bonding: The Sarbanes-Oxley Act and the Flow of International Listings
By: Suraj Srinivasan and Joseph Piotroski
In this paper, we examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K. stock exchanges before and after the enactment of the Act in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges...  View Details
Keywords: Decision Choices And Conditions; Stocks; Government Legislation; Market Transactions; Motivation And Incentives; United Kingdom; United States
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  • February 2006 (Revised August 2006)
  • Case

Investment Banking at Thomas Weisel Partners
By: Malcolm P. Baker and Lauren Barley
Thomas Weisel Partners (TWP), a San Francisco-based bank focusing on emerging growth companies, is considering its strategy in the context of regulatory, competitive, and legal changes. Blake Jorgensen, the chief operating officer and co-director of investment banking,...  View Details
Keywords: Strategy; Business Or Company Management; Conflict Of Interests; Change Management; Investment Banking; Financing And Loans; Laws And Statutes; Financial Strategy; Corporate Finance; Banking Industry; San Francisco
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  • December 2005
  • Article

Up to Code: Does Your Company's Conduct Meet World-Class Standards?
By: Lynn Paine, Rohit Deshpandé, Joshua D. Margolis and Kim Eric Bettcher
Codes of conduct have long been a feature of corporate life. Today, they are arguably a legal necessity—at least for public companies with a presence in the United States. But the issue goes beyond U.S. legal and regulatory requirements. Sparked by corruption and...  View Details
Keywords: Business Ethics; Standards Of Conduct; Globalized Firms And Management; Cross-cultural And Cross-border Issues; Values And Beliefs; Corporate Accountability; Corporate Governance
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  • March 2005 (Revised August 2006)
  • Case

Siebel Systems: The Role of the CFO
By: Malcolm P. Baker and Lauren Barley
Mike Lawrie, the newly appointed CEO of Siebel Systems, considers a combination of growth and spending cuts to turn around the struggling software company. Focuses on the role of the chief financial officer, Ken Goldman, in corporate governance and compliance under...  View Details
Keywords: Financial Management; Leading Change; Entrepreneurship; Job Design And Levels; Corporate Governance; Financial Strategy; Management Teams; Corporate Finance; Business And Shareholder Relations; Information Technology Industry
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  • February 2005 (Revised March 2006)
  • Case

PCAOB, The (A)
By: Lynn S. Paine and Kim Bettcher
Members of the Public Co. Accounting Oversight Board--a private-sector, nonprofit body created by the Sarbanes-Oxley Act of 2002--must determine the form and content of a new auditing standard on internal control that will fulfill the requirements of Section 404 of the...  View Details
Keywords: Law; Financial Reporting; Corporate Governance; Standards; Government Administration; Accounting Audits
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  • May 2004 (Revised March 2005)
  • Case

SOX-POX?
By: Jay W. Lorsch
Describes the experiences of audit committee chairmen in responding to and implementing the Sarbanes-Oxley Act. Teaching Purpose: To help students understand the impact of the Sarbanes-Oxley Act on audit committees.  View Details
Keywords: Government Legislation; Financial Reporting; Laws And Statutes; Accounting Audits
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  • March 2004 (Revised July 2004)
  • Case

Sarbanes-Oxley Act, The
By: Lynn S. Paine and James Weber
Describes the evolution and passage of the Sarbanes-Oxley Act of 2002 from the perspective of the senior counsel on capital markets for the U.S. House Committee on Financial Services.  View Details
Keywords: Government Legislation; Corporate Accountability; Governance Controls; Capital Markets; Financial Reporting; Laws And Statutes; United States
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  • March 2004
  • Article

How Do You Stop the Books From Being Cooked? A Management Control Perspective on Financial Accounting Standard Setting and the Section 404 Requirement of the Sarbanes/Oxley Act
By: S. Datar and M. G. Alles
Keywords: Governance Controls; Accounting; Standards
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  • 25 Jul 2003
  • Keynote Speech

The Impact of Sarbanes-Oxley and the NYSE Rules on American Corporate Governance
By: W. Carl Kester
Keywords: Stocks; Corporate Governance; Accounting Audits; United States
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Are you looking for?

Counting Up the Effects of Sarbanes-Oxley
Widely deemed the most important piece of security legislation since formation of the Securities and Exchange Commission in 1934, the landmark...
→ Search All HBS Web