This paper studies foreign firms' choice of bond market in response to the passage of the Sarbanes-Oxley Act (SOX) and the contemporaneous regime shift. The U.S. public bond market, the Eurodollar bond market, and the Rule 144A bond market are the three major markets foreign firms use to borrow U.S. dollars. This paper finds that: (1) issues in the U.S. public bond market decreased after the passage of SOX, (2) the annual growth rate in choosing the Eurodollar bond market and the Rule 144A bond market instead of the U.S. public bond market is higher in the post-SOX period than in the pre-SOX period, and (3) the determinants of choosing the U.S. public bond market have changed after the enactment of SOX, and in particular, a firm's information environment has played a stronger role. Overall, these findings suggest that SOX and the contemporaneous regime shift have a significant impact on bond financing decisions.
|Advisor:||Smith, Abbie J.|
|School:||The University of Chicago|
|School Location:||United States -- Illinois|
|Source:||DAI-A 68/08, Dissertation Abstracts International|
|Subjects:||Accounting, Economics, Finance|
|Keywords:||Bond market, Foreign firms, Sarbanes-Oxley Act|
Copyright in each Dissertation and Thesis is retained by the author. All Rights Reserved
The supplemental file or files you are about to download were provided to ProQuest by the author as part of a
dissertation or thesis. The supplemental files are provided "AS IS" without warranty. ProQuest is not responsible for the
content, format or impact on the supplemental file(s) on our system. in some cases, the file type may be unknown or
may be a .exe file. We recommend caution as you open such files.
Copyright of the original materials contained in the supplemental file is retained by the author and your access to the
supplemental files is subject to the ProQuest Terms and Conditions of use.
Depending on the size of the file(s) you are downloading, the system may take some time to download them. Please be