Dissertation/Thesis Abstract

The Sarbanes -Oxley Act and the choice of bond market by foreign firms
by Gao, Yu, Ph.D., The University of Chicago, 2007, 80; 3272967
Abstract (Summary)

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.

Indexing (document details)
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
Publication Number: 3272967
ISBN: 978-0-549-16566-8
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