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The Sarbanes Oxley Debacle: What We've Learned; How to Fix It (Aei Liability Studies) Paperback – May 24, 2006
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About the Author
Larry E. Ribstein is the Richard and Marie Corman Professor of Law, University of Illinois College of Law.
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Top Customer Reviews
The collapse of the Internet Bubble led many to believe that the failures by fraud of Enron, WorldCom, Tyco, Adelphia and others were examples of the entire business community. We now know, as many knew then, that these were indeed exceptions. Criminal and causing injury to many, yes, but exceptions nonetheless.
The authors make an argument that businesses and the investment community would have corrected the problems that led to the fraud on their own. Maybe. I think it likely that investors would have demanded that the things the fraudsters used to hide their bad deeds be done away with or without this regulation.
I think the authors are quite compelling in demonstrating the excessive cost of SOX, especially for small businesses. This has distorting effects for the market because it prevents some companies from going public in order to avoid these costs. While the costs of these regulations to large companies may only be cents per $1,000 in sales (not insignificant, by the way), the costs for small companies can be several dollars per $1,000 in sales. Such costs can be crippling to the growth of a small firm. The issues surrounding SOX and foreign companies deciding to list in our markets or not because of these costs is also significant.Read more ›