Encore une fois, nous mentionnons un article de recherche figurant sur le site SSRN qui mérite d'être signalé ... d'autant plus que la future conférence de la Chaire en droit des affaires porte sur une problématique proche.
Dans leur article « The Impact of the Sarbanes-Oxley Act on Information Quality in Capital Markets », JOY BEGLEY, QIANG CHENG et YANMIN GAO démontre que la loi SOX a eu un effet bénéfique seulement pendant un temps.
Réumé : This paper examines how corporate governance reforms surrounding the Sarbanes-Oxley Act (SOX) of 2002 affect the quality of information in capital markets. Public, private and total information quality is examined. Our information quality measures are based on financial analyst forecasts as in Barron, Kim, Lim and Stevens (1998) and Gu (2005). We find that the passage of SOX is associated with a temporary increase in the quality of public information immediately following the Act's adoption, but the increase is not maintained. By one year after the introduction of SOX, private, public and total information quality all decline and continue to stay below their pre-SOX levels. While the reforms introduced with the passage of SOX may have helped to improve the reliability of corporate financial disclosures, the increase in reliability appears to have come at the cost of less information being made available.
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