Firms can “rent” the securities laws in other countries by listing or selling securities there while remaining subject to local law. Firms thereby can reduce their cost of capital despite political and other impediments to strong securities laws in their home countries. The cross-listing...

From Enron to Sox: shoot first, ask questions later -- What shareholders want: the optimal amount of fraud -- Imagining a world without Sox -- The costs of Sox -- The litigation time bomb -- The bottom line: has Sox been worth it? -- Immediate policy implications -- The future: regulatory hubris...