# kaal:claim:2273857-037

**Claim.** Foreign issuers began delisting from United States exchanges after the enactment of Section 404 of Sarbanes-Oxley and identified that section as a leading cause of their decision to delist.

**Type.** empirical  **Support.** asserted

**Holds when.**

- foreign issuers listed on U.S. exchanges after 2002

**Source quote.**

> Foreign issuers began to delist from U.S. exchanges after the enactment of section 404, referred to this section as a leading cause for their decision to delist.

**From.** Wulf A. Kaal, *Dynamic Regulation of the Financial Services Industry* (2013), II.2.b Contraction, page 18

**Cite as.** Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857

**Verify.** sha256 of source PDF `e7cb3dea40593135acc99a9b00690138fe01020514ebf388f5140e1b0e59e82a` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Dynamic%20Regulation%20of%20the%20Financial%20Services%20Industry.pdf

**Topics.** institutional-design

**Keywords.** section-404, delisting, foreign-issuers, regulatory-cost

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