Pankaj K. Jain
The University of Memphis George Johnson Professor of Finance and Chair of Finance department Fogelman College of Business and Economics 300 Fogelman College Admin. Building Memphis, TN 38152-3120
[ 1 ] - Shareholder Wealth Effects of MANAGEMENT Regulatory COMPLIANCE
Purpose: This paper addresses whether and how the Sarbanes-Oxley Act of 2002(SOX) affects shareholder wealth (firm value) by focusing on the trade-off between improved corporate governance leading to a lower cost of capital and increased managerial compliance costs of regulations. Design/Methodology: We use an analytical model of solving the management utility maximization function and the cha...
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