Newt and Callista Gingrich on Sarbanes-Oxley
November 22, 2008 by Jenn Sierra
Filed under Uncategorized
Newt and Callista Gingrich discuss how Sarbanes-Oxley is destroying the economy.
Hat-Tip – Don’t Quit U.
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Hear Hear!
Sarbanes Oxley is very expensive: including enormous direct ($80 Billion per year) and indirect costs to our economy and to innovation. It has not met its goals of improving the quality of auditing or preventing fraud. Nor have any of the benefits of these costs materialized. Public companies have not experienced lower capital costs, investors have not been protected from fraud and there has not been faster economic growth due to more efficient allocation of resources. The effects of this law include fewer public companies, fewer companies going public, more companies choosing to go public in foreign markets, absurdly high auditing expenses and a significant decrease in risk capital.
Interestingly, a number of econometric studies of the effectiveness of the SEC and securities laws before and after Sarbanes Oxley have shown no net effect on investor returns. According to Liu et al. “we find that the conditional mean and variance of monthly total real stock returns were no different during 1940-2007 than during 1871-1925. Consequently, recent claims by high ranking government officials that stock market “stabilization” requires increased federal regulation implies greater faith in this method of protecting investors than is supported by the evidence.” What these studies do not account for is the lost opportunity costs due to all the securities laws. At least in the case of Sarbanes Oxley, the opportunity costs most likely far outweigh the direct costs.
For more information see:
Sarbanes Oxley – The Medicine is worse than the Disease: Part 1 Background (http://hallingblog.com/2009/06/17/sarbanes-oxley-%e2%80%93-the-medicine-is-worse-than-the-disease-part-1-background/)
Sarbanes Oxley – The Medicine is worse than the Disease: Part 2 (http://hallingblog.com/2009/06/18/sarbanes-oxley-%e2%80%93-the-medicine-is-worse-than-the-disease-part-2/)