The Sarbanes-Oxley Act and the Flow of International Listings Joseph D. Piotroski fjpiotro@ChicagoGSB.edu University of Chicago Graduate School of Business 5807 S. Woodlawn Avenue Chicago, Illinois 60637 Suraj Srinivasan ssriniva@ChicagoGSB.edu University of Chicago Graduate School of Business 5807 S. Woodlawn Avenue Chicago, Illinois 60637 April 2007 The authors wish to thank the Graduate School of Business at the University of Chicago and the Initiative on Global Financial Markets at the University of Chicago for financial support. We thank Delphine Currie of SJ Berwin LLP, Anne Moulier of the London Stock Exchange and Madhu Kannan of the NYSE for very useful insights, Frank Hathway and Eric So at Nasdaq for helping with our data requests, Han Kim, Tarun Khanna, Ross Levine, Krishna Palepu and workshop participants at Southern Methodist University, University of Michigan, Harvard Business School, Stanford University, Chinese University Hong Kong, Northwestern University, HBS International Research Conference and the University of Chicago for their valuable comments. We acknowledge the able research assistance of Kei Kondo, Ningzhong Li, Eugene Soltes and Patricia Tam.