Abstract:Many important provisions of US securities law—most notably, crucial elements of the Sarbanes-Oxley (SOX) legislation enacted in 2002—apply only to firms that have a public float of at least $75 million. Public float (i.e., the market value of shares held by non-insiders) is not comprehensively reported in standard databases, so I “scrape” public float data from firms’ 10-K filings for an extensive sample of reporting entities over fiscal years 1993–2015. I use a bunching approach that compares the number of o… Show more
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