What drives delistings of foreign firms from U.S. Exchanges?

► We examine listings and delistings of foreign firms from U.S. Exchanges: 1962-2006. ► We examine how the benefits firms' seek from listing depend on when a firm lists. ► For firms listing before Sarbanes-Oxley, governance is not a significant factor for delisting. ► For firms listing after SOX, governance is a major force driving delisting. ► SOX is a large influence on firms' perceptions of the net benefits of a U.S. listing.