In 2000, nine of every 10 dollars raised in initial public offerings by foreign companies were raised in the United States.  Last year, only one in 10 came from U.S. offerings.  There were more than twice as many IPOs last year on London's AIM market, the small-cap subsidiary of the London Stock Exchange, than on either the New York Stock Exchange or the Nasdaq.  Only two of the 25 largest IPOs last year occurred in the United States.

Alarming statistics like these are regularly cited as proof that tough U.S. regulations, particularly the 2002 Sarbanes-Oxley Act, are hurting the competitiveness of U.S. stock exchanges.  Some critics seeking to rework or even scrap the legislation point to a seemingly more ominous sign:  U.S. companies choosing to list on foreign exchanges.

Download the .PDF to learn more!