Art Hutchinson quoting a subscriber-only WSJ article:
In 2000, nine of every 10 dollars raised by non-U.S. companies outside their domestic markets was through U.S. exchanges… By last year, only one in 10 such dollars was raised in New York.
As the WSJ notes, that’s a truly radical change. Some of it is no doubt driven by exchange rates, but only some. Another major factor has been increased regulatory oversight in the U.S., (e.g., Sarbanes-Oxley), providing a sobering lesson in the unintended consequences of well-meaning legislation in a fluid, free-market global economy.
I’d strike “well-meaning” from the above, but another beautiful example nonetheless.
People should have the same freedom to respond to stupid policymakers by deserting the policymakers’ jurisdiction.