Defending the American I.P.O.

It has become almost a cliché by now: Selling shares on United States exchanges has become too hard for foreign companies, thanks to, among other things, the harsh legal environment and the complicated, onerous provisions of the Sarbanes-Oxley Act.

It may be true that U.S. listings by foreign companies have declined. But, as The Economist reports in its latest issue, many companies still find that the benefits of listing on American exchanges still outweigh the headaches.