In November 2006, the Committee on Capital Markets Regulation, a group of academics and market specialists, issued its interim report, the first research report on the apparent migration of public offerings by international companies from the United States to London and other overseas markets. The interim report analyzed the causes...

The basic structure for the public distribution of securities in the United States--which places limits on a company’s communications before a final prospectus is available--was adopted almost seventy years ago, before the revolution in electronic communications and the advent of the Internet. The capital markets are globalized for institutions...