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WASHINGTON–Sarbanes-Oxley regulations have caused companies to take a more risk-averse track, focusing on building their cash reserves rather than developing new products, according to a professor at the University of Pittsburgh.

Passed by congress in 2002 and aimed at eliminating such scenarios as those of Enron and WorldCom, the Sarbanes-Oxley Act, or SOX as it is known, requires companies to keep tighter controls over their financial reporting and increase the accountability of senior executives.

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