Sarbanes-Oxley chilling innovation?

We've touched on the notion that Sarbanes-Oxley has made companies more risk-averse and less likely to innovate. Which of course could be a big downer. Some University of Pittsburgh researchers have tested the hypothesis and concluded it may be true. By looking at various accounting variables and stock returns-oriented variables, three researchers have determined that since the law was passed, risk-taking has declined substantially at U.S. companies as cash levels soared. It's not hard to believe. Companies have embraced the idea of investing in their own stock to goose returns, judging the payoff will be greater then new initiatives. Buybacks seems to work.  

For more:
- here's a cfo.com article