Political pressures and the evolution of disclosure regulation
研究披露监管形成与演变的驱动过程，发现政治压力会延缓标准制定，并在标准制定者偏好高披露时引发监管周期，即长期增加披露要求后突然放松。
This paper examines the process that drives the formation and evolution of disclosure regulations. In equilibrium, changes in the regulation depend on the status quo, standard-setters' political accountability and underlying objectives, and the cost and benefits of disclosure to reporting entities. Excessive political accountability need not implement the regulation preferred by diversified investors. Political pressures slow standard-setting and, if the standard-setter prefers high levels of disclosure, induce regulatory cycles characterized by long phases of increasing disclosure requirements followed by a sudden deregulation.