We examine how amnesty-based regulatory initiatives affect compliance in the context of the SEC’s 2014 Municipalities Continuing Disclosure Cooperation initiative (MCDC). In an effort to increase transparency in the municipal debt market, the MCDC granted favorable settlement terms to...

In this paper we examine a setting where agents can form lobbying coalitions to influence a policy-maker. Policy uniformity causes agents to free ride on each other's lobbying and gives them an incentive to form lobbying coalitions. We investigate when coalitions are formed by similar or...

This study examines the costs and benefits of uniform accounting regulation in the presence of heterogeneous firms who can lobby the regulator. A commitment to uniform regulation reduces economic distortions caused by lobbying by creating a free-rider problem between lobbying firms at the cost...

This paper investigates the market reaction to recent legislative and regulatory actions pertaining to corporate governance. The managerial power view of governance suggests that executive pay, the existing process of proxy access, and various governance provisions (e.g., staggered boards and...