【讲座时间】2022年4月12日 15:00
【参与方式】线上（中目）
【讲座主题】The Political Economy of Disclosure-based Regulations
【嘉宾介绍】 朱梦涵 ，阿姆斯特丹自由大学，助理教授
Menghan Zhu is an assistant professor of accounting at the Vrije Universiteit Amsterdam. He is interested in using innovative data to explore the interaction between politics and corporations. His research interest covers political economy, corporate governance, and disclosure regulations.
【内容提要】
I develop a political economy framework to explore how politicians’ ideology, voter interest, and private interest affect their preferences for the adoption and enforceability of disclosure-based regulations, and whether such preferences change in different legislative settings. I propose that disclosure-based regulation can serve both as a progressive and a conservative policy instrument in different legislative settings, depending on whether a direct intervention (e.g., quota, moratorium, or ban) is feasible or not.Empirically, I use Data Breach Notification Law and Hydraulic Fracturing Disclosure Regulation in the US to proxy for progressive and conservative legislative settings,respectively. I find that states with more conservative governors and a higher voter interest (proxied by a higher presence of regulated industry and a higher unemployment rate) will delay the disclosure-based regulation in the progressive legislative setting,but will accelerate it in the conservative legislative setting. However, I find that the enforceability of regulations approved by conservative governors is lower in both of the two legislative settings. These results suggest conservative politicians will always adopt weaker disclosure-based regulations but will accelerate it when the direct intervention is feasible and delay it when the direct intervention is not feasible. These results highlight the importance of recognizing the politics behind disclosure-based regulations.
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