This study reviews the empirical literature on the economic consequences of disclosure and
financial reporting regulation, summarizing U.S. and international evidence. Our focus on
regulation reflects that corporate disclosure and financial reporting are frequently regulated,
mandated, or standardized. Therefore, regulation and standardization are core issues for financial
accounting. This does not imply that disclosure and financial reporting have to be regulated or
could not arise voluntarily. But undoubtedly, disclosure and reporting regulation is an important
and recurring policy issue that deserves significant attention by academic research. Further fueling
demand for this research, policymakers, regulators, and standard setters are increasingly asked to
conduct cost-benefit (or economic) analyses of intended as well as past regulations and standards.

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