scholarly journals Converting laws to programs

2022 ◽  
Vol 65 (1) ◽  
pp. 15-16
Author(s):  
Esther Shein
Keyword(s):  
Regulated Industries

In highly regulated industries, it is critical that laws are translated precisely into code that reflects their intent.

Industry Specialization by Auditors

1999 ◽  
Vol 18 (1) ◽  
pp. 1-17 ◽  
Author(s):  
Chris E. Hogan ◽  
Debra C. Jeter
Keyword(s):  
High Risk ◽  
Market Share ◽  
Scale Economies ◽  
The Other ◽  
Industry Specialization ◽  
Audit Market ◽  
Audit Firms ◽  
Regulated Industries ◽  
Concentration Levels ◽  
Over Time

Dramatic changes in recent years in the audit market suggest the timeliness of an investigation of trends in auditor concentration and an extension of prior research (e.g., Danos and Eichenseher 1982). In recent press, large audit firms have claimed that specialization is a goal of increasing importance. Peat Marwick, for example, has restructured along industry lines, claiming to be recruiting professionals for national teams of multidisciplinary experts organized to “focus on the same industry to serve clients optimally.” On the other hand, litigation concerns might prompt auditors to diversify their risks by diversifying their clientele. In this study, we examine trends in industry specialization from 1976 to 1993 and the industry factors which may affect specialization; whether market share increases are greater for audit firms classified as specialists; and whether the nation's largest audit firms have increased their market share in the industries which they have identified as their focus industries. We find evidence that concentration levels have increased over this period, consistent with the claims of the large audit firms. We find that auditor concentration levels are higher in regulated industries, in more concentrated industries and in industries experiencing rapid growth, but lower in industries with a high risk of litigation. Levels of concentration have increased over time in nonregulated industries providing evidence that scale economies or superior efficiencies of heavy-involvement auditors are not limited to regulated industries but extend to nonregulated industries as well. We also find that for the audit firms classified as market leaders at the beginning of the year, market share has increased over time, whereas market share has declined for firms with a smaller share at the beginning of the year. This suggests that there are returns to investing in specialization.

scholarly journals Political Price Cycles in Regulated Industries: Theory and Evidence

2013 ◽  
Vol 5 (1) ◽  
pp. 94-121 ◽  
Author(s):  
Rodrigo M. S Moita ◽  
Claudio Paiva
Keyword(s):  
Strong Evidence ◽  
Regulatory Process ◽  
Electricity Prices ◽  
Monthly Data ◽  
Political Interests ◽  
Regulated Industries

The early work of Stigler (1971) treats the regulatory process as the arbitration of conflicting economic and political interests rather than a pure welfare-maximizing effort. This paper builds on these ideas and models the regulatory process as a game where the industry-lobby, consumers-voters, and a regulator-politician interact to define the regulated price, in alternating electoral and non-electoral periods. The equilibrium that emerges consists of a fully rational political price cycle in a regulated industry. Using monthly data for regulated gasoline and electricity prices from Brazil, we find strong evidence pointing towards the existence of electoral price cycles in both markets. (JEL D72, L51, L71, L78, L94, L98, O14)

scholarly journals Regulation, Competition, and Liberalization

2006 ◽  
Vol 44 (2) ◽  
pp. 325-366 ◽  
Author(s):  
Mark Armstrong ◽  
David E. M Sappington
Keyword(s):  
The World ◽  
Regulated Industries ◽  
Liberalization Policies

In many countries throughout the world, regulators are struggling to determine whether and how to introduce competition into regulated industries. This essay examines the complexities involved in the liberalization process. While stressing the importance of case-specific analyses, this essay distinguishes liberalization policies that generally are procompetitive from corresponding anticompetitive liberalization policies.

An Investigation of the Readability of Sustainability Reports

2021 ◽  
Author(s):  
Nancy Uddin ◽  
Vasundhara Chakraborty
Keyword(s):  
Sustainability Reporting ◽  
Company Size ◽  
Reporting Standards ◽  
Text Analytics ◽  
Regulated Industries ◽  
Sustainability Reports

Requirement of G4 standards as common practice in sustainability reporting makes it important to understand the readability of such reports. This study contributes to the extant body of literature by assessing the readability of sustainability reports. We investigate several factors such as company size, company age, complexity, domestic versus international, and audited versus unaudited reports and how they contribute to the readability of sustainability reports. We apply text analytics to U.S. and Global firm issued sustainability reports. We also provide evidence about factors that may contribute to the readability of sustainability reports. We find that reports of companies in regulated industries are less readable than other firms' reports. We also find that less complex firms have more readable sustainability reports. This study should provide some insights to users of sustainability reports, standard setters for reporting standards, and for future researchers.

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