This paper examines the impact of mandatory reporting and auditing of firms’ financial statements on industry‐wide resource allocation. Using threshold‐induced variation in the share of mandated firms in a given industry, I document that reporting mandates facilitate ownership dispersion in capital markets and spur competition in product markets. I, however, do not find that reporting mandates unambiguously improve the efficiency of industry‐wide resource allocation. With respect to auditing mandates, I find only that they impose a fixed cost on firms, deterring smaller entrants.

中文翻译：

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财务报告监管如何影响整个行业的资源分配？

本文研究了强制性报告和审计公司财务报表对全行业资源分配的影响。我使用给定行业中受委托的公司份额中的阈值引起的变化，证明了授权报告有助于资本市场中的所有权分散并刺激产品市场的竞争。但是，我发现报告授权并未明确提高整个行业资源分配的效率。关于审计任务，我只发现它们对公司施加了固定成本，阻止了较小的参与者。